Empire Petroleum Strikes Again
LUBBOCK, Texas -- Empire Petroleum Partners LLC successfully closed on the acquisition of 11 former Corner Store locations, part of a larger divestiture underway by CST Brands Inc.
The addition of these locations in the Lubbock region expands Empire’s market presence in the Texas panhandle, and increases its business partnership with Valero, the company said.
“The addition of these locations to Empire is evidence of our continued commitment to our acquisition strategy, especially in the state of Texas” said Hank Heithaus, CEO of the Dallas-based company. “The Lubbock acquisition presents a great opportunity for us to expand our operations further into west Texas.”
To ensure continued success of the former CST assets, Empire intends to hire all of the former Corner Store employees to continue at the stores under its ownership.
The 11 sites were part of a larger sale for CST conducted by NRC Realty & Capital Advisors LLC that consisted of 116 operating and former convenience stores with gas located throughout Arkansas, Arizona, California, Colorado, Louisiana, New Mexico, Texas, Utah and Wyoming. The bidding process concluded June 24.
This is just the latest acquisition completed this year by Empire. Other deals include:
- In September, the company acquired certain retail distribution assets of Mansfield Oil Co. of Gainesville, Ga. The combination of Empire and Mansfield creates a national dealer-focused fuel distributor that services more than 1,100 accounts in 26 states in the continental United States.
- In March, Empire acquired 59 dealer supply agreements and certain real estate and leasehold assets from Georgia Oil. The acquisition boosted its presence in the southeastern U.S., specifically Atlanta, and expanded Empire's existing business relationship with BP.
- In late January, the company acquired 83 wholesale distribution contracts from King Fuels Inc., a distributor and supplier of branded fuel to gas stations primarily in the Houston market. The purchased accounts significantly enhanced Empire's regional footprint in southwest Texas.
Before the year is over, Empire plans to complete additional acquisitions, it said Friday.
Empire currently distributes motor fuel products to gas stations in 28 states to more than 1,200 customers. It is a leading motor fuels distributor of top brands including Shell, Chevron, Valero, Sunoco, BP, Exxon, CITGO, Mobil, Marathon, Texaco, Gulf and ConocoPhillips.