RaceTrac announced 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.
As part of the transaction, RaceTrac will acquire Gulf’s nationally recognized 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, according to a statement from RaceTrac.
“This acquisition reflects RaceTrac’s ongoing strategy to accelerate growth in its core business activities and drive operating efficiencies. The combination of Metroplex and Gulf creates a fuel network with a leading presence in high-demand markets across the country,” the statement said.
AJ Siccardi, president of Metroplex Energy, said, “The gasoline marketplace is undergoing historic and fundamental change and will continue to evolve rapidly. We are committed to remaining an industry leader and continuing to invest and grow our transportation fuels network. 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."
“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’s 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.”
RaceTrac, established in 1934, currently has 800 retail locations representing the RaceTrac and RaceWay brands across 12 states.