Last updated on August 19th, 2015 at 04:03 pm
Sunoco LP says that one of its wholly owned subsidiaries will purchase a wholesale motor fuel distribution business serving the Northeast for approximately $57 million, plus the value of inventory on hand at the time of closing.
The name of the distribution business had not been revealed at the time of this report. However, Sunoco reports that the business distributes approximately 55 million gallons a year of branded and unbranded gasoline, including Sunoco-branded fuels.
As part of the transaction, Sunoco’s subsidiary also will acquire 30 fee and leased properties—including company-owned, dealer-operated and consignment sites—as well as supply contracts with dealer-owned and -operated sites.
Sunoco says the purchase will complement its existing wholesale fuel distribution business in the Northeast. Sunoco plans to integrate the new business quickly into its fuel distribution network that currently serves 30 states.