JACKSONVILLE, Fla. -- First Coast Energy LLP will retain gasoline distribution rights to 13 convenience stores it sold to Northeast Petro Holdings in December.
First Coast, which operates 35 Daily’s convenience stores, sold the 13 sites to the Aventura, Fla.-based retailer as part of an effort to reorganize some of its investments, as reported in a McLane/CSP Daily News Flash.
"[We sold] 13 sites total, but none of them were Daily’s branded locations," spokesperson Andrea Kane told CSP Daily News. "We maintain a long-term supply of fuel to the sites, [but we] won't own the sites anymore."
“This is the business model of reinvesting money in other areas,” Kane told the Financial News & Daily Record.
Northeast Petro Holdings is led by Sergio Delmico, who also is manager of MNV Energy LLC, according to a report in the Financial News & Daily Record. MNV Energy owns and operates 24 other c-stores in Florida.
First Coast Energy LLP, Jacksonville, Fla., owns and operates 83 c-stores and gas stations, and distributes Shell gasoline to additional dealer sites in Florida and southeast Georgia.