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FINDLAY, Ohio -- Marathon Ashland Petroleum LLC, through its Speedway SuperAmerica retail unit, yesterday signed a letter of intent to acquire the retail assets of Grand Rapids, Mich.-based Crystal Flash Inc.
Terms of the deal, which is expected to close in April, were not disclosed.
All 31 of the Crystal Flash-branded convenience stores are in Michigan, said Ron Becker, president of Speedway SuperAmerica LLC. All Crystal Flash retail employees are expected to be retained by Speedway following the transaction. The company has not yet said whether it plans to rebrand the Crystal Flash stores.
"This sale benefits all of the loyal customers who have supported Crystal Flash," said Tom Fehsenfeld, president of Crystal Flash. "Customers will enjoy the geographic reach of Speedway's retail operations."
Crystal Flash, which began operations in 1930, will continue to operate its Fuels Division, Environmental Division and truck fleet, which provide home heating oil and fuel recycling.
"Customers of propane, fuel oil, commercial fuels and environmental services will enjoy the increased focus Crystal Flash can now bring to these businesses," Fehsenfeld said. It?s a win-win-situation."
For Speedway SuperAmerica, the deal strengthens its hold on the Michigan market and increases its convenience store count to nearly 2,100 stores in 16 states.