RIDGEFIELD, Conn. -- In a bid to gain more control of one of its subsidiaries, convenience-store retailer Northern Tier Energy Inc. has filed its intention with the U.S. Securities & Exchange Commission (SEC) to conduct an initial public offering (IPO) of stock up to $290 million, according to SEC documents.
Northern Tier was formed in 2010 to operate the assets spun off from Marathon Oil Corp. Houston-based Marathon Oil Corp. and its wholly owned subsidiary, Marathon Petroleum Co. LP, sold most of its SuperAmerica downstream assets in Minnesota to ACON Investments LLC and TPB Capital, which then formed Northern Tier. The IPO is an effort to build noncontrolling ownership in one of its subsidiaries.
As reported in a Morgan Keegan/CSP Daily News Flash yesterday, Northern Tier Energy, which established itself in December 2010 with a $554 million purchase of convenience stores, a refinery, a 17% interest in the Minnesota Pipe Line Co. and related assets from Marathon Oil, operates 166 convenience stores under the SuperAmerica brand and also supports 67 franchised convenience stores.
According to SEC documents accessed by CSP Daily News, North Tier has a retail-marketing network of 233 convenience stores, as of September 30, located throughout Minnesota, Wisconsin and South Dakota. The company also owns and operates SuperMom's Bakery, which prepares and distributes baked goods and other prepared items for sale in the chain's retail outlets and for other third parties.
The documents to not set a date for the IPO, nor do they outline how many shares of stock will be sold and for how much per share.
The company is incorporated in Connecticut, with headquarters in Ridgefield, Conn.
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