BOCA RATON, Fla. -- Delivery, logistics and transportation company Universal Express Inc. has contracted to purchase 200 gasoline stations nationwide, and we're hoping those gas stations, in time, will become Sunoco or NASCAR-related stations, chairman and CEO Richard A. Altomare told the South Florida Sun-Sentinel.
Universal Express in February 2006 signed a letter of intent to purchase an unnamed South Florida-based fuel and wholesale jobber that serves 144 gas stations and directly owns 46 of those stations, CSP Daily News reported. The company declined [image-nocss] to name to jobber due to confidentiality agreements.
With combined revenues today in excess of $180 million and deliveries in excess today of 100 million gallons, our strategic partners from Dubai and Saudi Arabia have advised us to consider this timely acquisition for balance sheet enhancement, growth and synergistic interests from its supply source, Altomare said at the time.
From a logistical matching to our more obvious Dubai and Saudi Arabian investors as well as potential future airline fuel needs, this acquisition will enhance the flexibility and growth potential of Universal Express and its growing family of companies, he added.
In addition, the company provides diesel distribution and is poised to enter the aviation fuel industry, the company said.
And in July 2006, Universal Express announced the signing of an agreement to purchase Jacksonville Oil Co. LLC, a North Florida oil and gas retailer, for $15.8 million. The company, located in Jacksonville, is comprised of eight stations that include both mini-marts and numerous cobranding agreements.
Universal Express could not provide details concerning either acquisition by presstime.
In 2005, Jacksonville Oil had in excess of $20 million in gross sales. The deal was subject to Universal Express obtaining an appropriate first mortgage on the properties. An escrow deposit of $250,000 was paid by the company, subject to the completion of due diligence within 90-days.
The acquired company is one of the best-managed, cleanest, high-tech operations we saw in viewing potential acquisitions in this industry, Altomare said.
Universal Express said it is targeting the fuel distribution sector as a result of its decision to vertically integrate its luggage delivery, courier and aircraft operations.
We expect to affect a substantial increase in revenues from the Jacksonville properties and through the introduction of some of Universal's existing services and products into the stations, said Altomare in July. Further, as our Florida presence grows we want to introduce the same corporate and community responsibility here as we have in corporate central as well as our other subsidiaries and partners.
Concerning the NASCAR deal, Altomare said Universal Expressalready a sponsor partner of the Florida Panthers, the New York Islanders and Rangers, the New York Knicks and New Jersey Nets, with agreements pending with the New York Yankees and Metsis currently in discussions with NASCAR. Philadelphia-based Sunoco Inc. is the official fuel provider to NASCAR.
Universal Express has just unveiled its sponsored Daytona 500-bound Sigalsport Rolex Series car, owned and driven by Gene Sigal of Sigalsport BMW as part of a multi-year commitment.
The Sigalsport No. 5 Luggage Express Team SigalSport BMW is the first NASCAR sponsored by a Boca Raton company, Luggage Express parent Universal Express said. The Luggage Express No. 5 as well as its sponsored No. 4 car will be making its racing debut at Daytona's 24 Hours of Daytona, starting January 27.
Among other divisions, Universal Express is also the parent company of Universal Cash Express, which offers the prepaid stored-value Universal Express Platinum Card.
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