RAMAT GAN, Israel -- The planned acquisition of 26 Springfield, Ill., stations fell through for an Israeli firm trying to build a convenience platform here in the United States.
An official with EZ Energy USA Inc. yesterday told CSP Daily News that the deal to purchase Harper Oil Co. was no longer active. Although he declined to comment further on the matter, Oren Zahavi, vice chairman for EZ Energy, said the company is still very intent on carving a c-store network here in the United States.
We do believe in the long-term viability [image-nocss] of the U.S. market, he said. We can give added value specifically by picking above-average locations that would be here even in times of recession.
He said the company currently has 14 sites under contract that will build on its current network of 24 units. Noting why the United States presents an attractive investment opportunity, Zahavi pointed to the largely fragmented channel and how Israel did not offer the opportunities for growth that exist here.
The deal for the Harper On the Way stores was reportedly worth $26 million, and included a lease on the company's headquarters. Officials with Harper did not return phone calls by press time.
Harper Oil founder Perry Pierce originally launched the family business when he and a partner opened a refined-oil plant in Springfield in 1933. The first Pierce Oil station opened in 1937. Harper Oil was organized in 1956, combining the first names of Pierce and his partner at the time, Harvey Crusius.
[Editor's Note: For a more extensive look into investors from abroad and the impact of new capital flowing into the domestic c-store channel, watch for the November 2007 issue of CSP magazine.]
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.