Empire Petroleum Merges With Quik-Way Group
GAITHERSBURG, Md. -- Motor fuels distributor Empire Petroleum Partners LLC and the privately owned and operated Quik-Way Group of convenience stores and gas stations have merged operations in order to create a multi-regional fuel distributor serving more than 530 customers in 13 Mid-Atlantic, Southeastern and Midwestern states. The combined company will also control the real estate interests of 170 c-stores and gas stations from Maryland to Texas.
Additionally, Empire received its second major equity infusion from American Infrastructure MLP Fund and established a $100-million credit facility as part of the merge. The credit facility will facilitate future growth by accelerating Empire's acquisition plans and expanding its services to additional dealers and customers in a larger geographic area, the company said. It expects growth to come from investments in other fuel distributors, retail operators, real estate and other petroleum-related infrastructure.
"The Quik-Way assets provide us with substantial scale and allow Empire to immediately expand into the Texas and Louisiana markets," said Empire President and CEO Eli Kimel. "With this recent acquisition, Empire will also become a major Shell distributor, which should help fuel additional growth. We believe that the industry is in considerable transition, and our goal with Empire is to create a unique and stable fuel distribution platform for which other like-minded operators can prosper together with us."
Rick and Alan Golman, managing members of Quik-Way, said their family has operated Quik-Way and its affiliated companies for more than 60 years. "We are excited to continue our legacy with Empire, and we look forward to a stronger enterprise with the combined management capabilities and industry experience of both teams," they stated.