City Capital Petroleum was acquired from an undisclosed petroleum-industry group. Ephren W. Taylor II, City Capital CEO, said, "The lower cost of acquiring existing facilities gives us distribution, existing retail and commercial clientele, and secures new market [image-nocss] share." In addition, the existing success of management and operations allows City Capital to complete a simple transition of ownership, he said.
City Capital Petroleum will provide City Capital with cash flow and revenues. City Capital said that it anticipates using City Capital Petroleum as a regional hub in partnership with the company's Goshen Energy Resources Bio-Fuel Operations division.
Taylor described the potential of embarking on the joining of two independently successful City Capital divisions: "With our Goshen Energy division producing biofuels, we anticipate using our physical stations to distribute the fuel. This will create a vertically integrated company from production to retail."
Goshen Energy's biofuels are produced at home, not abroad, and will contribute as a commercial fueling business supplying renewable biofuels to U.S. distribution centers such as City Capital Petroleum, it said.
With this acquisition, City Capital plans to upgrade the location with the installation of improved lighting and visibility to create a safer environment, fulfilling the company's socially conscious mandate.
City Capital Petroleum said that it plans to expand with three more possible locations in the next 12 months.
City Capital, founded in 1984, is a socially conscious professional management and diversified holding company engaged in real-estate investment strategies, self-directed IRA and leveraging investments, holdings and other assets to build value for investors and shareholders. Initiatives range from development and production of biofuels, to affordable homes for working-class families, to funding and acquisition of local businesses that support community jobs. The company acquires and revitalizes distressed investment opportunities in multiple industry segments.
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