New York firm finalizes purchase of isle Chevrons

A New York buyer has placed the final ink on its purchase of 58 Hawaii gas stations.

One Rock Capital Partners LP, a private-equity firm, announced Tuesday it finalized the purchase of Chevron U.S.A. Inc.’s refinery in Kapolei, 58 retail service stations and a network of pipelines and related port facilities on Oahu, Maui, Kauai and Hawaii island.

Hawaii’s 58 Chevron gas stations will sport the Texaco logo. The companies would not reveal the sale price.

Island Energy Services LLC, a subsidiary of New York-based One Rock, will own and operate the facilities. Island Energy said the company will be headquartered in Kapolei and managed locally.

Island Energy Services said 99 percent of the Hawaii-based team members who were employed by Chevron “accepted offers from Island Energy to remain with the company.”

One Rock said in April, when the sale was announced, that none of Chevron Hawaii’s 300 employees would lose their jobs due to the sale.

Hawaii’s only other refinery was sold in 2013 when Houston-based Par Petroleum Corp. purchased it from Tesoro, along with Tesoro’s chain of 31 gas stations and other assets.

Island Energy said it plans to expand the business and has already begun to hire additional employees.

The Chevron-based gas stations will be converted to the Texaco brand when the transaction is finalized. There were 15 Texaco gas stations in Hawaii in 1998 when Texaco formed a joint venture with Shell and the Texaco stations were changed to Shell stations. Chevron and Texaco merged in 2001.

There will be no changes to Chevron’s customer loyalty program or the credit card program. Island Energy said customers will still be able to use their Chevron credit card after the stations change to Texaco. The existing Safeway-Chevron loyalty program will become a Safeway-Texaco loyalty program.

This is the first Hawaii investment for the New York-based capital investment firm.