Empire Petroleum Acquires American Energy Distribution
GAITHERSBURG, Md. -- Continuing its focus on growth opportunities, Empire Petroleum Partners LLC purchased the assets of Texas-based American Energy Distribution LP. The company's operations were merged into Empire as of April 2.
The acquisition adds the Exxon, Mobil and CITGO brands to Empire's supplier network and significantly enhances its Southwest regional footprint, the company said. Additionally, it adds substantial fuel volume and more than 120 new customer accounts.
"Our mission is to create lasting partnerships that consistently exceed expectations," said Empire President and CEO Eli Kimel. "As our industry undergoes a considerable transition, we seek to become a reliable and stable partner for our customers, suppliers, employees and [the] communities in which we serve. With that goal, we are pleased to announce the addition of Mr. Shawn Bhagat, a successful industry veteran and founder of American Energy, to our Empire team. Shawn brings a long history of growth, innovation and entrepreneurial spirit to Empire and our industry."
Bhagat, CEO of American Energy, added: "Our family and operating team are excited to join the Empire platform to continue our legacy. Although we have always operated as a strong independent distributor, we believe that Empire has the capability to offer our customers and employees a diverse set of resources and tools to make them more successful. In this dynamic industry, I believe that Empire is creating a unique and sustainable distribution platform, which can succeed for decades to come."
Following last year's major equity infusion from American Infrastructure MLP Fund and establishment of a $100-million credit facility, Empire plans to announce several new acquisitions over the coming months, according to the announcement.
In November, Empire merged with Quik-Way Group, which distributes fuel to more than 230 customers and controls the real estate interests of 87 properties. Through that deal, Empire extended its reach into Texas and Louisiana.