Motiva Sells Connecticut Shell Sites
HOUSTON -- Motiva Enterprises LLC, marketer of Shell-branded gasoline to more than 8,000 stations in the eastern and southern U.S., sold its interest in 18 retail gas stations to CPD Parent Properties LLC, a subsidiary of Chestnut Petroleum Distributors Inc., a wholesaler and distributor to the New York, New Jersey and Connecticut markets. In addition, Chestnut will acquire Motiva's Shell-branded supply agreements for an additional 35 sites in the Hartford and New Haven, Conn., area. The stations will remain Shell-branded, the company stated.
As first reported in a CSNews Online newsflash yesterday, the sites were offered for bid last year. In Hartford, 32 sites were sold to individual operators in the fourth quarter of 2006, and the accompanying supply agreements will be assigned to Chestnut as part of the agreement. In addition, Chestnut previously purchased assets from Motiva in the Danbury, Conn., market in December 2004, the company stated. The purchase price could not be disclosed due to a confidentiality agreement between the two companies.
"Similar to Motiva, we have a strong commitment to quality, value and service," Micky Jamal, president of Chestnut Petroleum, said in a statement. "We look forward to continuing to provide the communities of Hartford and New Haven with quality products, exceptional service and competitive prices under the Shell banner."
In late 2005, Motiva disclosed its intent to transition retail assets to wholesale in a number of regions, in efforts to better support its wholesale business and move toward its goal of the best fuels retailer in the world, the company stated.
"Motiva's strategy of growth through the wholesale class of trade is exemplified through this sale," Jim Deakin, Eastern region general manager, said in a statement. "We are very pleased to work with Chestnut Petroleum Distributors to grow and enhance the Shell brand in the Connecticut area."
As first reported in a CSNews Online newsflash yesterday, the sites were offered for bid last year. In Hartford, 32 sites were sold to individual operators in the fourth quarter of 2006, and the accompanying supply agreements will be assigned to Chestnut as part of the agreement. In addition, Chestnut previously purchased assets from Motiva in the Danbury, Conn., market in December 2004, the company stated. The purchase price could not be disclosed due to a confidentiality agreement between the two companies.
"Similar to Motiva, we have a strong commitment to quality, value and service," Micky Jamal, president of Chestnut Petroleum, said in a statement. "We look forward to continuing to provide the communities of Hartford and New Haven with quality products, exceptional service and competitive prices under the Shell banner."
In late 2005, Motiva disclosed its intent to transition retail assets to wholesale in a number of regions, in efforts to better support its wholesale business and move toward its goal of the best fuels retailer in the world, the company stated.
"Motiva's strategy of growth through the wholesale class of trade is exemplified through this sale," Jim Deakin, Eastern region general manager, said in a statement. "We are very pleased to work with Chestnut Petroleum Distributors to grow and enhance the Shell brand in the Connecticut area."