Sunoco acquires fuel distribution business from Alta East
Sunoco LP, through a subsidiary, has completed the acquisition of a northeast-based wholesale motor fuel distribution business from Alta East for approximately $57 million plus the value of inventory on hand at closing, according to a company release.
The acquired company, which sells approximately 55 million gallons a year of branded and unbranded gasoline, will complement Sunoco’s wholesale fuel distribution in the Northeast and will be integrated in its distribution network present in 30 states.
The transaction also included the purchase of supply contracts and 32 properties.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Alta East. Alta East is owned by D. W. Porto whose father Doug ran Wallace Oil Co. and also operated a chain of Mobil, Sunoco, and Wally Mart gas stations and convenience stores.
