RaceTrac Completes Gulf Oil Acquisition
ATLANTA — RaceTrac Inc.'s deal for Gulf Oil LLC is officially in the books.
The convenience retailer's wholly owned wholesale fuel supply and trading subsidiary, Metroplex Energy Inc., closed on its acquisition of Gulf Oil. The transaction, which made headlines in July, received the appropriate regulatory approvals and all closing conditions have been satisfied, according to RaceTrac.
Financial terms were not disclosed.
As part of the transaction, RaceTrac acquires Gulf's iconic brand in the United States and Puerto Rico, all Gulf-branded distributor and license agreements comprising approximately 1,100 branded sites, as well as exclusive rights to market fuel at 11 Massachusetts Turnpike service plaza locations.
"Customers, distributors and licensees have looked to the Gulf brand for quality and dependability for over 100 years and we are excited to announce its addition to the RaceTrac family," said RaceTrac CEO Max McBrayer. "The timeliness of this transaction represents an immediate opportunity for growth through geographic expansion, scale and diversification. We have been working closely with the Gulf team and are prepared to steward the Gulf legacy in its second century."
Metroplex appointed Ron Sabia as chief operating officer of the acquired Gulf entity and head of the Gulf business unit. After more than 30 years in the fuel industry, Sabia served as president of Gulf Oil LP from 2005 to 2016.
"This acquisition provides Gulf with a historic opportunity to succeed in the rapidly evolving retail fuel marketplace," said AJ Siccardi, president of Metroplex. "Gulf's extensive distributor network and nationally recognized brand, combined with Metroplex's expertise in providing consistent, dependable fuel supply, creates tremendous possibilities to serve current and future branded distributors and licensees in a manner that will make their businesses successful in the future."
According to RaceTrac, the acquisition adds another renowned, consumer-facing brand to its family of companies as well as complementary expertise and even deeper industry relationships. The deal reflects RaceTrac's ongoing strategy to accelerate growth in its core business activities and drive enhanced operating efficiencies.
The combination of Metroplex Energy and Gulf Oil creates a best-in-class fuel network with a leading presence in high-demand markets across the country, the company added.
Metroplex Energy is an Atlanta-based wholesale fuel supply and trading company that secures bulk fuel to supply rack sales and delivery of gasoline, diesel and biofuel products by pipeline, rail, truck, barge and vessel. Metroplex Energy supplies fuel to all RaceTrac and RaceWay locations, as well as many other leading retailers and fuel wholesalers in 15 states.
Headquartered in Atlanta, family-owned RaceTrac is the 22nd largest privately held company in the United States and has been serving guests since 1934. RaceTrac has nearly 800 retail locations representing the RaceTrac and RaceWay brands in 12 states. It employs more than 10,200 team members across RaceTrac, RaceWay and affiliated companies Metroplex Energy and Energy Dispatch.
RaceTrac is No. 13 on the 2023 Convenience Store News Top 100 list.