PANTRY TO ACQUIRE SUNSTOP OPERATIONS
Press Release
Southwest Georgia Oil Co., Inc. announced today that it has signed a definitive agreement to sell its SunStop store operations to The Pantry Inc. The 22 stores and 2 travel centers are located in Georgia, Florida, and Alabama with sales of $130 million. Southwest Georgia Oil Co., Inc. will retain its Inland name in order to continue serving its dealers and its recently acquired Big/Little stores in Alabama, as well as its wholesale and propane customers. The company will also continue its fuel distribution services and its development of Seminole Biodiesel.
The transaction is subject to regulatory approvals and other customary closing conditions. The parties are expected to close early in 2007.
CEO and President Mike Harrell, commenting on the pending sale, said, “We are excited that a company the caliber of The Pantry has recognized the strength of our SunStop stores. It is a testament to our employees – not only those at the stores – but the whole team who has worked so hard to make SunStop profitable and give it the reputation for service and quality that brought The Pantry to our door. We are confident that The Pantry will continue to operate the SunStops with the same commitment to customer service and cleanliness so that customers will be glad to choose SunStop for their fueling and shopping needs in the future.”
Southwest Georgia Oil Co., Inc. will continue to supply a network of dealers offering the same, high quality Inland fuel that customers have always received. The company will also continue to operate 17 Big/Little convenience stores in southeastern Alabama that it acquired in November of this year. Additionally, agribusiness, manufacturing, governmental, and other wholesale customers will be serviced without interruption. Inland Oil and LP, the company’s propane division, recently expanded its presence with the opening of its first retail location in downtown Bainbridge, Georgia, and will continue under the ownership of Southwest Georgia Oil Co., Inc. Seminole Biodiesel, currently under construction, will be an even stronger focus for the company in the future with an expected completion date during the first half of 2007.
“This agreement with The Pantry undoubtedly changes the focus of our company,” states Harrell, “but one of our company’s strengths has always been our ability to change and adapt as our markets have changed and evolved. This is just another step in that evolution – and one that we are excited about. Wholesale petroleum sales were the foundation of our company when Dad [Jimmy Harrell] started business in 1959, so in a way we have come full circle. Adding propane and alternative fuels to that mix is just a natural evolution for us. Of course we are excited to still have a retail presence in Alabama with our Big/Little stores – and the plans we have for ramping up their image in the future.”
Southwest Georgia Oil Co., Inc. is based in Bainbridge, Georgia.
IF YOU HAVE ANY QUESTIONS, COMMENTS OR CONCERNS REGARDING INLAND,
PLEASE CONTACT THE INLAND HOME OFFICE AT (229) 246-1553
|
