Mergers & Acquisitions

Carroll Independent Fuel Acquires 11 Speedway Stores

High’s of Baltimore will enter Pennsylvania, operate five of the sites
highs

BALTIMORE — Carroll Independent Fuel LLC has acquired 11 convenience-store sites from Speedway LLC, Enon, Ohio. Six of the sites will be operated by Carroll Independent Fuel and five by High’s of Baltimore LLC. The acquisition will allow Carroll Independent Fuel to expand its footprint throughout eastern Pennsylvania and mark's High's entry into Pennsylvania.

All 11 sites will feature Marathon-branded fuel.

"We are excited about the opportunity to expand Carroll Independent’s presence and introduce High's in Pennsylvania, particularly when we can build upon Speedway's excellent reputation for service and customer satisfaction," said Brad Chivington, senior vice president of High's. "We look forward to continuing to grow our relationship with Marathon throughout our entire geographic footprint, and particularly in Pennsylvania."

In August, Seven & i Holdings Co. Ltd., the Tokyo-based parent company of 7-Eleven Inc., Irving, Texas, signed a deal to acquire Findlay, Ohio-based Marathon Petroleum Corp.’s more than 3,900-store Speedway retail network in 35 states for $21 billion.

Carroll Motor Fuels is a fourth-generation, family-owned business with its principal based in Baltimore. Carroll Independent Fuels brands retail motor fuel stations under the Marathon, Sunoco, BP and CITGO flags, as well as its own Carroll Motor Fuel retail brand, and it offers a complete inventory of commercial fuels.

The High's brand was established in 1928 as an ice cream chain , growing rapidly in the Mid-Atlantic states. By the 1980s, there were more than 500 High's locations, making it at the time the largest ice cream chain in the world. Carroll Independent Fuel acquired High's in 2012 and operates 54 High's c-stores.

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