Par Petroleum Acquiring Mid-Pac Petroleum

The deal is expected to be finalized in the third quarter of 2014.

Houston, Texas-based Par Petroleum, parent company of Hawaii Independent Energy, is buying Mid-Pac Petroleum for $107 million, Pacific Business News reported.

Mid-Pac Petroleum is the exclusive licensee of the “76” brand in Hawaii and owner of more than 80 retail sites and four terminals across Hawaii.

While details of the transaction are still being decided, Par Petroleum expects the deal to be finalized in the third quarter of 2014.

“Acquiring Mid-Pac will provide a unique expansion opportunity for our Hawaii business,” William Monteleone, chief executive officer of Par Petroleum, said in a statement. “The access to additional retail sites will provide synergies by increasing on-island sales of our refined products, optimizing distribution costs and enhancing crude slate flexibility. “In addition, Mid-Pac’s fee-owned real estate portfolio, consisting of retail locations, terminals and office space, provides excellent underlying asset value.”

Jim Yates, president and CEO of Mid-Pac Petroleum, noted he is pleased Par Petroleum plans to welcome Mid-Pac employees rather than make major staff changes.

In September 2013, Par Petroleum acquired Tesoro Hawaii, including the larger of Hawaii’s two petroleum refineries, related product storage and distribution assets, and 31 Tesoro-branded gasoline stations on Oahu, the Big Island and Maui.

 

 

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