Par Petroleum Eyes New Brand Strategy in Hawaii
HONOLULU — Now that Par Petroleum Corp. has completed its acquisitions of 116 convenience stores and gas stations, as well as a refinery and four terminals in Hawaii in two separate transactions, the Houston-based company will work to solidify its presence in the Aloha State.
In 2013, Par subsidiary Hawaii Independent Energy closed on its purchase of 31 c-stores and a refinery from Tesoro Corp. And on April 2, Par sealed its deal for Koko'oha Investments Inc., the parent company of Mid Pac Petroleum LLC, which includes 85 c-stores and four terminals.
The two separate acquisitions came with a price tag of more than $500 million.
Joseph Israel, Par's president and CEO, told Pacific Business News his company will have a new branding strategy completed with two to three months.
"We may end up with one, two or three brands," said Israel, adding Par has enlisted the help of Honolulu-based market planning firm OmniTrak Group to conduct the research.
Israel also told the news outlet Par's main market is Hawaii and the company plans to be in the state for some time to come.
"We can grow in Hawaii, [but] just to the market's limits — as [much] as the state will allow us," he told the news source.