Apache Oil Co. Inc. sold its petroleum marketing and retail fuels distribution company, marking its exit from the business.
The deal with an undisclosed buyer includes 27 commission marketers, 12 lessee dealers, and 56 wholesale supply accounts. Apache's petroleum marketing assets and dealer customers are primarily concentrated around the New York and Boston metropolitan areas.
According to Matrix Capital Markets Group Inc., the assets were divided into two packages due to the different geographic markets. The same buyer took both packages, noted the firm, which advised Apache on the sale. As part of the transaction, New London-based Apache also entered into long-term leases with the buyer on 22 of the properties. Both deals closed separately on June 25.
Christopher Ohl and James Castle founded Apache in 1992 to distribute motor fuels to retail gas stations and service centres in and around the New York metropolitan area. The company expanded into Massachusetts and other states after acquiring multiple Shell-branded fuels distribution packages from Motiva Enterprises LLC.