Empire Petroleum Partners LLC Announces Definitive Asset Purchase Agreement with Circle K Stores Inc. and CST Brands, Inc.
Empire Petroleum Partners, LLC, a leading motor fuels wholesale distributor and distribution services provider to top gasoline brands, announced that the company has entered into a definitive asset purchase agreement with Circle K Stores Inc. and CST Brands, Inc. to acquire 70 Corner Store gas stations.
The acquisition of these Corner Store locations will expand Empire’s geographic reach in the U.S., adding to its presence in six states where the company has existing operations, including Colorado, Florida, Georgia, Louisiana, New Mexico and Texas, as well as new entrance into the state of Arizona. The accretive transaction positions Empire to capture synergies by leveraging increased scale and improved operating efficiencies to drive highly competitive pricing and cost savings for the company’s growing dealer network. The transaction is expected to be completed during the summer of 2017.
Nandit Gandhi, Empire Petroleum Partner’s Chairman of the Board of Managers, said, “We are very pleased to announce the acquisition of 70 Corner Store gas stations, which represents the largest acquisition in the company’s history. Empire’s team partnered with Circle K to complete an expeditious and effective process to solidify this compelling deal with numerous strategic benefits. The transaction also signals a considerable stride forward as Empire successfully executes on its acquisition goals, delivering meaningful U.S. expansion, along with increased scale and synergies, to significantly enhance our competitive position as a leading U.S. motor fuels distributor.”
Mr. Gandhi continued, “As consolidation continues in the motor fuel and convenience store industry, we remain focused on driving Empire’s rapid growth trajectory to become one of the largest and most formidable wholesale motor fuel distributors in the U.S. Today’s asset acquisition represents a significant step on that path and is expected to greatly add to the financial strength of the company. Looking ahead, we intend to continue to make strategic acquisitions as a part of our strategy to drive consistent, profitable growth and position Empire for even greater success in the future.”
Additional financial details regarding the transaction were not disclosed. The transaction, subject to customary closing conditions and regulatory approval, is expected to close during the summer of 2017.