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MIDDLESBORO, Ky. -- Lee Oil Co., including 23 Lee Food Marts and Lee Enterprises, was acquired by Heartland Inc. for cash, stock and promissory notes in exchange for 100 percent of the stock in those businesses.
"We are happy to have this acquisition completed. Lee Oil Co. is considered the first step in a planned expansion into the oil distribution industry," Thomas Miller, secretary of Heartland Inc., said in a statement. "We have commenced the review of other opportunities in this area and management believes prospects for regional growth due to economies of scale using Lee Oil management expertise are promising."
CSNews Online could not reach Lee Oil Co. for comment by press time.
Lee Oil Co., a multi state petroleum marketer and distributor, sold roughly 36 million gallons of petroleum product sales during the year ended December 2007. The 23 convenience stores operate in Virginia, Tennessee and Kentucky.
The deal brings Heartland’s projected sales to approximately $130 million.