New Distributing Inc. and Jayen Inc., a branded petroleum marketer, wholesale fuel supplier and convenience retailer headquartered in Victoria, Texas, announced that it has sold its eight convenience retail properties and operations to Saad Ali of Houston, Texas.
The retail locations operate under the Fastop and Cimarron store brands. Conoco and Shell motor fuels are retailed at the locations. As part of the structured sale, New Distributing will retain fuel supply for the locations for up to 15 years.
The locations are newly constructed and large-format convenience retail stores in Southeast Texas.
“Today’s transaction allows us to redirect our resources and capital to our long-term emphasis on our dealer wholesale supply, commercial fuels and lubricants,” said Jon New, president and owner of New Distributing.
Ali and his operating partners, which purchased New Distributing’s retail assets, will continue operating under the Fastop and Cimarron brands and are committed to making additional investments in the locations. Ali and his family, who are multiunit operators in Texas, expressed their excitement in continuing to work side-by-side with national fuel brands Conoco and Shell for years to come.
Last November, Iowa-based Casey’s acquired Lone Star Food Stores from W. Douglass Distributing Ltd. Douglass Distributing sold the stores to Casey’s after selling its wholesale fuel distribution side to Offen Petroleum.