The transaction has received appropriate regulatory approvals and all closing conditions have been satisfied
RaceTrac completes acquisition of Gulf Oil. (Credit: Wikipedia.org)
RaceTrac, Inc., a family-owned, high-growth leader in the convenience store industry, confirms that its wholly-owned wholesale fuel supply and trading subsidiary, Metroplex Energy, Inc., has closed the acquisition of Gulf Oil, LLC as previously announced in July. The transaction has received appropriate regulatory approvals and all closing conditions have been satisfied.
As part of the transaction, RaceTrac acquires Gulf’s iconic brand in the United States and Puerto Rico, all Gulf-branded distributor and license agreements comprising approximately 1,100 branded sites, as well as exclusive rights to market fuel at eleven Massachusetts Turnpike service plaza locations.
“Customers, distributors and licensees have looked to the Gulf brand for quality and dependability for over 100 years and we are excited to announce its addition to the RaceTrac family,” said RaceTrac CEO Max McBrayer. “The timeliness of this transaction represents an immediate opportunity for growth through geographic expansion, scale and diversification. We have been working closely with the Gulf team and are prepared to steward the Gulf legacy in its second century.”
To provide a seamless transition to current Gulf customers, distributors and licensees with Gulf’s direction and continuity, Metroplex has appointed Ron Sabia as Chief Operating Officer of the acquired Gulf entity and head of the Gulf business unit. After more than 30 years in the fuel industry, Ron served as president of Gulf Oil. L.P. from 2005 to 2016. Metroplex is eager for Ron to lead the Gulf team and is confident that under Ron’s leadership, Gulf will continue to build upon its legacy of high-quality fuel products and outstanding service.
“This acquisition provides Gulf with a historic opportunity to succeed in the rapidly evolving retail fuel marketplace,” said AJ Siccardi, president of Metroplex. “Gulf’s extensive distributor network and nationally recognized brand, combined with Metroplex’s expertise in providing consistent, dependable fuel supply, creates tremendous possibilities to serve current and future branded distributors and licensees in a manner that will make their businesses successful in the future.”
The acquisition adds another renowned, consumer-facing brand to RaceTrac’s family of companies as well as complementary expertise and even deeper industry relationships. The deal reflects RaceTrac’s ongoing strategy to accelerate growth in its core business activities and drive enhanced operating efficiencies. The combination of Metroplex Energy and Gulf Oil creates a best-in-class fuel network with a leading presence in high-demand markets across the country.
Current RaceTrac locations will continue to offer the same great products and experience guests have come to love and will not be impacted by the deal. The acquisition provides unique opportunities to serve guests at 1,100 additional locations under the renowned Gulf Oil brand. Financial terms were not disclosed.
Source: Company Press Release