Devlin Energy Expanding

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Devlin Energy Expanding

05/21/2002
SAN DIEGO -- Devlin Energy Group LLC, operator of 15 convenience stores under the Texaco, Conoco, BP, Amoco and Citgo brands, acquired 12 Prime Time convenience stores in Kansas, Arkansas and Missouri.

As part of the deal, Devlin also agreed to lease nine Prime Time convenience stores. The transaction, valued at approximately $7.5 million, was financed by American Commercial Capital.

Devlin plans to acquire the leased stores within 60 days. The addition of all of these units brings Devlin's total store count to 36.

"American Commercial Capital handled the acquisition process in a smooth and professional manner," said Johnny Ray Arnold, president of Devlin Energy Group. "They know what it takes to purchase convenience stores, and that made the deal much easier to conclude. We enjoyed the experience of working with ACC and we would recommend ACC to anyone considering a refinance or acquisition of stores."

American Commercial Capital is a Wells Fargo Capital Markets Business providing capital to owners of multi-unit branded retail businesses in the convenience store and travel-plaza industries.