Midstates Petroleum, of Vernon, Alabama, has closed on the acquisition of 12 company-operated convenience stores, eight lots for development, and eight dealer supply contracts from Gitty Up-N-Go, of Andalusia, Alabama. The terms of the transaction were not disclosed.
The acquisition is Midstates' fifth in the past year, and it adds about 21 million gallons a year to the company's growing annual fuel volume, which is now about 230 million gallons. The Gitty Up-N-Go stores will be rebranded and operated by a multi-site retailer. The pumps are currently branded Marathon.
Midstates has another deal or two in the works before shifting its focus to building new stores. The company has opened a few new-builds under major fuel brands, but it is now developing a proprietary fuel brand. Midstates plans to have a 50-unit chain under its own brand in about three years.
Midstates markets fuel under the Chevron, Texaco, Marathon, Citgo, and Shell brands. The company operates in Alabama, Arkansas, Florida, Mississippi, and Tennessee, owning close to 200 stores that it leases to dealers. It supplies roughly 350 more dealers.
Reporting by Donna Harris, dharris@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com