Mergers & Acquisitions

Fuel USA Polishes Off Apple Markets

New company acquires Workman Oil assets, including 52 c-stores, 19 dealer locations

FOREST, Va. -- In its first deal, Fuel USA LLC has acquired all of the assets of Workman Oil Co., a retailer with 52 convenience stores in central and southwest Virginia and eastern Kentucky operating primarily under the trade name Apple Market and a wholesaler to 19 dealer locations in Virginia.

Fuel USA Workman Oil Apple Markets

As reported in a 21st Century Smoke/CSP Daily News Flash, the company will be based in Forest, Va., where Workman Oil had its headquarters.

The owners of Workman Oil are Robert Workman Jr. and Warner Hall, son and son-in-law of the late Robert Workman Sr. who founded the company. 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.

J.D. Dykstra, a long time investor and financier in the convenience-store industry, will be the president of the company. “We are very excited to have acquired such an impressive operation as Workman Oil. 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 said.

The employee base, including the corporate headquarters staff of Workman, has been retained by Fuel USA.

“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 Hall. “We are also thrilled to have found a buyer who recognizes the strength and professionalism of our team. I know the future of the company is in solid hands with Fuel USA.”

Fuel USA has also retained the employee base, including the corporate headquarters staff of Workman Oil.

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.

Watch CSPnet.com and CSP Daily News for more details.

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