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RICHARDSON, Texas -- Appalachian Oil Co. (Appco), a unit of Titan Global Holdings Inc., reached an agreement to acquire two additional convenience and fuel distribution locations in Virginia. The acquisition raises the total number of Appco convenience stores to 56.
"We are working with principals and major oil suppliers in our existing markets to facilitate growth opportunities," Bryan Chance, president and chief executive officer of Titan Global Holdings, said in a released statement. "As well, we are in advanced discussions with other independent operators, chain operators and other parties to execute our stated vision of growing Titan's energy distribution network. Titan's Energy Division is positioned for continued growth through organic efforts and acquisitions."
The acquisition falls in line with the company strategy that includes further growth over the next two years. To this end, Chance explained Titan is in active discussions with a number of regional businesses that would provide the opportunity to expand the company's distribution footprint.
To date, Appco operates 20 locations in Virginia and 56 locations in the Southeastern United States. In 2007, Appco generated more than $400 million in annual revenues.