RaceTrac making largest acquisition in its history: Gulf Oil LLC
![RaceTrac has nearly 800 retail locations.](https://assets1.chainstoreage.com/styles/max_width_320/s3/2023-07/01_racetrac_logo_w_tagline_on_white.jpg?itok=Bbwfhben)
RaceTrac is adding another consumer-facing brand to its lineup.
The family-owned convenience store retailer said that its wholly-owned wholesale fuel supply and trading subsidiary, Metroplex Energy, has signed a definitive agreement with Gulf Oil L.P. to acquire Gulf Oil LLC. Financial terms of the deal were not disclosed.
As part of the transaction, RaceTrac will acquire Gulf’s fuel brand across the United States and U.S. territories, all of Gulf’s branded distributor and license agreements and the exclusive rights to market fuel at Gulf’s retail locations along the Massachusetts Turnpike.
The acquisition reflects RaceTrac’s ongoing strategy to accelerate growth in its core business activities and drive enhanced operating efficiencies, the company said, creating a best-in-class fuel network with a leading presence in high-demand markets across the country.
“This exciting acquisition continues our history of growth, expanding RaceTrac’s family of companies to nearly 40 states across the continental U.S. and Puerto Rico,” said RaceTrac CEO Max McBrayer. “Gulf is a trusted national brand that has been innovating and evolving for over 100 years, combining quality petroleum products with outstanding service. We look forward to continuing to expand the Gulf legacy.”
The transaction is subject to customary closing conditions, including approval under the Hart-Scott-Rodino Act, and is expected to be completed within 60 to 90 days.
“We are committed to remaining an industry leader and continuing to invest and grow our transportation fuels network,” said AJ Siccardi, president of Metroplex Energy. “The combination of Gulf’s outstanding distributor network and RaceTrac’s history of driving retail fuel volume creates a tremendous opportunity to serve dealers and distributors in a manner that will make their sites successful fueling destinations of the future.”
Headquartered in Atlanta, RaceTrac is the 22nd largest privately held company in the U.S., and has nearly 800 retail locations operating under the RaceTrac and RaceWay banners in 12 states in the Southeast.
RaceTrac employs more than 10,200 team members across RaceTrac, RaceWay and affiliated companies Metroplex Energy and Energy Dispatch. Metroplex Energy sells fuels to all RaceTrac, Inc. locations as well as many other leading retailers and fuel wholesalers in 15 states primarily in the Southeast. Energy Dispatch employs more than 250 drivers and operates 98 tractor-trailers out of six states.
Gulf is a Massachusetts-based company with over 120 years of dedicated service, fuel supply, retail programs, and latest loyalty offerings to its customers and consumers. Gulf fuels consumers through approximately 1,200 Gulf branded locations across the United States and Puerto Rico.
Wells Fargo Securities, LLC served as exclusive financial advisor to RaceTrac, Inc. and Metroplex Energy, Inc. Kilpatrick Townsend & Stockton LLP served as their legal advisor. Barclays served as exclusive financial advisor to Gulf Oil L.P. Latham & Watkins LLP served as its legal advisor.