Empire Petroleum Holdings LLC, subsidiary of Isal Amlat Investment Ltd, has purchased 50% of 19 gas stations in the U.S. and long-term leasing rights to two more for $23.5 million, according to Globes Online.
Eighteen of the properties operate in Virginia with the rest in Tennessee. All of the properties include convenience stores and most also have car washes, and most of them lie on Interstate 81, running between the two states.
Currently, all the properties are independently owned. Isal added that the properties posted $80 million revenue in both 2005 and 2006, and the pretax profit was $3.8 million in 2005 and $3.8 million in 2006. Empire Petroleum also acquired the right to supply 30 million gallons of gasoline a year to the 21 gas stations, as well as to four additional gas stations.
The acquisition is expected to be closed by year-end.