MIDDLESBORO, Ky. -- Heartland Inc. CEO Terry Lee said he is in the process of evaluating an acquisition of at least two more convenience stores to add to Lee Oil Co.'s 23 current stores in Tennessee, Virginia and Kentucky, according to a report from Market Rap.
Lee Oil Co., which distributes BP, Marathon and Exxon fuels, represents the most stable part of the three Heartland subsidiaries and creates consistent cash flow for the company, Lee said. He added that the business has "significant growth potential."
"There's a lot of growth potential in the convenience-store industry," he said, according to the report. "The good thing about being in the petroleum business is [that] people are going to buy their cigarettes, coffee and beer no matter what's going on. Our sales are always growing. ... It's a very stable revenue developer and a very consistent profit contributor."
Heartland Inc., Middlesboro, Ky., is a diversified company with businesses in steel warehousing and fabrication, and petroleum retail and wholesale operations. Lee Oil Co. services and sells more than 40 million gallons of petroleum product annually through a combination of retail and wholesale operations.