Acquisition of two Atlanta-area firms fetches 100 new dealer contracts
DALTON, Ga. -- The former Fast Petroleum Co. is making quick work of new acquisitions. Thompson Energy LLC, a multi-state jobber, closed a deal Tuesday when it acquired Perimeter Oil and Shamrock Petroleum, both located in metropolitan Atlanta. Terms of the deal were not disclosed.
As reported in a CSP Daily News Flash yesterday, the acquisitions bring into the Thompson Energy family approximately 100 dealer contracts. The company does not plan to directly operate any of the locations, branded both Shell and CITGO, but will strictly manage and supply motor fuels to the units.
To [image-nocss] enable the new acquisitions, Dalton, Ga.-based Thompson Energy formed a holding company called Thompson-Kenny LLC, a joint venture between Thompson Energy CEO and Georgia Oilmen's Association executive Tommy Thompson and a partner, Josh Kenny.
"Two years ago, we decided to exit the retail business to concentrate on wholesale distribution," Thompson told CSP Daily News. "We hope to grow our dealer business—that's our main focus right now." Thompson added that the company is eager to entertain additional acquisitions in a three-state region of Georgia, Tennessee and Alabama.
Formerly Fast Petroleum, Thompson Energy was created in July 2006 after the company sold its 43 Fast Food & Fuels facilities in the southeast to Mapco Petroleum. Fast Petroleum had been in business for 25 years. "After we sold our retail assets, we no longer had use for the Fast Petroleum name," said Thompson, whose organization also owns a dealer-run Pac Pride cardlock business and a common carrier, Spirit Express LLC.
The 100 dealer locations generate about 200 million gallons of motor fuel annually, encompassing 10 counties in northern and central Georgia, led by Fulton County. "These stores are all profitable locations in high-growth areas, and are well-imaged. The deal was several months in the making," Thompson said.
Thompson is affiliated with such major oil or independent refiner-marketer brands such as Shell, BP, ExxonMobil, ConocoPhillips, CITGO and Pac Pride.
Perimeter Oil has been doing business in Atlanta for 20 years. It is a full-service petroleum products distribution company, according to its website. The business consists of wholesale distribution, commercial fuel and lubes storage, branded programs, terminal facilities, retail, real estate and financing. Its branded programs represent Shell, CITGO and independent refiners.