All of the stores are located in the Broward and Palm Beach counties in Florida. As reported in a Morgan Keegan/CSP Daily News [image-nocss] Flash, Victory Petroleum will retain the Mobil brand at the stations purchased. "They will continue to be operated by the existing dealers," Zizold said.
Under a confidentiality agreement, the price paid for the acquisition was not disclosed.
"One of the reasons we became so interested in this transaction it is composed of dealer-operated sites, so it is a great fit with our existing business model," said Zizold.
Victory Petroleum focuses on dealer-operated or commission marketer sites, he said.
"These are well-maintained and high-volume locations that fit perfectly with the company's business model of operating in the South Florida market," added Carlos Fontecilla, Victory Petroleum's president, in the press statement announcing the deal.
Victory Petroleum, based in Miami, previously announced in mid-December 2010 its acquisition of stations located in Miami from Irving, Texas-based ExxonMobil Oil Corp. Earlier in the month, 7-Eleven Inc., Dallas, announced that it had agreed to acquire ExxonMobil's retail interests in 183 locations in Florida, keeping the company-operated sites and selling the dealer sites to Victory Petroleum in a simultaneous transaction. (Click here for previous CSP Daily News coverage.)
7-Eleven did not respond to a request for comment on the current deal.
Between the two deals, the company is acquiring 84 stations and distribution rights in South Florida.
And although he would not share specific's, Zizold said that Victory Petroleum is "looking at a few things" in terms of additional acquisitions.
Carlos Fontecilla has been involved in the the petroleum industry since 1989, ranging from development of new-to-industry sites to fuel distribution to retailing.
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