Hawaii's largest independent gasoline operator is being sold to a Texas company for $240 million.
Houston-based Susser Petroleum MLP said Thursday it will buy Aloha Petroleum Ltd. Aloha has nearly 100 gas stations and is one of the largest convenience store operators in Hawaii with 44 stores.
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The deal is expected to close by the end of the year. Susser plans to keep of all of Aloha's 500 employees, its current management and brand names.
Susser is owned by Energy Transfer Partners LP and distributes about 1.7 billion gallons of motor fuel annually in Texas, New Mexico, Oklahoma, Kansas and Louisiana.
Aloha gas stations' history in Hawaii dates back to the early 1900s.
"The depth of industry expertise and financial strength that Susser brings to the company will allow to better serve our retails, wholesale and fuel terminal customers," said Richard Parry, Aloha's CEO and president.
The acquisition reflects a shift in Hawaii's oil industry ownership, the Honolulu Star-Advertiser reported Friday (http://ow.ly/BZyO9 ). Chevron Corp., owner of Hawaii's second-largest refinery, is looking to sell it. Houston-based Par Petroleum Corp. bought Tesoro's Hawaii refinery and 31 Tesoro retail stations last year.
"It was earlier this year that Aloha engaged what their different strategic alternatives would be, a joint partnership or sale of a portion or all of the company's stock," said Aloha spokeswoman Caroline Witherspoon. "The opportunity to combine with Susser was the most attractive to them."
Information from: Honolulu Star-Advertiser, http://www.staradvertiser.com