Apro LLC, doing business as United Pacific, has acquired Boyett Petroleum’s 10 company-operated petroleum marketing and retail convenience stores. United Pacific will lease nine of the stores it acquired from Boyett and related-party landlords under long-term lease agreements. In a separate transaction, Boyett has acquired United Pacific’s wholesale fuels distribution business, which consists of approximately 200 fuel supply accounts.
Stan and Carol Boyett founded Boyett Petroleum in 1940 as an operator of gas stations in and around Modesto, California. Their son, Carl, joined the business in 1970. He expanded the company’s wholesale distribution division and added to the company’s growing stable of fuel brands.
In 1993, Carl’s son Dale joined the family business. Under Dale’s leadership, the third-generation family-owned company has become one of the largest independent fuel distributors in the United States, supplying fuel to more than 500 gas stations and operating 10 Cruisers convenience stores.
Boyett’s 10 Cruisers c-stores are high-performing stores that sell 76-branded fuels. The divestment of these stores allows the company to focus on its growing wholesale fuels distribution business.
Boyett also acquired United Pacific’s wholesale fuels distribution business, which consists of Shell-, Marathon-, Phillips 66- and Valero-branded, as well as unbranded dealer accounts across California, Oregon and Washington. As part of this transaction, Boyett acquired United Pacific’s distribution rights in and to the Shell brand, which will allow the company to provide another premium brand offering to its existing and new dealer accounts.
Matrix Capital Markets Group Inc., Richmond, Virginia, provided merger and acquisition advisory services to Boyett, which included valuation advisory, marketing the business through a confidential, structured sale process, buy-side advisory and negotiation of the transactions and lease agreements. Cedric Fortemps, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Kyle Tipping, senior associate; and Alexander Rakos, senior analyst, managed the transaction.
“We believe that United Pacific will take the stores to the next level,” said Scott Castle, president of Boyett Petroleum. “They have a fantastic retail team and have welcomed our employees with open arms. It was important to us to find a company that valued our team as much as we did, and United Pacific did just that. We’re also very excited to bring United’s wholesale customers and team into the Boyett family and look forward to growing the network of dealers.”
The Boyett team “accomplished their near-term goal of exiting retail and retaining the convenience retail real estate, and longer-term goal of significantly growing their wholesale business. These transactions really are a win-win for Boyett and United Pacific and all the employees involved,” Fortemps said.
- United Pacific is No. 16on CSP’s Top 40 update to the 2022 Top 202 ranking of U.S. convenience-store chains by company-owned store count. Boyett Petroleum is No. 119 on the 2022 Top 202.
Founded in 1955 and based in Long Beach, California, United Pacific is one of the largest independent owners, suppliers and operators of gas stations and convenience stores in the western United States. It has more than 450 locations spread across California, Oregon, Washington and Colorado. It offers fuel under the 76, Conoco, Phillips 66, Shell, Chevron and United Oil brands, and offers convenience items through Rocket c-stores.
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