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HOUTON -- Motiva Enterprises LLC, marketer of Shell-braded gas in the Eastern U.S., sold 47 gas stations to wholesaler Sam's Real Estate Holdings of Georgia, LLC.
As reported yesterday by CSNews Online, Sam's Holdings will keep the Shell-branded gas at the stations, which are located in the greater Atlanta and northern Georgia areas. The property for 40 of the sites was purchased by Sam's Holdings, while the company acquired seven other locations' leases. The sites were open for bidding earlier this year. According to a confidentiality agreement, the purchase price was not disclosed.
The agreement comes after previous announcements that the two companies planned to exchange retail assets in 16 regions. "Shell and Motiva's strategies of growth through the wholesale class of trade are further exemplified through this sale. We are very pleased that an operator of Sam's Holdings stature has acquired these assets and will continue to grow and enhance the Shell brand in the Atlanta and northern Georgia areas," said Stu Crum, Shell's general manager retail strategy & portfolio US.
"This acquisition opens the door to another major metropolitan area that will provide us with potential to grow and surpass our established goals," said Sami Nafisi, owner and president of Sam's Holdings."There is no doubt that Motiva also will benefit from the success we hope to experience, which will continue to strengthen our business relationship. We believe in the strength and integrity of the Shell brand, including product quality, a bright and clean retail visual image and the credit card programs and promotions."
Excluding the acquisition, Sam's Holdings operates an additional 50 Shell-branded wholesale sites in the Carolinas.