Southside Nears Completion of Part of Exxon Acquisition

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Southside Nears Completion of Part of Exxon Acquisition

06/09/2010
CHESTER, Va. -- A November 2009 deal for wholesale gasoline distribution company Southside Oil LLC to acquire 172 Exxon gasoline stations and convenience stores located in Maryland is nearing completion, according to company officials.

The first part of the deal is expected to close next week, Terry Johnson, director of marketing and purchasing for Southside's sister company, Uppy's, told CSNews Online. Uppy's operates 42 Uppy's convenience stores in Virginia, and owns the properties where 67 other BP and ExxonMobil gas stations are located.

The second part of the deal is expected to be complete in mid-August, according to Johnson, who declined to provide specifics on either element of the acquisition.
CSNews Online reported in mid-November that the deal would more than double Southside's retail operations. The acquisition includes all dealer locations. "We're going to sell them gasoline and collect rent," Johnson said when the deal was announced.

Southside is a privately held company owned by Steven and Linda Uphoff.

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