Polsinello Fuels Exits Retail Gasoline Business
RENSSELAER, N.Y. — Polsinello Fuels Inc. is divesting its retail gasoline business to Stewart's Shops.
The sale includes Polsinello Fuels' gasoline and diesel distribution business, and five gas stations. Terms of the deal were not disclosed, reported Times Union.
"After careful consideration Polsinello Fuels Inc. has decided to divest from the retail gasoline business," Vice President Lou Polsinello said in a statement. "Polsinello Fuels will remain in the lubricants and motor oil distribution business.
"This transition strengthens our standing as an industry leader and enhances our continued growth strategy to distribute premium lubricants and motor oils from Gulf Oil, Shell, Pennzoil, Quaker State, Phillips 66, and Kendall brands throughout the Northeast market," he added.
Polsinello Fuels previously sold its home heating and commercial fuel business to Binghamton, N.Y.-based Mirabito Energy Products in 2018.
According to Times Union, the acquisition will allow Stewart's Shops to distribute Sunoco, CITGO and Mobil gasoline to dealers from the Capital Region to Massena, on the Canadian border.
"As we continue to grow our business, this acquisition gives us the opportunity to diversify by expanding deeper into the fuel wholesale business," said Stewart's Shops President Gary Dake.
Based in Saratoga Springs, N.Y., Stewart's Shops operates more than 335 convenience stores and gas stations in 31 counties across upstate New York and southern Vermont.
Polsinello Fuels was founded in 1952.