Aloha Petroleum Ltd., which markets 100 Shell, Aloha and Mahalo branded gas stations and operates 44 Aloha Island Mart convenience stores statewide, is being purchased by a mainland partnership for $240 million.
Susser Petroleum Partners MLP said Thursday it is acquiring 100 percent of Aloha’s outstanding common stock and, subject to regulatory approvals, expects the deal to close by the end of the year.
Aloha employs more than 500 people and Susser said that after the deal closes that it will operate Aloha as a separate entity with current management and employees. Aloha Petroleum will continue to operate under both the Aloha and Shell fuel brands and the Aloha Island Mart convenience store brand.
"Hawaii is a great new market for us with an economy that has grown faster than the overall U.S. economy in the last few years," said Bob Owens, Susser Petroleum Partners’ chief executive officer. "Aloha Petroleum has an impressive legacy of growth, profitability and operational excellence. Aloha Petroleum will allow us to expand our current geographic footprint and extend our overall business capabilities into refined products terminals."
Aloha Petroleum President and CEO Richard Parry said that "the depth of industry expertise and financial strength that Susser brings to the company will allow Aloha to better serve our retail, wholesale and fuel terminal customers."
Susser Petroleum Partners distributes approximately 1.7 billion gallons of motor fuel annually to Stripes and Sac-N-Pac convenience stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma, Kansas and Louisiana.