Mergers & Acquisitions

Speedway Acquires 78 C-Store Locations

Company says sites enhance existing New York retail network

ENON, Ohio -- Retailer Speedway LLC signed an agreement April 16 for the purchase of 78 convenience-store locations held by Petr-All Petroleum Corp., Syracuse, N.Y. These stores are located primarily in the Syracuse, Rochester and Buffalo markets in New York and operate under the Express Mart brand.

"This acquisition is a great strategic fit for Speedway, and consistent with our growth plan," said Speedway President Tony Kenney. "These stores will enhance our existing network and expand our brand presence in a key growth market for Speedway."

Petr-All Petroleum offered no comment about the deal.

Following the acquisition, the stores will be rebranded to Speedway, the company said. The transaction is anticipated to close by the end of the third quarter of 2018 and is subject to standard regulatory approvals, customary due diligence and other closing considerations.

Speedway LLC, Enon, Ohio, is the nation's second-largest company-owned and -operated c-store chain with approximately 2,740 stores located in 21 states. Speedway is a wholly owned subsidiary of Marathon Petroleum Corp., Findlay, Ohio. It ranked No. 3 in CSP's2017 Top 202 list of the largest c-store chains in the United States.

Dewitt, N.Y.-based Petr-All Petroleum Corp. owns and operates 77 Express Mart convenience stores, all located in upstate New York and all selling fuel. Most are branded Sunoco, some fly the Mobil flag and a few are unbranded. Some of the stores feature a car wash. More than a dozen Express Mart locations are co-branded with McDonald's, Subway, Papa John's and Tim Hortons. It ranked No. 76 in CSP's 2017 Top 202 list.

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