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TOLEDO, Ohio -- The Lyden Co.'s retail gasoline joint venture, Truenorth Energy LLC, acquired 109 Shell-branded sites in the greater Chicago area from its partner, Shell Oil Products US.
The stations will continue to fly the Shell banner, according to a company statement. The Lyden Co. has serviced the Ohio market for more than 90 years, and for more than a decade, The Lyden Co. has been a 50 percent owner of Truenorth along with Shell.
Truenorth operates and/or supplies 212 sites in Ohio and Southeastern Michigan.
"We pride ourselves on providing what our customers need: fast, friendly, clean service. The opportunity to expand into the Chicago market is exciting and a challenge we look forward to," Geoff Lyden, CEO, said in a statement. "This acquisition will grow the joint venture by 50 percent, as well as double our real estate holdings."
The purchase price could not be disclosed at this time. Lyden was unavailable for comment as of press time.
In addition, Lyden announced a ground breaking of The Lyden Co.'s new corporate center in Brecksville, Ohio.
"We purchased 22 acres and will start construction of our corporate office and transportation center this summer with expectations of completion by summer, 2011," he added. "This will consolidate our Youngstown, Cleveland and Toledo offices. These are exciting times for the Lyden family and our 1,000 employees."
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