Leading Florida distributor to sell 78 sites
Automated Petroleum & Energy Company, Inc. (APEC; see www.automatedpetroleum.com), one of the southeastern region’s largest and leading distributors, announced today that it will sell off 78 convenience stores with gas throughout Florida.
The sites will be available in a sealed bid auction to be coordinated by The Energy Exchange of Chicago, and PetroProperties & Finance LLC of Coral Gables, Florida. The auction’s deadline is July 28.
APEC is offering 78 convenience stores with gas located in 46 cities throughout Florida. Bidders will be required to sign a 20-year fuel supply agreement or bid for the sites for alternative use.
Since its inception in 1981, the Brandon, Florida-based APEC has grown exponentially in the wholesale oil and gas industry. It owns 247 Fee Simple C-stores and is expected to distribute nearly 360 million gallons throughout Florida in 2009.
The objective of the sealed bid is to put these profitable sites into the hands of aggressive owner operators, while APEC can reinvest the capital into purchasing new locations and to continue company growth.
“Our company is committed to finding new owner operators and supporting them in their own business,” said Bill McKnight, APEC president, in a prepared statement. “We have an aggressive strategic growth plan for our company and that involves selling these 78 stores to business savvy individuals.”
The sale of the 78 store locations is set for a sealed bid auction ending Tuesday, July 28. Bidders may bid on one, some or all of the locations. Of the 46 cities involved with the sale sites, ones with two or more sites include: (but are not limited to) Tampa (12); Bradenton (4); Pinellas Park (3); Winter Haven (3); Ocala (3); Largo (3); Ft. Myers (2); Belleview (2); Lakeland (2); Bushnell (2); St. Petersburg (2); Avon Park (2); Lake Park (2); Inverness (2); and Orange City (2).
According to Mark Raccuia, executive vice president of The Energy Exchange, “This portfolio of stores represents a great opportunity for operators who want to work with a leading multi-branded distributor that offers training and support.”