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BRANDON, Fla. -- Automated Petroleum & Energy Co., Inc. (APEC), one of the Southeast’s largest fuel distributors, will sell off 78 convenience stores with gas throughout Florida. The sites, located in 46 separate cities, will be available in a sealed bid auction to be coordinated by The Energy Exchange of Chicago, and PetroProperties & Finance LLC of Coral Gables, Fl. The auction’s deadline is July 28, 2009.
Bidders will be required to sign a 20-year fuel supply agreement with APEC, which supplies fuel under several different brand names, or bid for the sites for alternative use. They may bid on one, some or all of the locations. The locations are full-line convenience stores generating fuel volumes of from 46,000 to 93,600 gallons per month, according to APPEC.
Since its inception in 1981, the Brandon, Fla.-based APEC has grown quickly in the wholesale oil and gas industry. It not owns 247 c-stores with real estate 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 so that APEC can reinvest the capital into purchasing new locations and continue growing the company.
"Our company is committed to finding new owner operators and supporting them in their own business," said Bill McKnight, APEC president. "We have an aggressive strategic growth plan for our company and that involves selling these 78 stores to business savvy individuals."
Of the 46 cities involved with the sale sites, ones with two or more sites include (but are not limited to): Tampa (12); Bradenton (four); Pinellas Park (three); Winter Haven (three); Ocala (three); Largo (three); Ft. Myers (two); Belleview (two); Lakeland (two); Bushnell (two); St. Petersburg (two); Avon Park (two); Lake Park (two); Inverness (two); and Orange City (two). The stores sport several different brands, including BP, Chevron, CITGO, 7-Eleven, Shell, Texaco, Mobil and Sunoco. View a complete list of the APEC stores for sale.
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."
The Energy Exchange and PetroProperties & Finance are named as the real estate advisors in the sale. The Energy Exchange is a commercial real estate firm specializing in the sale of convenience stores nationwide. PetroProperties & Finance LLC is a consulting firm specializing in petroleum finance nationally. For more information, contact The Energy Exchange in Chicago at (866) 906-7499 or www.energy-xchange.com.
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