BALTIMORE — Boyett Petroleum sold its 10 company-operated petroleum marketing and convenience retail stores to Apro LLC dba United Pacific, while in a separate transaction, Boyett acquired United Pacific's wholesale fuels distribution business consisting of approximately 200 fuel supply accounts.
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United Pacific will lease nine of the stores it acquired from Boyett and related-party landlords under long-term lease agreements.
Stan and Carol Boyett founded Boyett Petroleum in 1940 as an operator of gas stations in and around Modesto, CA. The Stan and Carol Boyett were joined in the business by their son, Carl, in 1970. Carl Boyett dramatically expanded the company's wholesale distribution division and added to its growing stable of fuel brands. In 1993, Carl's son Dale Boyett joined the family business, whereupon he expanded the family-owned company to one of the largest independent fuel distributors in the United States.
The divestment of Boyett's 10 Cruisers-branded convenience stores will allow the company to refocus on its wholesale fuels distribution business and the newly acquired United Pacific network, which consists of Shell, Marathon, Phillips 66 and Valero branded, as well as unbranded, dealer accounts across California, Oregon and Washington.
As part of the transaction, Boyett also gained United Pacific's distribution rights in and to the Shell brand.
"[United Pacific has] a fantastic retail team and have welcomed our employees with open arms," said Scott Castle, Boyett president. "It was important to us to find a company that valued our team as much as we did, and United Pacific did just that. We're also very excited to bring United's wholesale customers and team into the Boyett family and look forward to growing the network of dealers."
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Boyett, which included valuation advisory, marketing the business through a confidential, structured sale process, buy-side advisory and negotiation of the transactions and lease agreements.
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United Pacific is one of the largest independent owners, suppliers and operators of gas stations and convenience stores in the western United States and offers convenience products through the We Got It! Food Mart, My Goods Market and Circle K brands. It is a portfolio business of Fortress Investment Group LLC.