Mergers & Acquisitions

Empire Petroleum Grows Dealer Base

Acquires leasehold interests in 21 c-stores, fuel supply from Sunshine Fuel

DALLAS -- Providing it with an entry into new markets as well as adding to its existing footprint in Oklahoma, Empire Petroleum Partner LLC has acquired the Missouri, Oklahoma and a portion of the Kansas wholesale distribution rights of Sunshine Fuel LLC, a distributor that supplies branded fuel to gas stations primarily in the Kansas City market, as well as other Missouri and Oklahoma locations.

As reported in a McLane/CSP Daily News Flash, Empire Petroleum purchased a portfolio of leasehold interests in 21 convenience stores with gasoline, along with sublease/fuel-supply interests in the stores.

It also purchased two fuel supply agreements providing gasoline to two fuel-supply-only stores.

The properties were leased from third-party landlords under long-term agreements, and Palm Beach, Fla.-based Sunshine Fuel subleased the sites to individual dealers.

The deal also increases Empire Petroleum's existing supplier partnerships with Shell and Phillips 66.

"Empire is excited to add such a high-volume dealer base to its existing distributor network with the acquisition of Sunshine,” said Michael O'Brien, Empire Petroleum's vice president of mergers and acquisitions. “We are pleased to add both the quality of dealers associated with Sunshine to our network in addition to opening up new markets such as Kansas City. This portfolio of dealers continues Empire's strategy of strengthening our presence in key markets, such as Oklahoma, as well opening up new market opportunities in Kansas and Missouri. Sunshine's dealer operation was a great opportunity to expand our footprint.”

Empire Petroleum is a motor fuels distributor of brands including Shell, Chevron, Texaco, Valero, Sunoco, BP, ExxonMobil, CITGO, Marathon, Gulf and Phillips 66. Based in Dallas, it distributes motor fuel to more than 1,300 gas stations in 27 states.

Chicago-based NRC Realty & Capital Advisors LLC, coordinated the sale.

“These stores are selling 18 million gallons annually,” said Evan Gladstone, NRC’s executive managing director. “This should be a good fit for Empire as it expands its network into the central U.S.”

In a separate deal, NRC said that Thomaston Land Co., Washington, Pa., has sold four convenience stores with gasoline and one Papa John’s quick-service restaurant (QSR) in Maryland and Pennsylvania to a multisite operator based in Pennsylvania.

Lot sizes range from 16,400 square feet to 1.25 acres, while store sizes range from approximately 1,280 square feet to 1,580 square feet.

NRC did not disclose the name of the buyer.

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