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RICHMOND, Va. -- Southside Oil Co. is reportedly close to closing on a deal with Exxon Mobil Corp. to acquire all of ExxonMobil's Richmond-based assets, including 30 convenience stores and several development land bank properties, CSNews Online has learned. Terms of the deal, expected to close by the end of the year, were not disclosed.
All of the convenience stores will remain branded Exxon and the stores will operate through a supply agreement with the Irving, Texas-based oil giant to supply the units directly from ExxonMobil's Richmond petroleum terminal.
The acquisition nearly doubles the number of company-owned stores for Southside, which currently operates approximately 25 Uppy's convenience stores. Though the fuel offering will remain Exxon, the convenience stores are expected to be rebranded Uppy's. Financing for the transaction and rebranding is being provided by a local bank, according to Steve Uphoff, a principal with Southside Oil.
Utilizing its own fleet of transport equipment under the separate company of Southside Transport LLC, the company also delivers petroleum products to its 40 dealer locations in the Virginia, Delaware, Maryland and Florida markets. Southside Oil/Uppy's is branded BP plc and is also an ExxonMobil distributor.
Uphoff worked for Amoco Oil Co. and in the petroleum industry since 1976 before going into business for himself with Uppy's Convenience Stores Inc. in 1996. Today, Uppy's also operates five Subway restaurants, six Dairy Queen restaurants and three Noble Roman Pizza facilities. Gross sales from the combined operating companies exceeded $58.5 million in 2002 and are expected to exceed $100 million in 2003.
At a Glance: Southside Oil
Southside Oil Co. LLC, a 71-year-old company, formerly Park Oil Co. Inc., was founded in 1932 by R. H. Park Sr. as a commission agent for Standard Oil Co. Prior to the deal with ExxonMobil, Southside operated 25 convenience stores, which are all branded either Amoco and Exxon. All company-operated stores are within 100 miles of the company's Richmond, Va., terminal facility and corporate Uppy's headquarters.
Dealer/Jobber Supplied Locations
Southside also supplies petroleum products to some 40 dealer locations. Not only does Southside Oil provide petroleum products to these sites, but also provides various forms of petroleum equipment such as canopies, dispensers and signage, and performs various maintenance duties for hire as well. The firm additionally supplies fuel to unbranded programs throughout Virginia.