Done Deal: RaceTrac completes acquisition of Gulf Oil
RaceTrac has completed the largest acquisition in its history.
The family-owned convenience store retailer wholly-owned wholesale fuel supply and trading subsidiary, Metroplex Energy, Inc., has closed on its acquisition of Gulf Oil. The transaction, which was announced in July, has received appropriate regulatory approvals and all closing conditions have been satisfied.
As part of the transaction, RaceTrac acquires Gulf’s iconic brand in the United States and Puerto Rico, all Gulf-branded distributor and license agreements comprising of approximately 1,100 branded sites. The company also acquires exclusive rights to market fuel at eleven Massachusetts Turnpike service plaza locations.
“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 RaceTrac 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.”
Metroplex has appointed Ron Sabia as COO of the acquired Gulf entity and head of the Gulf business unit. After more than 30 years in the fuel industry, he served as president of Gulf Oil. L.P. from 2005 to 2016.
“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.”
The acquisition adds another consumer-facing brand to RaceTrac’s family of companies as well as complementary expertise and deeper industry relationships. The combination of Metroplex Energy and Gulf Oil creates a best-in-class fuel network with a leading presence in high-demand markets across the country, according to RaceTrac.
Headquartered in Atlanta, RaceTrac is the 22nd largest privately held U.S. company. The company has nearly 800 retail locations representing the RaceTrac and RaceWay brands in 12 states.
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 supplies fuel to all RaceTrac and RaceWay locations, as well as many other leading retailers and fuel wholesalers in fifteen states.