Empire Petroleum Partners Acquires American Energy Distribution
Published in CSP Daily News
Deal enhances Empire's Southwest regional footprint, adds brands
GAITHERSBURG, Md. -- Empire Petroleum Partners LLC has acquired the assets of American Energy Distribution LP and has merged its operations into Empire effective April 2, 2012. American Energy is a Dallas-based distributor that supplies branded and unbranded fuel to gas stations throughout Texas.
The addition of American Energy significantly enhances Empire's Southwest regional footprint while adding the Exxon, Mobil and CITGO brands to its supplier network. The combination also adds substantial fuel volumes and over 120 new customer accounts.
With significant equity capital from American Infrastructure MLP Funds and a largely unused $100 million credit facility, Empire continues to accelerate its growth plans. The company most recently acquired the assets of the Quik-Way Group in November 2011 (see Related Content below for previous CSP Daily News coverage) and plans to announce several additional acquisitions over the coming months.
"Our mission is to create lasting partnerships that consistently exceed expectations," said Empire's president and CEO, Eli Kimel. "As our industry undergoes a considerable transition, we seek to become a reliable and stable partner for our customers, suppliers, employees and communities in which we serve. With that goal, we are pleased to announce the addition of Mr. Shawn Bhagat, a successful industry veteran and founder of American Energy, to our Empire team. Shawn brings a long history of growth, innovation and entrepreneurial spirit to Empire and our industry."
Bhagat, CEO of American Energy, said, "Our family and operating team are excited to join the Empire platform to continue our legacy. Although we have always operated as a strong independent distributor, we believe that Empire has the capability to offer our customers and employees a diverse set of resources and tools to make them more successful. In this dynamic industry, I believe that Empire is creating a unique and sustainable distribution platform which can succeed for decades to come."
Founded in 1999, American Energy is one of the largest independent fuel distributors in Texas. The company is led by Bhagat, an entrepreneur and industry veteran who significantly expanded his family business through numerous acquisitions and organic growth. American Energy is a major supplier of fuel for Shell, Exxon, Chevron, Texaco, Mobil, Valero and CITGO.
Empire Petroleum is a leading motor fuels distributor of top brands including Shell, Chevron, Valero, Sunoco, BP, Exxon, CITGO, Mobil, Marathon, Texaco, ConocoPhillips, Gulf and Getty/Lukoil. Based in Gaithersburg, Md., Empire currently distributes motor fuel products to gas stations in 14 Mid-Atlantic, Southeastern and Midwestern states.