ATLANTA & WELLESLEY, Mass.--(BUSINESS WIRE)--Today, RaceTrac, Inc., a family-owned, high-growth leader in the convenience store industry, announced that its wholly-owned wholesale fuel supply and trading subsidiary, Metroplex Energy, has signed a definitive agreement with Gulf Oil L.P. to acquire Gulf Oil LLC – an iconic brand with a long and distinguished reputation for combining a premier wholesale fuel distribution network with high-quality petroleum products and services. As part of the transaction, RaceTrac will 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.
This acquisition reflects RaceTrac’s ongoing strategy to accelerate growth in its core business activities and drive enhanced operating efficiencies. The combination of Metroplex and Gulf creates a best-in-class fuel network with a leading presence in high-demand markets across the country and adds another renowned consumer-facing brand to RaceTrac’s family of companies.
AJ Siccardi, President of Metroplex Energy, said, “The gasoline marketplace is undergoing historic and fundamental change and will continue to evolve rapidly. 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.”
“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 transaction is subject to customary closing conditions, including approval under the Hart-Scott-Rodino Act, and is expected to be completed within 60 – 90 days. Financial terms are not being disclosed.
Advisors
Wells Fargo Securities, LLC served as exclusive financial advisor to RaceTrac, Inc. and Metroplex Energy, Inc. Kilpatrick Townsend & Stockton LLP served as their legal advisor. Barclays served as exclusive financial advisor to Gulf Oil L.P. Latham & Watkins LLP served as its legal advisor.
About RaceTrac, Inc.
Headquartered in Atlanta, Georgia, family-owned RaceTrac, Inc. is the 22nd largest privately held company in the United States and has been serving guests since 1934. RaceTrac, Inc. has nearly 800 retail locations representing the RaceTrac and RaceWay brands in 12 states in the southeast, offering guests an affordable one-stop-shop featuring a wide selection of food and beverage favorites, including freshly brewed coffee, and competitively priced fuel. RaceTrac, Inc. employs more than 10,200 team members across RaceTrac, RaceWay and affiliated companies Metroplex Energy and Energy Dispatch. Metroplex Energy sells fuels to all RaceTrac, Inc. locations as well as many other leading retailers and fuel wholesalers in 15 states primarily in the southeast, and Energy Dispatch employs more than 250 drivers and operates 98 tractor-trailers out of 6 states, delivering over 1.2B gallons of fuel each year.
About Metroplex Energy
Metroplex Energy is an Atlanta-based wholesale fuel supply and trading company that secures bulk fuel to supply rack sales and delivery of gasoline, diesel, and biofuel products by pipeline, rail, truck, barge, and vessel. Metroplex provides high-quality supply with timely delivery at competitive prices, with integrated systems that provide live, real-time information, and an exceptional team offering extensive experience in trading, supply, and logistics.
About Gulf Oil, L.P.
Gulf is a Massachusetts-based company with over 120 years of dedicated service, fuel supply, retail programs, and latest loyalty offerings to its customers and consumers. Gulf fuels consumers through approximately 1,200 Gulf branded locations across the United States and Puerto Rico. More information can be found at www.gulfoil.com.
