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Empire Petroleum
Announces Strategic Combination And Significant Capital Infusion
November 29, 2011
Gaithersburg, MD
Empire Petroleum Partners, LLC (“Empire”) and
the Quik-Way Group (“Quik-Way”) announced today
that they have merged their operations to create a powerful,
multi- regional fuel distributor which serves over 530 customers
across 13 Mid-Atlantic, Southeastern and Midwestern states.
In addition to its large wholesale business, the combined
entity also controls the real estate interests in 170 convenience
stores and gas stations that span from Maryland to Texas.
As part of the merger, Empire received its second major equity
infusion from American Infrastructure MLP Fund (“AIM”)
and also established a $100 million credit facility to facilitate
future growth. The investment enables Empire to accelerate
its acquisition plans and expand its services to additional
dealers and customers in a broader geographic area. The Company
anticipates that this growth will come from investments in
other fuel distributors, retail operators, real estate and
other petroleum-related infrastructure.
“The Quik-Way assets provide us with substantial scale
and allow Empire to immediately expand into the Texas and
Louisiana markets,” said Empire’s President and
Chief Executive Officer, Eli Kimel. “With this recent
acquisition, Empire will also become a major Shell distributor
which should help fuel additional growth. We believe that
the industry is in considerable transition, and our goal with
Empire is to create a unique and stable fuel distribution
platform for which other like-minded operators can prosper
together with us.”
Rick and Alan Golman, Managing Members of Quik-Way, added,
“Our family has operated Quik-Way and its affiliated
companies for over 60 years. We are excited to continue our
legacy with Empire and we look forward to a stronger enterprise
with the combined management capabilities and industry experience
of both teams.”
About
Empire Petroleum Partners
Empire Petroleum is a leading motor fuels distributor of top
brands including Sunoco, BP, Chevron, Marathon, Texaco, Valero,
Gulf, and Getty / Lukoil. Headquartered in the Washington,
D.C. Metro area, Empire currently distributes motor fuel products
to gas stations in 13 Mid-Atlantic, Southeastern and Midwestern
states. For more information, visit www.empirepetroleum.com.
About the Quik-Way Group
Founded in 1950, Quik-Way is private owner and operator of
convenience stores and gas stations throughout Texas and Louisiana.
Quik-Way is a major supplier of fuel for Shell, Chevron, Texaco,
Valero and ConocoPhillips. In 2008, Quik-Way acquired the
retail assets of Motiva (a brand of Shell) in the Dallas Fort-Worth
market. The company distributes fuel to over 230 customers,
controls the real estate interests in 87 properties, and operates
numerous sites.
About the American Infrastructure
MLP Funds
Based in Foster City, California, the American Infrastructure
MLP Funds is a private equity firm investing in real property,
infrastructure and natural resource-related companies. Their
innovative strategy is designed to provide unique advantages
for the owners, management teams and businesses in which they
invest while creating attractive returns and tax-advantaged
current income for their investors. For more information,
visit www.aimlp.com.
For further Information, please
contact:
Travis Booth Empire Petroleum Partners, LLC tbooth@empirepetroleum.com
301.921.9200
Nancy Katz American Infrastructure MLP Funds nkatz@aimlp.com
650.854.6000 |
 |
Empire Petroleum
Announces Growth Capital Investment
July 12, 2011
Gaithersburg, MD
Empire Petroleum Partners, LLC (“Empire”), a leading
motor fuels distributor in the Mid-Atlantic and Southeastern
regions of the U.S., announced today that it has closed on
an equity investment from the American Infrastructure MLP
Funds. This investment will enable Empire to accelerate its
acquisition growth plans and expand its services to additional
dealers and customers in a broader geographic area. The Company
anticipates that this growth will come from investments in
other fuel distributors, real estate and other petroleum-related
infrastructure.
“As a company, we have grown
considerably over the past several years and are excited to
have secured the capital and resources to continue our growth
initiatives,” said Empire’s President and Chief
Executive Officer, Eli Kimel. “We believe that our partnership
with the American Infrastructure MLP Funds will provide a
variety of benefits to Empire and our customers, including
a stronger balance sheet with no funded debt and a substantial
amount of equity capital to acquire and partner with other
private, family-owned distributors.”
Ryan Barnes, Principal for the American Infrastructure MLP
Funds, added, “We have been actively looking for our
initial investment in the fuel distribution industry and are
tremendously excited to work with the management team of Empire.
We believe that the industry is in considerable transition,
and our goal with Empire is to create a unique and stable
fuel distribution platform for which other like-minded operators
can prosper together with us.”
About
Empire Petroleum Partners
Empire Petroleum is a leading motor fuels distributor of top
brands including Sunoco, BP, Chevron, Marathon, Texaco, Valero,
Gulf, and Getty / Lukoil. Headquartered in the Washington,
D.C. Metro area, Empire currently distributes motor fuel products
to gas stations in 12 Mid-Atlantic, Southeastern and Midwestern
states. For more information, visit www.empirepetroleum.com.
About the American Infrastructure
MLP Funds
Based in Foster City, California, the American Infrastructure
MLP Funds is a private equity firm investing in real property,
infrastructure and natural resource-related companies. Their
innovative strategy is designed to provide unique advantages
for the owners, management teams and businesses in which they
invest while creating attractive returns and tax-advantaged
current income for their investors. For more information,
visit www.aimlp.com.
For further Information, please
contact:
Travis Booth Empire Petroleum Partners, LLC tbooth@empirepetroleum.com
301.921.9200
Nancy Katz American Infrastructure MLP Funds nkatz@aimlp.com
650.854.6000 |
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East Coast Distributor
Takes Big Step to Meeting Growth Target
Oil
Express
January 17, 2011
Tom Kloza
A relatively quiet first decade for Empire Petroleum has given
way to ambitious growth and the little- known Rockville, Md.,
distributor may be among marketers in the consolidation segment
in coming months.
A late 2010 deal more than doubled the company’s branded
supplier list and officials hope to broaden their base further
by signing up more dealers.
Last month, Empire bought all the fuel supply contracts of
Mountain Express Oil, a multi-state jobber headquartered in
Woodstock, Ga. With the deal, Empire will be able to market
fuel under Chevron, Texaco, Marathon, Valero and Gulf brands.
It also has supply relationships with Sunoco and BP.
Empire now effectively markets in 10 states, serving around
350 wholesale accounts with estimates of annual fuel sales
approaching 200 million gallons. The company once known principally
for its wholesale supply to dealers in Delaware, Maryland
and Virginia quietly expanded into Tennessee, Arkansas and
Missis- sippi in July 2009, when it purchased S&S Oil
and brought on about 70 locations accounting for some 35 million
gallons of fuel.
Top management at Empire has some lofty targets. Execs believe
that with a limited staff, they can leverage technical innovation
and eventually reach a critical mass of about 500 million
gals/yr. It’s not clear whether what was essentially
a family-run business may eventually consider going public.
Empire has had no trouble finding investors. When launched
by long-time marketer Barclay Booth in 1998, it attracted
overseas invest- ment from Eli Kimel, who now serves as president
of the firm, with Booth as chairman. More recently, New York-based
private equity firm Riviera Investment Group bought a minority
stake.
Empire owns some real estate and picked up a few properties
when Sunoco auctioned off bits and pieces of its portfolio
in recent years. But its preference is to deliver fuel to
dealers through long-term leases and avoid company-operated
stores. It has not pursued low-margin bid business, for example,
preferring to limit its commercial sales to cardlock offerings.
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