NEW YORK -- Universal Express Inc. has 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.
Universal Express declined to name to jobber. Due to confidentiality agreements, full details of this transaction will be made available after our successful closing, said Richard Altomare, CEO and chairman.
With combined revenues today in excess of $180 million and deliveries in excess today of 100 million gallons, our strategic [image-nocss] 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.
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.
New York City-based Universal Express is a logistics and transportation conglomerate with multiple developing subsidiaries and services.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.