Dive Brief:
- Sun Pacific Energy has sold its convenience stores, along with dealer wholesale and transportation assets, to PacWest Energy, according to an emailed press release.
- The deal includes nine large-format Sun Market convenience stores in the Tri-Cities market in eastern Washington, more than 130 branded dealer accounts and all of the company’s transportation rolling stock.
- The convenience store industry has seen sustained acquisitions activity throughout 2023, with deals happening both on the retail side and among fuel suppliers.
Dive Insight:
PacWest, which is a joint venture between Shell and Jackson’s Foods, is expected to keep most of the field and office staff of the acquired businesses, according to the release.
Kennewick, Washington-based Sun Pacific Energy is one of the largest distributors of branded and unbranded motor fuels in the Pacific Northwest with a “dominant market share for branded fuel distribution in the greater Seattle area,” according to the press release.
“Craig [Eerkes, one of the former leaders of Sun Pacific] has committed his time and talents to this industry on a state, regional and national level, his contributions to our industry have been second to none,” said Corner Capital, which provided valuation, strategic advisory and M&A services for Sun Pacific. “We believe his selection of PacWest and the Jackson team provided a fantastic outcome and opportunity for both parties.”
This year has brought a number of acquisitions across many facets of the c-store space. Casey’s, for instance, has bought more than 100 stores in several separate transactions throughout the year. Maverik announced in April that it would purchase Kum & Go, doubling its footprint.
Beyond retail, Offen Petroleum acquired the wholesale fuel business of W. Douglass Distributing — a company whose c-stores were among those Casey’s has purchased. United Petroleum Transports agreed to buy Patriot Transportation Holding to create a tanker operation employing more than 1,000 drivers serving 30 terminals across 11 states.
