Gas station and convenience store chain RaceTrac announced the largest corporate acquisition in its history, which will expand the Atlanta-based company’s reach across the country.
Metroplex Energy, a subsidiary of RaceTrac, signed an agreement to acquire Gulf Oil LLC, according to a Wednesday news release. The addition of Gulf Oil’s existing gas stations to RaceTrac’s network will expand the company into nearly 40 states.
The terms of the sale were not disclosed.
Gulf Oil’s roots date back more than 120 years when it was one of the largest oil companies in the world. By the 1930s, the company was among the Seven Sisters of oil, a group of the largest fuel producers that owned nearly all rights to the oil in Iran, Iraq, Saudi Arabia and the Persian Gulf.
The original Gulf Oil merged with Standard Oil of California in 1985, rebranding as Chevron. Gulf Oil LLC, which acquired the Gulf brand, formed following the merger and set up its headquarters in Massachusetts.
As part of Metroplex’s transaction, it will acquire Gulf Oil’s fuel brand, all of its branded distributor and license agreements and the exclusive rights to market fuel at Gulf Oil’s retail locations along the Massachusetts Turnpike, the release said. The transaction is expected to be completed within 60 to 90 days.
Gulf Oil currently operates about 1,200 locations across the U.S. and Puerto Rico. Those locations will join RaceTrac’s network of nearly 800 locations across 12 states. RaceTrac also operates the RaceWay brand.
Founded in St. Louis in 1934, RaceTrac moved its headquarters to Atlanta in 1976. RaceTrac has more than 10,200 employees across its affiliated companies and is the second largest privately-held company in Georgia.
