Nouria Energy Receives Big Stake for Acquisitions
Operator, wholesaler will also use financing from RBS Citizens to develop new sites
WORCESTER, Mass. --Nouria Energy Corp., a convenience store operator and wholesale fuel distributor in Massachusetts, Maine, New Hampshire and Rhode Island, has closed a $32 million, five-year credit facility through RBS Citizens Convenience & Retail Petroleum Finance Group. The transaction includes term loan facilities to refinance existing debt, a development line of credit that will be used to finance the acquisition and development of new locations.
It also included a revolving line of credit that the company will use for working capital and letters of credit.
"The RBS Citizens Convenience & Retail Petroleum Finance Group understood our business, which is why they were able to structure a facility that met our needs," said Tony El-Nemr, chairman of Nouria Energy, Worcester, Mass.. "This transaction will put us in a great position to meet our growth plans and reach our goal of a half billion gallons and beyond."
"We appreciate the confidence in us shown by Tony and his team and thoroughly enjoyed working with them. This new relationship demonstrates our capabilities and focus on meeting the needs of our customers in the petroleum industry," said Mike Phelps, head of the Convenience and Retail Petroleum Finance Group at Providence, R.I.-based RBS Citizens.
The RBS Citizens Convenience & Retail Petroleum Finance Group is focused on meeting the banking and financing needs of the retail petroleum and c-store industries. It offers financial support to multi-unit operators nationwide that require credit facilities and national lending capabilities, risk management advisory services and interest rate derivatives along with a full range of traditional commercial banking products and services.
Nouria Energy is a fuel distributor supplying gasoline and diesel to more than 125 stations. It operates 83 c-stores with fuel, some locations with quick-service restaurants (QSRs) such as Dunkin Donuts, McDonald’s and Subway. It also operates Lil Mart brand locations in Maine.