Empire Petroleum Kicks Off New Year With Woodfin Acquisition
According to a press release issued by Empire, Woodfin supplies branded fuel to gas stations throughout Virginia and will significantly enhance the company's Mid-Atlantic regional footprint while increasing its existing partnerships with ExxonMobil, BP and CITGO.
"The Woodfin acquisition is a perfect fit for Empire and is an important part of our attempts to solidify Empire's presence in our Mid-Atlantic markets," stated Empire President and CEO Eli Kimel. "As our industry undergoes a considerable transition, the acquisitions of long-term distributors such as Woodfin will help Empire to continue to grow and succeed for many years to come."
Empire also hired Gary Powell, Woodfin's Richmond-territory manager, to continue to serve the Woodfin accounts as a territory representative and to ensure an orderly transition.
"Empire's approach to the transaction was both swift and professional," stated Woodfin President and CEO Jack Woodfin. "Additionally, I can rest assured that our long-term dealer customer base will be left in good hands with Empire. Empire's operating philosophy should ensure that the Woodfin assets will continue to thrive for many more years to come, even in this ever changing business environment."
Empire noted its plans to announce several additional acquisitions over the coming months. It most recently acquired the assets of Eagle Fuels LLC in October 2012, as CSNews Online reported.