ENON, Ohio-- Making good on a promise of growth, Marathon Petroleum Corp. subsidiary Speedway LLC has signed an agreement to acquire 88 operating GasAmerica Services Inc. locations in Indiana and Ohio, plus several parcels of undeveloped real estate for future development, the companies have announced. The transaction is anticipated to close by the end of May 2012, subject to regulatory approvals, customary due diligence and other closing conditions.
"These stores will be an outstanding addition to the Speedway brand," Tony Kenney, president of Speedway, said. "They are very well-managed stores that will complement our existing network, allowing us to better serve customers in our Indiana and Ohio markets."
Kenney told CSP Daily News in January: "We're continuing to grow the company. In July 2011, our parent company, Marathon Oil Co., spun off its downstream, which Speedway is part of, into a new separate entity. So Speedway is a bigger part of that new company. Along with that, our CEO has said a number of times to the market that a focus of the growth of the new Marathon Petroleum Corp. is to continue to grow Speedway. So we have some ambitious plans to continue to grow both within our existing seven-state [market], as well as into new markets, primarily where Marathon has supply available for gasoline and other transportation fuels that we market."
As reported in a Morgan Keegan/CSP Daily News Flash yesterday, most of the locations will be converted to the Speedway brand upon completing the transaction.
As part of the purchase agreement, Speedway will also acquire all trademarks, trade dress and intellectual property from GasAmerica.
GasAmerica, based in Greenfield, Ind., is a fourth-generation, family-owned and -operated c-store chain.
"GasAmerica Services Inc. has been a successful convenience store chain serving customers and communities throughout Indiana and Ohio for almost a century," said Stephanie White, president and CEO of GasAmerica. "GasAmerica began in 1916 as White Petroleum Co. and grew to our current size of 88 locations through the hard work and dedication of our employees, vendors and the loyal patronage of our customers. It is a testament to the entire team and the quality of our operation that Speedway was interested in acquiring our chain."
He added, "We are pleased that our fleet of convenience store locations and employees will be under the guidance of a leader within our industry. With Speedway's focus on customer service, the people of Indiana and Ohio who have supported us over the years will be in very good hands."
Enon, Ohio-based Speedway owns and operates the nation's fourth largest c-store chain, with approximately 1,375 locations in seven states in the Midwest, is an indirect wholly owned subsidiary of Marathon Petroleum Corp., Findlay, Ohio.
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