Titan Global Holdings, a diversified holding company, has announced continued wholesale growth in Appalachian Oil, its first acquisition in the energy sector. Appalachian Oil has added four new dealer wholesale accounts in North Carolina and Tennessee since Titan closed the acquisition in September 2007.
John Thomas, president of sales and marketing at Appalachian Oil (Appco), said: We continue to offer wholesale customers access to petroleum products from a wide range of branded and unbranded sources. We will aggressively pursue continued opportunities to expand our geographic reach and increase market share in the markets we currently serve.
Appco owns and operates a petroleum product distribution network that generated approximately $400 million in revenues in 2006. It also distributes petroleum products to more than 165 dealers in the southeastern US and owns and operates 56 convenience store locations. It maintains long standing partnerships with strategic terminal operators and major oil companies.
In addition, Titan said that it has signed an expanded agreement with ethanol manufacturer Tate & Lyle to supply increasing quantities of ethanol at reduced price levels for 2008. With this agreement, Appco has secured access to key biofuels to address the fast growing demand for newer, more environmentally friendly fuel sources.