Empire Petroleum Expands in Southeast, Atlanta
Acquires supply agreements, real estate, assets from Georgia Oil Holdings
DALLAS -- Further solidifying its presence in the southeastern United States and particularly in the Atlanta market, Empire Petroleum Partners LLC has acquired 59 dealer supply agreements and certain real-estate and leasehold assets from Georgia Oil Holdings.
As reported in a 21st Century Smoke/CSP Daily News Flash, the deal also expands Empire Petroleum's existing business relationship with BP.
"The Georgia Oil assets, which were formerly owned by BP, are well situated in the Atlanta marketplace to allow Empire to continue to grow our market presence in the Southeast," said Empire Petroleum chief operating officer Mike Diebus.
Empire Petroleum is focused on growing same-store volumes at the Georgia Oil locations, and the company believes that these assets provide an opportunity for its customers to compete in the market, it said.
Empire Petroleum added that this deal continues its execution off its acquisition strategy; this is the second acquisition completed in 2014. The company most recently acquired 83 distribution contracts from King Fuels Inc. in January. The company said it continues to work on additional acquisition opportunities in its pipeline, and it is planning to close its next acquisition in second-quarter 2014.
Georgia Oil Holdings is part of Scottsdale, Ariz.-based Arizona, Georgia & Florida Oil Holdings LLC, a distributor of fuel products that has owned and operated gas stations and convenience stores in the Phoenix, Atlanta and Orlando, Fla., markets.
Dallas-based Empire Petroleum is a leading motor fuels distributor of top brands including Shell, Chevron, Valero, Sunoco, BP, Exxon, CITGO, Mobil, Marathon, Texaco, Gulf and ConocoPhillips. Based in Dallas, Empire currently distributes motor fuel products to gas stations in 18 Mid-Atlantic, southeastern, Midwestern and southwestern states.