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| Friday, 10 February 2012, 08:26 HKT | |
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Source: Marathon Petroleum Corporation | |
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ENON, Ohio, Feb 10, 2012 - (ACN Newswire) - Speedway LLC (Speedway), and GasAmerica Services, Inc. (GasAmerica), announced today that they have signed an agreement in which Speedway will acquire 88 operating locations situated throughout Indiana and Ohio from GasAmerica, plus several parcels of undeveloped real estate for future development.
"GasAmerica Services, Inc. has been a successful convenience store chain serving customers and communities throughout Indiana and Ohio for almost a century," said Stephanie White, president and CEO of GasAmerica. "GasAmerica began in 1916 as White Petroleum Company and grew to our current size of 88 locations through the hard work and dedication of our employees, vendors and the loyal patronage of our customers. It is a testament to the entire team and the quality of our operation that Speedway was interested in acquiring our chain. "
"These stores will be an outstanding addition to the Speedway brand," Tony Kenney, president of Speedway LLC, said. "They are very well-managed stores that will complement our existing network, allowing us to better serve customers in our Indiana and Ohio markets."
"We are pleased that our fleet of convenience store locations and employees will be under the guidance of a leader within our industry," White continued. "With Speedway's focus on customer service, the people of Indiana and Ohio who have supported us over the years will be in very good hands."
The vast majority of locations will be converted to the Speedway brand upon completing the transaction. As part of the purchase agreement, Speedway will also acquire all trademarks, trade dress and intellectual property from GasAmerica. The transaction is anticipated to close by the end of May 2012, subject to regulatory approvals, customary due diligence and other closing conditions.
About Speedway LLC
Speedway LLC, headquartered in Enon, Ohio, owns and operates the nation's fourth largest convenience store chain, with approximately 1,375 locations in seven states in the Midwest. Speedway is an indirect wholly owned subsidiary of Marathon Petroleum Corporation (NYSE:MPC). For further information about Speedway, visit the company's web site at http://www.speedway.com .
About GasAmerica Services, Inc.
GasAmerica, headquartered in Greenfield, Indiana is a fourth generation family owned and operated convenience store chain with approximately 88 stores located in Indiana and Ohio. GasAmerica has been in business since 1916. For further information about GasAmerica, please visit www.gasamerica.com .
Media Relations Contacts
Speedway LLC
Shane Pochard
+1-419-421-4327
spochard@marathonpetroleum.com
GasAmerica Services, Inc.
Stephanie White
+1-317-468-2515
Stephanie.white@gasamerica.com
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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Marathon Petroleum Company via Thomson Reuters ONE
Copyright (c) Thomson Reuters 2012. All rights reserved.
Topic: Press release summary
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2012 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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