USA: Sunoco invests $50 million in new acquisitions
The U.S. fuel distributor has acquired assets from Speedway and finalized the purchase of Schmitt Sales.
Sunoco LP has closed the acquisition of Schmitt Sales, Inc.'s convenience retailing and wholesale fuel assets.
Schmitt Sales owned and operated Robo Mart convenience stores located in Buffalo, NY and distributed fuel to commission marketers and independent dealers located primarily throughout New York, Pennsylvania, Ohio, and West Virginia.
“The team at Schmitt Sales has done a tremendous job as we expanded our footprint in the Northeast through the leadership of Peter Glor. As we all know, this business can be unpredictable and challenging,” said Maureen Schmitt, CEO
Sunoco also announced the execution of a definitive agreement to acquire certain sites from Speedway LLC. Combined, these wholesale fuels businesses distribute approximately 180 million gallons of fuel annually across a network of dealer and commission agent-operated locations.
Total consideration for both acquisitions is approximately $50 million plus working capital adjustments.
Sunoco LP is a master limited partnership that distributes motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states.
