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PALM BEACH GARDENS, Fla. -- Petroleum Consolidators of America Inc., a gasoline station and convenience store operator based here, identified an acquisition target of an eight-unit chain of convenience stores.
The company began an initial review of the unbranded properties late last month, according to David Cohen, president and CEO of Petroleum Consolidators.
"We like the various elements of the transaction, but most importantly, there is not a long-term fuel supply agreement in place, and based on gross gallonage, this could enable us to become a direct fuel supplier for a major brand if we were to close on this transaction," Cohen said in a statement.
In mid-August, the company entered into a capital raising agreement with a broker-dealer in Clearwater, Fla., for $15 million in financing.
Petroleum Consolidators has said it's implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities.
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