"This business opportunity is a solid fit for our company both strategically and culturally," Henry Medina, Fleet Card Fuels president, told the newspaper. Sabco Petroleum has averaged a 70% annual growth [image-nocss] rate, added Medina.
An owner of several gas station, when the opportunity to become a Valero distributor materialized, Samir Haggag formed Sabco Petroleum. He started by branding his brother's locations first. Sabco was incorporated in 2004 and began branding stations in 2005 with five stations. In 2006, it added 17 stations, in 2007 another 17. In 2008, it added 10 stations and 2009 saw another five added to the organization, said the report.
"The obvious and clear next step is to merge or be acquired by a larger entity to expand beyond our current marketplace," Haggag told the paper. "Fleet Card Fuels brings the financial power, the people and the resources to help us move faster toward our goals."
Within its portfolio, Fleet Card Fuels owns Nikolaus Tank Lines, Cal-Valley Equipment, Sun Valley Oil, Renegade Travel Centers and Renegade Express convenience stores and now Sabco Petroleum.
Fleet Card Fuels supplies branded and unbranded fueling stations, owns and operates gas stations and travel centers and has a company-managed network of cardlock fueling locations. Additionally, Fleet Card Fuels supplies fuel and fuel management services to vertical markets including agricultural, industrial, commercial and governmental.
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