RaceTrac, Inc. – Georgia’s Second Largest Privately Held Company – Agrees to Acquire Gulf Oil LLC
Thursday, July 6th, 2023
Today, RaceTrac, Inc., a family-owned, high-growth leader in the convenience store industry, announced that its wholly-owned wholesale fuel supply and trading subsidiary, Metroplex Energy, has signed a definitive agreement with Gulf Oil L.P. to acquire Gulf Oil LLC – an iconic brand with a long and distinguished reputation for combining a premier wholesale fuel distribution network with high-quality petroleum products and services. As part of the transaction, RaceTrac will acquire Gulf’s nationally recognized fuel brand across the United States and U.S. territories, all of Gulf’s branded distributor and license agreements and the exclusive rights to market fuel at Gulf’s retail locations along the Massachusetts Turnpike.
This acquisition reflects RaceTrac’s ongoing strategy to accelerate growth in its core business activities and drive enhanced operating efficiencies. The combination of Metroplex and Gulf creates a best-in-class fuel network with a leading presence in high-demand markets across the country and adds another renowned consumer-facing brand to RaceTrac’s family of companies.
AJ Siccardi, President of Metroplex Energy, said, “The gasoline marketplace is undergoing historic and fundamental change and will continue to evolve rapidly. We are committed to remaining an industry leader and continuing to invest and grow our transportation fuels network. The combination of Gulf’s outstanding distributor network and RaceTrac’s history of driving retail fuel volume creates a tremendous opportunity to serve dealers and distributors in a manner that will make their sites successful fueling destinations of the future.”
“This exciting acquisition continues our history of growth, expanding RaceTrac’s family of companies to nearly 40 states across the continental U.S. and Puerto Rico,” said RaceTrac CEO Max McBrayer. “Gulf is a trusted national brand that has been innovating and evolving for over 100 years, combining quality petroleum products with outstanding service. We look forward to continuing to expand the Gulf legacy.”
The transaction is subject to customary closing conditions, including approval under the Hart-Scott-Rodino Act, and is expected to be completed within 60 – 90 days. Financial terms are not being disclosed.
Article courtesy of Metro Atlanta CEO, published July 6, 2023.