United Oil Sold to Investment Firm
LOS ANGELES – United Oil completed its sale to the affiliates and managed accounts of global investment management firm Fortress Investment Group LLC on Tuesday. The companies did not disclose terms of the transaction.
Previously owned by United El Segundo Inc. and Apro LLC, United Oil is the largest independent convenience store and gas station operator in the southern California market, according to the announcement. It has more than 130 locations concentrated in the Los Angeles and San Diego metropolitan areas.
United Oil's retail locations and fuel distribution network also make it one of the largest independent non-refiner suppliers of motor fuel in southern California, the company said.
Macquarie Capital served as financial advisor to United Oil during the sale.