ROCKVILLE, Md. -- Israel-based Kaman Holdings Ltd. subsidiary Isal Amlat Investment Ltd. is expanding its fuel business in the United States. Isal Amlat subsidiary Empire Petroleum Holdings LLC will buy two gas stations and convenience stores in North Carolina, part of a five-site acquisition for $5.7 million, according to a report on Globes Online.
The company will also invest $500,000 in working capital of the properties, according to the report. Isal Amlat will give Empire Petroleum a $2 million owner's loan to finance the acquisition.
Isal Amlat has holdings in [image-nocss] manufacturing, metals, aviation, real estate and retail. Its retail business includes a stake in New Pharm Drugstores Ltd. It acquired 50% of Empire Petroleum for $6 million in mid-2007 from EM Group, which still owns the other half.
Empire Petroleum, Rockville, Md., is a fuel distributor to gas stations. It has three main fuel suppliers: BP plc, Sunoco Inc. and Getty Petroleum Marketing Inc. The company has fuel delivery contracts with 180 gas stations.
The deal gives Empire Petroleum direct ownership of the gas stations and convenience stores. The company posted $24 million revenue from its gas stations and $5 million from its convenience stores in 2008, and earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.2 million.
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