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HOUSTON — A wholly owned subsidiary of Sunoco LP completed the purchase of Alta East Inc., a wholesale motor fuel distribution business in the Northeast.
Middletown, N.Y.-based Alta East, owned by D.W. Porto, owns or leases 30 convenience stores and also supplies fuels to additional dealer-owned and -operated stores primarily in New York — from the greater New York City metropolitan area to just north of Lake George. The company distributes approximately 55 million gallons of Sunoco, Mobil, Valero and unbranded motor fuels annually.
Alta East’s two non-operating surplus properties were also included as part of the transaction.
According to Sunoco LP, this purchase complements its existing wholesale distribution business in the Northeast. It plans to integrate the new business into its fuel distribution network, currently serving 30 states.
The purchase price was approximately $57 million, plus the value of inventory on hand at closing. The transaction was funded under Sunoco’s revolving credit facility.
Richmond, Va.-based Matrix Capital Markets Group Inc., an independent, advisory-focused investment bank, provided services to Porto.
“I greatly appreciate the service that Matrix provided finding the best purchaser for the motor fuel portion of my business,” said Porto. “I chose Matrix because of its expertise in completing transactions in the fuels distribution space.”
Houston-based Sunoco LP is a master limited partnership that operates more than 850 convenience stores.