PetroTex Fuels Inc. has completed the sale of its convenience stores and fuel distribution assets to Sunoco LP. The transaction included 38 dealer-owned, dealer-operated locations and one company-operated travel plaza, CSP has learned.
The companies did not disclose the price. “The multi-million-dollar transaction was face down at press time and is expected to be immediately accretive to Sunoco with respect to distributable cash flow,” said E. Harvey Steinhagen III, president and CEO of PetroTex, a Beaumont, Texas-based fuel distributor for Shell, Valero, CITGO, Conoco and Phillips 66 in eastern Texas, the Gulf Coast and southwestern Texas.
Dallas-based Sunoco did not immediately respond to a CSP request for comment.
Steinhagen founded PetroTex in January 1991 after he spent 10 years working alongside his father at the family-owned Steinhagen Oil Co. distributorship, also located in Beaumont. After the retirement of his father, Steinhagen pursued a broader independent path in the petroleum fuel supply industry by building PetroTex into one of the largest petroleum motor fuel distributors in Texas.
“I am grateful to all PetroTex employees for their dedication throughout the years as they are the reason for our company’s success,” Steinhagen said. “We faced adversity numerous times, whether it was from industry competitive pressures, the pandemic or multiple hurricanes that made their way to our segment of the Texas Gulf Coast, and I am very proud of how our employees responded in each crisis, and with this, “I am equally confident that our longstanding customers across the state of Texas will be well taken care of by Sunoco Fuels Supply,” said Steinhagen.
Sunoco is No. 96 on CSP’s 2024 Top 202 ranking of U.S. c-store chains by store count. Alimentation Couche-Tard is No. 2.
Sunoco LP is an energy infrastructure and fuel distribution master limited partnership (MLP) operating in more than 40 states, Puerto Rico, Europe and Mexico. Its network of approximately 14,000 miles of pipeline and more than 100 terminals serve about 7,400 Sunoco- and partner-branded locations and other independent dealers and commercial customers. Sunoco's 75 company-owned retail stores include 54 Aloha Island Mart c-stores in Hawaii through its ownership of Aloha Petroleum and 21 Aplus c-stores on the New Jersey Turnpike.
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