Specialized Services Inc. to Buy 11 C-Stores

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Specialized Services Inc. to Buy 11 C-Stores

06/05/2007
SOUTHFIELD, Mich. -- Specialized Services Inc., headquartered here, is pursuing agreements to acquire 11 convenience store/gas stations, including real estate, awnings of five additional stations, a 10,000-square-foot storage warehouse, a tanker truck, and six wholesale distribution contracts.

The selling company currently distributes product to 16 locations and maintains contracts with multiple refineries, which boast petroleum sales amounting to more than 10 million gallons per year and total sales in excess of $12 million per year, the company stated.

"This acquisition will launch our efforts to expand our fuel business and begin the initial stages of the Eco-Development System," David E. Joseph, chairman, president and CEO of Specialized Services, said in a written statement. "As we strengthen our product mix and focus on profitable, well-managed companies, we lay the foundation to increased shareholder value. We are moving quickly to conclude these discussions and conclude the acquisition."

Christopher Aldridge, chief operating officer for Specialized Services, is leading the acquisition effort.

"SSI plans to include its current distribution partners to further expand its market," Aldridge said. "This gives us a unique opportunity to get ahead of our business plan, add assets and grow profits more quickly."