Aloha Petroleum Considers Sale, Other Options
HONOLULU -- Aloha Petroleum Ltd. is shopping itself around.
The Honolulu-based retailer tapped New York-based Macquarie Capital to help it review its strategic alternatives, which could include selling the company, Aloha's top executive confirmed to Pacific Business News. Other strategic alternatives include strategic joint ventures or partnerships, the sale of a portion or all of the company's stock, and continuing to operate the company in its current form.
Aloha Petroleum is the largest independent gasoline marketer and one of the largest convenience store operators in Hawaii. However, according to the news outlet, the company is now finding growth opportunities in its core business in the state to be limited.
"Aloha Petroleum has a remarkable history of growth in the Hawaii market, which resulted from strategic decisions to build new stores and terminals, as well as through acquisitions such as the Shell Hawaii operations in November 2010," Aloha Petroleum President and CEO Richard Parry told PBN via email. "Macquarie Capital's global expertise will assist Aloha in determining our next strategic directions that will best position our company for the future. The review will continue for the near term."
Macquarie Capital's parent company, Macquarie Group, owns Hawaii Gas, the state's only franchised gas utility, the news outlet added.
Aloha Petroleum Ltd. markets through almost 100 Shell-, Aloha- and Mahalo-branded fueling stations and 40 Aloha Island Mart convenience stores throughout the state.