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LOS ANGELES -- Fleet Card Fuels of Bakersfield, acquired Sabco Petroleum Inc., based in San Bernardino, which distributes fuel to 58 Valero-branded gas stations in Los Angeles, San Bernardino, Riverside and Orange Counties, according to a report in Central Valley Business Times.
"This business opportunity is a solid fit for our company both strategically and culturally," said Henry Medina, Fleet Card Fuels president, in the report.
Founded in 2004, Sabco Petroleum averaged a 70 percent annual growth rate, Medina said.
Samir Haggag formed Sabco Petroleum Inc. and started by branding his brother's locations. Sabco was incorporated in 2004 and began branding stations, with five in 2005.
"The obvious and clear next step is to merge or be acquired by a larger entity to expand beyond our current marketplace," Haggag said in the report. "Fleet Card Fuels brings the financial power, the people, and the resources to help us move faster toward our goals."
Within its portfolio, Fleet Card Fuels owns Nikolaus Tank Lines, Cal-Valley Equipment and Sun Valley Oil. The company supplies branded and unbranded fueling stations, owns and operates gas stations and travel centers, and has a company-managed network of cardlock fueling locations. Additionally, FCF supplies fuel and fuel management services to vertical markets including agricultural, industrial, commercial and governmental.
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