Family-owned, Atlanta-based RaceTrac completed its acquisition of Gulf Oil LLC. The deal was previously announced in July. The acquisition is the largest in company history, expanding its scale and operating network.
As part of the transaction, RaceTrac acquired Gulf Oil brand in the United States and Puerto Rico, all Gulf-branded distributor and license agreements comprising approximately 1,100 branded sites, as well as exclusive rights to market fuel at eleven Massachusetts Turnpike service plaza locations.
“Customers, distributors and licensees have looked to the Gulf brand for quality and dependability for over 100 years, and we are excited to announce its addition to the RaceTrac family,” said RaceTrac CEO Max McBrayer. “The timeliness of this transaction represents an immediate opportunity for growth through geographic expansion, scale and diversification. We have been working closely with the Gulf team and are prepared to steward the Gulf legacy in its second century.”
To help with the transition, RaceTrac appointed Gulf Oil President Ron Sabia to serve as chief operating officer of the acquired Gulf entity and head of the Gulf business unit.
“This acquisition provides Gulf with an historic opportunity to succeed in the rapidly evolving retail fuel marketplace,” said AJ Siccardi, president of Metroplex, RaceTrac’s wholly-owned wholesale fuel supply and trading subsidiary. “Gulf’s extensive distributor network and nationally recognized brand combined with Metroplex’s expertise in providing consistent, dependable fuel supply creates tremendous possibilities to serve current and future branded distributors and licensees in a manner that will make their businesses successful in the future.”
According to a company press release, “The deal reflects RaceTrac’s ongoing strategy to accelerate growth in its core business activities and drive enhanced operating efficiencies.”
Gulf Oil recently announced a multi-year partnership with the Boston Celtics. The partnership includes a variety of highly visible marketing assets, including nationally televised courtside LED signage and center-hung scoreboard messaging, as well as Gulf gas card giveaways during certain Celtics home games.