Published in CSP Daily News
Empire Petroleum acquires wholesale assets of c-store operator/distributor Woodfin Heating
GAITHERSBURG, Md. -- Continuing its string of acquisitions, Empire Petroleum Partners LLC has announced that it has acquired the gasoline wholesale distribution assets of Woodfin Heating Inc., a Richmond, Va.-based convenience store operator and distributor that supplies branded fuel to gas stations throughout Virginia.
Woodfin is a fuel distributor for ExxonMobil, BP and CITGO servicing accounts in Virginia. It also operates approximately 25 Pit Stop retail stations in the Richmond markets and will continue to focus on the operations of these company-operated locations (see Related Content below for previous CSP Daily News coverage).
The addition of Woodfin significantly enhances Empire's Mid-Atlantic regional footprint while increasing Empire's existing partnerships with ExxonMobil, BP and CITGO.
"The Woodfin acquisition is a perfect fit for Empire and is an important part of our attempts to solidify Empire's presence in our Mid-Atlantic markets," said Empire's president and CEO Eli Kimel. "As our industry undergoes a considerable transition, the acquisitions of long-term distributors such as Woodfin will help Empire to continue to grow and succeed for many years to come."
To ensure an orderly transition, Empire has hired Woodfin's Richmond territory manager, Gary Powell, who will continue to serve the Woodfin accounts as a territory representative for Empire.
"Empire's approach to the transaction was both swift and professional. Additionally, I can rest assured that our long-term dealer customer base will be left in good hands with Empire. Empire's operating philosophy should ensure that the Woodfin assets will continue to thrive for many more years to come, even in this ever changing business environment," said Jack Woodfin.
The Woodfin acquisition illustrates Empire's continued execution of its growth plans, the company said. It most recently acquired the assets of Eagle Fuels LLC, a Tulsa, Okla.-based distributor that supplies branded and unbranded fuel to gas stations throughout Oklahoma and Kansas, in Oct. 2012.
The addition of Eagle Fuels significantly expanded Empire's Southwest regional footprint into Oklahoma and Kansas while adding the ConocoPhillips brand to its supplier network.
"The Eagle Fuels acquisition will allow Empire to expand its operational footprint into two new states," Kimel said. "Empire has additional growth opportunities in the Southwest region that will assist the company in growing its presence in such markets.
In April 2012, Empire Petroleum acquired the assets of American Energy Distribution LP, a Dallas-based distributor that supplies branded and unbranded fuel to gas stations throughout Texas.
The addition of American Energy significantly enhanced Empire's Southwest regional footprint while adding the Exxon, Mobil and CITGO brands to its supplier network (see Related Content below for previous CSP Daily News coverage).
Empire also said that it plans to announce several more acquisitions over the coming months.
Gaithersburg, Md.-based Empire Petroleum is a leading motor fuels distributor of top brands including Shell, Chevron, Valero, Sunoco, BP, Exxon, CITGO, Mobil, Marathon, Texaco, Gulf and ConocoPhillips. It currently distributes motor fuel products to gas stations in 16 Mid-Atlantic, Southeast, Midwest and Southwest states.