Exxon Sells Off 172 Stations to Southside Oil
CHESTER, Va. -- Southside Oil LLC, based here, more than doubled its retail operations with the purchase of 172 Exxon gasoline stations, mainly in Maryland, according to a report by the Richmond Times-Dispatch.
Southside Oil -- which did not disclose the terms of the sale -- is a privately held, wholesale gasoline distribution company owned by Steven and Linda Uphoff. The couple also operates 42 Uppy's convenience stores in Virginia, and owns the properties where 67 other BP and ExxonMobil gas stations are located, but they don't operate those stations.
"It's a big acquisition," Terry Johnson, Uppy's director of marketing and purchasing, told the newspaper, noting: "We've been in a growth mode ever since our inception, and the opportunity [for the Exxon station purchase] was there."
The acquisition includes all dealer locations. "We're going to sell them gasoline and collect rent," Johnson said, explaining the arrangement.
The Uphoffs founded Uppy's, which now employs more than 550 people, in 1995. Southside Oil has been in business for more than 75 years, the report stated.
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Southside Oil -- which did not disclose the terms of the sale -- is a privately held, wholesale gasoline distribution company owned by Steven and Linda Uphoff. The couple also operates 42 Uppy's convenience stores in Virginia, and owns the properties where 67 other BP and ExxonMobil gas stations are located, but they don't operate those stations.
"It's a big acquisition," Terry Johnson, Uppy's director of marketing and purchasing, told the newspaper, noting: "We've been in a growth mode ever since our inception, and the opportunity [for the Exxon station purchase] was there."
The acquisition includes all dealer locations. "We're going to sell them gasoline and collect rent," Johnson said, explaining the arrangement.
The Uphoffs founded Uppy's, which now employs more than 550 people, in 1995. Southside Oil has been in business for more than 75 years, the report stated.
Related News:
White Oak Acquires 36 D.C. Area Exxon Sites
ExxonMobil Selling 25 stations in Hampton Roads