VIENNA, Ill. -- An India-based company new to the convenience-store industry will take over 17 stores in downstate Illinois next week, with eventual plans to own 200 stores and a refinery. Alchemist USA LLC purchased Veach Oil this month and will take over the stores on Monday.
Some of the stores are unbranded and other fly the CITGO flag, according to John Veach, owner of Veach Oil, Vienna, Ill. I've been working with a broker for a little more than a year [to sell the stores], Veach told CSP Daily News.
Veach added that the [image-nocss] family-owned company, in business since 1925, will continue to operate as a gasoline wholesaler in the region. He preferred not to discuss why he was getting out of the c-store business.
Some of the 17 stores that were sold carry the Veach Short Stop name. There was no word on what the new name will be. The broker on the deal was Petro Properties and Financing.
Alchemist is an India-based corporation with U.S. headquarters in Gurnee, Ill. According to its website, the company works in a variety of fields, from agricultural, chemical or engineering products, minerals and metals, to highly specialized machinery & equipments, wood, plastics, leather or textile products, to the works of art and handicrafts.
However, the company's future plans include acquiring 200 gas station/convenience stores in next two years. The company also aims to acquire a refinery in next two years and venture into crude oil business, according to the website.
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