TFFA member Midtex Oil forms joint venture with Motiva Enterprises LLC
TFFA member Midtex Oil forms joint venture with Motiva Enterprises LLC
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| 2018-11-01 02:12:11 EDT Another Major Forms Retail Joint Venture With Jobber In a move similar to Chevron's earlier this year, Motiva Enterprises LLC said today that it has formed a joint venture with one of its branded wholesalers. With the creation of Juniper Ventures of Texas LLC, Motiva joins forces with Midtex Oil LP, a central Texas petroleum distributor and convenience store operator, the refiner said. "By combining Motiva's existing supply infrastructure and Midtex's more than 50 years of retail experience, Juniper Ventures is poised to excel in one of the fastest growing regions of Texas -- the I-35 corridor that runs from San Antonio to Austin," said Travis Capps, Motiva's executive vice president of strategy, business development and technical excellence, in an announcement."This JV illustrates our entrepreneurial spirit and commitment to growing Motiva's fuels business with profitable assets and successful retail operators." Motiva said Juniper Ventures is acquiring company-operated retail assets strategically located on the growth corridors in and around San Antonio along with wholesale supply agreements from Tarpley Inc., a long-standing distributor and retail operator in the San Antonio market. Motiva said it began discussing an asset sale with Tarpley in mid-July, and has executed purchase agreements. The transaction is expected to close by earlyDecember. "When we decided to sell these family-owned assets, we naturally thought of Motiva, who has been our supplier of choice since 1998," said Sean Nooner, Tarpley vice president as part of the announcement. "We look forward to continuing our relationship with Juniper Ventures as a retail tenant operating our Church's Fried Chicken franchises and company-owned Liquor Bueno stores co-located at several of the retail locations." The Juniper Ventures asset portfolio also will include Midtex's 20 company-operated retail locations and wholesale supply agreements in New Braunfels and San Antonio. Midtex's primary store brand, "Fischer's Neighborhood Markets," is known for its "contemporary look and innovative offerings," Motiva said. The new stores average about 5,000 square feet and offer fresh food, along with other conveniences such as a post office, freshly spun milkshakes and a beverage cave. Midtex President Rodney Fischer said the 24-hour markets are "a one-stop shop where our customers can pick up dinner, fuel up their vehicles, make a post office run and choose from a huge assortment of merchandise." With the completion of the acquisition of the Tarpley assets next month, Juniper Ventures will have 75 retail sites and multiple land bank properties in prime retail locations, enabling the near-term expansion of at least a dozen new Fisher's Neighborhood Markets. ExtraMile Convenience Stores LLC, a new joint venture between Chevron U.S.A. Inc. and Jacksons Food Stores, officially began operations Feb. 1. --Donna Harris, dharris@opisnet.com Copyright, Oil Price Information Service |
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