Sale of Leading SoCal Convenience Store and Gas Station Operator Completed
LOS ANGELES--(BUSINESS WIRE)--United El Segundo, Inc. and Apro LLC (dba “United Oil” and together with their respective affiliates, collectively, “United” or the “Company”), a leading convenience store and gas station operator in Southern California, announced that it has completed its sale to affiliates and managed accounts of Fortress Investment Group LLC (“Fortress”), a leading, highly diversified global investment management firm. Terms of the transaction were not disclosed.
Apro LLC is owned 50% by United and 50% by South Gate-based World Oil Corp. and its affiliates. World Oil, one of the largest privately held companies in Southern California, is owned by Robert and Steven Roth. World Oil continues to own and operate a diversified group of businesses including gas stations, refineries and other petroleum-related businesses, a marine terminal facility, trucking operations and real estate holdings throughout California.
United is the largest independent convenience store and gas station operator in the highly attractive Southern California market, with a portfolio of over 130 premium locations concentrated in the Los Angeles and San Diego metropolitan areas. The Company’s locations are distinguished by award winning architecture that provides a unique customer experience. United’s distinctive locations, operating discipline and ability to deliver a superior customer experience have enabled the Company to consistently achieve industry leading performance metrics. Through the Company’s retail locations and fuel distribution network, United has established itself as one of the largest independent non-refiner suppliers of motor fuel in Southern California.
Macquarie Capital acted as financial advisor to the Company and Glaser Weil Fink Howard Avchen & Shapiro LLP, and Mark B. Gilmartin, Esq. acted as legal counsel to Apro LLC and United. Latham & Watkins LLP represented World Oil. Sidley Austin LLP acted as legal counsel to Fortress.