FOREST, Va. -- Fuel USA LLC, a new entity created for acquisitions in the convenience-store industry, announced its inaugural purchase this week. And the company’s new top executive said he and his associates are looking for larger deals to become a regional player.
The new company acquired the assets of Workman Oil Co., a retailer with 52 c-stores in central and southwest Virginia and eastern Kentucky operating primarily under the Apple Markets banner. It is also a wholesaler to 19 dealer locations in Virginia.
Jeffrey (J.D.) Dykstra, a longtime investor and financier in the convenience-store industry, will be the president of the company, which will be based in Forest, Va., where Workman Oil had its headquarters.
“Plans for the stores include some minor deferred maintenance and some reimaging from our major oil partners,” Dykstra told CSP Daily News. “Having said that, most of the stores look great and are operating very profitably, so there is not a tremendous amount that needs to be done in the way of upgrades.”
When the company announced the transaction, he said, “We look forward to enhancing the value of the business and intend to use it as a platform from which to grow our presence in the industry.”
He told CSP Daily News, “We have several acquisitions that we are currently pursuing and are on the lookout for new opportunities as well. Outside of our current Virginia [and] Kentucky footprint, we are looking at larger deals that will support a regional operation and in our existing markets we are looking at deals of all sizes using the new Fuel USA operating platform.”
“We are extremely pleased with how smoothly this transaction progressed from beginning to end as Fuel USA delivered on every single commitment they made from day one," said Warner Hall, son-in-law of the late Robert Workman Sr. who founded the company and now owns it with Robert Workman Jr.
Hall will be joining Fuel USA for a period of time to help facilitate the transition to new ownership while Workman will be pursuing other business interests.
The company’s employee base, including the corporate headquarters staff of Workman Oil, has been retained by Fuel USA.
“We are also thrilled to have found a buyer who recognizes the strength and professionalism of our team,” said Hall. “I know the future of the company is in solid hands with Fuel USA.”
Workman Oil began as a distribution jobber for Amoco in 1974. The convenience stores were branded "Apple Market" in 2004. Workman Oil is a BP and Shell jobber and operates as a franchisee for Subway, Lee's Famous Recipe Chicken, Krystal and Blimpie. It also has a proprietary food service operation in 13 Apple Market convenience stores under the Apple Market Café name.
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