Sunoco has acquired the wholesale fuel-distribution business from Schmitt Sales as well as certain convenience store locations from Speedway to turn into wholesale distribution sites, according to a Jan. 18 press release.
Total consideration for the acquisitions reached approximately $50 million plus working capital adjustments, per the release. Combined, the acquired businesses distribute 180 million gallons of fuel annually in the upstate New York, Ohio, Pennsylvania and West Virginia markets.
The release stated that these acquisitions align with Sunoco’s efforts to grow its core fuel-distribution business. In October, the company announced it had completed a $24 million acquisition of Brenco Marketing Corp.’s fuel-distribution business.
Sunoco also has executed a definitive asset purchase agreement with Attis Industries for the sale of Sunoco’s ethanol plant and grain malting operation in Fulton, N.Y., for $20 million in cash. The company will use the proceeds to repay indebtedness to maintain its targeted leverage ratio. — Transport Topics