Shell to acquire Timewise stores and grow company-owned footprint in the U.S.
Convenience Store News - U.S.
HOUSTON — Shell Retail and Convenience Operations LLC, a subsidiary of Shell Oil Products US, has signed an agreement to acquire 248 company-owned convenience stores and gas stations from the Landmark group of companies. The c-stores operate in Texas under the Timewise brand.
Supply agreements with an additional 117 independently operated fuel and convenience sites are also part of the acquisition.
The addition of more than 2,000 Landmark team members serves as the foundation that will enable Shell to grow its company-operated network in the United States. As one of the largest fuels and convenience retail markets globally, growing in the U.S. gives Shell the opportunity to build on its successful brand presence and leverage the strength of its ongoing business relationships, the company said.
"Today's announcement increases our presence in a core market and shows our growth strategy in action," said Huibert Vigeveno, downstream director at Shell. "It brings us closer to more customers and strengthens our ability to meet their rapidly changing needs. The deal also allows us to work hand-in-hand with customers to help shape demand for low-carbon energy products and services while profitably decarbonizing alongside them."
The agreement covers the purchase of the remaining 50% share in Texas Petroleum Group LLC (TPG), previously a 50/50 joint venture between Equilon Enterprises LLC dba Shell Oil Products US and Landmark Industries Holdings Ltd. TPG includes 170 company-owned fuel and convenience sites and supply agreements for 63 independently operated fuel and convenience sites.
It also includes Landmark's retail gas station network, which includes both gas stations and dealer supply agreements, as acquired from Landmark Industries LLC, Landmark Industries Energy LLC and Landmark Petroleum LLC, consisting of 78 company owned fuel and convenience sites and supply agreements for 54 independently operated fuel and convenience sites.
Enhancing the company's presence also advances Shell's Powering Progress strategy in three ways by:
Growing its retail footprint in one of its core markets;
Providing opportunities to offer customers expanded fuelling options (including electric vehicle charging, hydrogen, biofuels and lower-carbon premium fuels); and
Allowing for the growth of non-fuel sales through an enhanced convenience offering.
Shell remains committed to collaborating with wholesalers and dealers to serve customers, drive business value, and thrive through the energy transition, and will continue to support and grow with its wholesalers, dealers and joint venture partners, the company stated.
The deal is subject to regulatory clearance and the satisfaction of closing conditions. It is expected to be completed by the end of the year.
Houston-based Shell is an affiliate of Royal Dutch Shell plc, a global group of energy and petrochemical companies with operations in more than 70 countries. In the U.S., Shell operates more than 14,000 Shell branded stations across 50 states.
Originally published at Convenience Store News - U.S.