Atlanta, Georgia-based RaceTrac has confirmed that its wholesale fuel supply and trading subsidiary, Metroplex Energy Inc., has closed the acquisition of Gulf Oil that was announced in July, having received the appropriate regulatory approvals and satisfying all conditions.
As part of the transaction, RaceTrac will acquire Gulf’s brand in the U.S. and Puerto Rico, all Gulf-branded distributor and license agreements, comprising about 1,100 branded sites, as well as exclusive rights to market fuel at 11 Massachusetts Turnpike service plaza locations.
Financial terms were not disclosed. RaceTrac locations will not be impacted by the deal.
“Customers, distributors and licensees have looked to the Gulf brand for quality and dependability for over 100 years and we are excited to announce its addition to the RaceTrac family,” said CEO Max McBrayer.
“The timeliness of this transaction represents an immediate opportunity for growth through geographic expansion, scale and diversification. We have been working closely with the Gulf team and are prepared to steward the Gulf legacy in its second century.”
To provide a seamless transition to customers, distributors and licensees, RaceTrac and Metroplex has appointed Ron Sabia as chief operating officer of the acquired Gulf Oil entity and head of the Gulf business unit.
After more than 30 years in the fuel industry, Sabia served as president of Gulf Oil from 2005-16. Metroplex is confident that under Sabia’s leadership, “Gulf will continue to build upon its legacy of high-quality fuel products and outstanding service.”
“This acquisition provides Gulf with a historic opportunity to succeed in the rapidly evolving retail fuel marketplace,” said AJ Siccardi, president of Metroplex.
“Gulf’s extensive distributor network and nationally recognized brand, combined with Metroplex’s expertise in providing consistent, dependable fuel supply, creates tremendous possibilities to serve current and future branded distributors and licensees in a manner that will make their businesses successful in the future.”
Founded in 1934, family-owned RaceTrac is the 22nd largest privately-held company in the U.S. It has about 800 RaceTrac and RaceWay stores in 12 states and more than 10,200 employees across those brands, as well as at affiliated companies Metroplex Energy and Energy Dispatch.
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