Duke City Acquires Four Stations...In 'Duke City' Former ConocoPhillips locations change hands in Albuquerque
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ALBUQUERQUE, N.M. -- Duke City Fueling president John Mancini has acquired four former ConocoPhillips gas stations in Albuquerque, N.M., according to a report by New Mexico Business Weekly. He has been leasing the stations for nearly a decade, the report added.
Houston-based ConocoPhillips sold 600 stations to PetroSun West for $800 million in August 2008. The major oil companies are reducing their involvement in the low-margin gas station business, leading to a proliferation of local small businessmen like Mancini, who are buying fuel from a variety of branded and unbranded refiners and use low prices to gain market share, the report said.
The multimillion acquisition was put together through a financial package that included loans from Century Bank as well as a $1.56 million purchase money loan from Bridgeline Capital that was guaranteed by the federal Small Business Administration (SBA), said the newspaper.
The stations are all located in high-traffic locations.
Mancini has no immediate plans to expand outside Albuquerque, he told the paper. He also owns a commercial fueling depot where clients use special security cards to purchase fuel.
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The multimillion acquisition was put together through a financial package that included loans from Century Bank as well as a $1.56 million purchase money loan from Bridgeline Capital that was guaranteed by the federal Small Business Administration (SBA), said the newspaper.