Fortress Forges United Oil Acquisition (Slideshow)
Private-equity group picks up L.A. c-store chain famous for its cutting-edge architecture
LOS ANGELES -- With several investments in the mid- and upstream oil sectors, Fortress Investment Group, a New York-based investment management firm, has made a splash in the downstream segment with its acquisition this week of United Oil Co., an architecturally edgy gas station and convenience store retailer.
Though financials were not disclosed, one source told CSP Daily News that the deal could have closed for at least $500 million. What is known: Fortress has obtained a strong West Coast platform that stretches from Los Angeles to San Diego and positions the investment group for additional acquisitions.
United Oil, based in Gardena, Calif., was family-owned and founded in 1948. It operated more than 130 sites in the Los Angeles and San Diego metropolitan areas, including around 40 kiosk-style operations. Many of the company's c-stores feature stunning, award-winning architecture. Some locations are branded by the fuel brand, while others carry the United Oil name, with the convenience stores branded We Got It! Food Mart.
Watch the slideshow below, and click here to view other images showing United Oil's many architectural designs.
United Oil is also a distributor of Shell, ConocoPhillips (76) and Valero brand fuel in Southern California and delivers fuel to approximately 100 dealer sites.
United Oil is the trade name for United El Segundo Inc. and Apro LLC. Apro is 50% owned by United, with the other 50% owned by World Oil Corp., a privately held company that owns and operates gas stations, refineries and other petroleum-related businesses in California.
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