Tank n’ Tummy, Wallace Oil Merge

Wallace Oil Co., of Colorado’s Arkansas Valley area, is joining forces with Oklahoma-based c-store chain Tank n’ Tummy, The Pueblo Chieftan reported.

The agreement will turn six Wallace Oil stores in Colorado to Tank n’ Tummy stores, either through sale or lease-purchase, the publication reported. A wholesale gasoline distributor, Wallace Oil will continue providing gasoline to the stores as part of the deal.

Jim Wallace, president of the 46-year-old oil company, told The Pueblo Chieftan the deal was a “a strategic alliance.”

"In a world of mergers and acquisitions, a strategic alliance like this is not uncommon," Wallace said. "We see the relationship with Tank n’ Tummy as a good fit. It is an opportunity to grow both our businesses. The reason for that is we do fuel distributions and supply really good and they do convenience stores operations really well.”

Wallace Oil Co. began in 1962 with Bob Wallace at the helm. In 1989, the Wallace family opened and purchased convenience stores, and the operation is run by brothers Jim, Dan and Tom Wallace.

In April, Wallace sold the Las Animas and Fowler locations to Tank n’ Tummy, which has several locations in Oklahoma. Rashid Sulehri, part of the family that owns Tank n’ Tummy, is the company’s Colorado leader.

Tank n’ Tummy will take over the former Wallace stores in Swink, Rocky Ford and Lamar stores as well as one of the La Junta convenience stores. Wallace Oil will continue to operate its location on First Street and Anderson and its First Street service station, both in La Junta.

Tank n’ Tummy also purchased the old Love’s store in Rocky Ford in January. Sulehri said he decided to expand in Colorado because he “liked the area and the environment."

Wallace said that because his company will continue to provide Phillips 66 gasoline to the sold stores, it will hold Tank n’ Tummy to the branding standards that Phillips 66 requires for customer service, store cleanliness and other areas.

"That’s the way we operated in the past and that’s how we will do it in the future under those guidelines," Wallace said.

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