RaceTrac’s wholly owned fuel supply and trading subsidiary Metroplex Energy has signed an agreement to acquire Gulf Oil LLC. The move would be the convenience-store operator’s largest acquisition in its history and would drive immediate scale and operating efficiencies with expansion across the U.S. and its territories, RaceTrac said Wednesday.
- RaceTrac is No. 15 on CSP’s 2023 Top 202 ranking of convenience store chains by store count.
RaceTrac plans to acquire Gulf’s nationally recognized fuel brand across the United States and U.S. territories, all of Gulf’s branded distributor and license agreements and the exclusive rights to market fuel at Gulf’s retail locations along the Massachusetts Turnpike.
The transaction is subject to closing conditions and is expected to be completed within 60 to 90 days, the company said Wednesday. Financial terms were not disclosed.
“This exciting acquisition continues our history of growth, expanding RaceTrac’s family of companies to nearly 40 states across the continental U.S. and Puerto Rico,” said RaceTrac CEO Max McBrayer. “Gulf is a trusted national brand that has been innovating and evolving for over 100 years, combining quality petroleum products with outstanding service. We look forward to continuing to expand the Gulf legacy.”
The combination of Metroplex and Gulf will create a best-in-class fuel network with a leading presence in high-demand markets across the country, and it will add another consumer-facing brand to RaceTrac’s family of companies, the Atlanta-based operator said. RaceTrac also owns RaceWay c-stores, which operates as a franchisor of 217 stores as of Jan. 1, 2023.
“The gasoline marketplace is undergoing historic and fundamental change and will continue to evolve rapidly,” AJ Siccardi, president of Metroplex Energy, said. “We are committed to remaining an industry leader and continuing to invest and grow our transportation fuels network. The combination of Gulf’s outstanding distributor network and RaceTrac’s history of driving retail fuel volume creates a tremendous opportunity to serve dealers and distributors in a manner that will make their sites successful fueling destinations of the future.”
Gulf Oil, Wellesley, Massachusetts, has more than 120 years of dedicated service, fuel supply, retail programs and loyalty offerings to its customers. Gulf has about 1,200 branded locations across the U.S. and Puerto Rico.
RaceTrac has more than 570 locations in Alabama, Georgia, Florida, Kentucky, Louisiana, Mississippi, Texas and Tennessee. The company’s history dates back to 1934, according to its website.
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