Arkansas Valley Petroleum sold 10 of its Fiesta Mart convenience stores to the Sinclair Oil Corp., said Weister Smith, owner and chairman of the Tulsa-based petroleum distribution company.
Financial details of the transaction, completed in February, were not disclosed. Sinclair offered 120 Fiesta Mart employees continued employment with benefits.
Among the store sold to Sinclair was the Fiesta Mart auto/truck plaza on I-44 in Catoosa as well as three McDonald’s co-branded sites in Oklahoma. Sinclair Oil will retain the “Fiesta Mart” name and Arkansas Valley Petroleum will continue to operate its remaining five stores, also under the “Fiesta Mart” name.
The conversion of the stores to the Sinclair brand should be completed by the second week in March, said Duff Thompson, president of Fiesta Mart.
The move was a perfect fit based on the corporate values shared by Sinclair and Arkansas Valley Petroleum, such as “integrity in the conduct of business” and the “value of the individual employee,” Thompson said.
Smith plans to move toward retirement and this sale was the first phase of his succession plan, according to a release by AVP.
AVP has been a wholesale fuel distributor for 36 years and a Sinclair distributor for more than 15 years.
In 2007, Arkansas Valley Petroleum and its sister company, AVP Metro Petroleum, sold more than 100 million gallons of fuel between its wholesale customers and Fiesta Mart operations, with sales in excess of $250 million. In addition to operating the stores, AVP Metro supplies more than 100 independent retailers in Oklahoma, Missouri, Arkansas and Texas and hauls about 95 percent of its fuel sales through its AVP Metro Transportation and Bulk Plant facility in west Tulsa.
Salt Lake City-based Sinclair is a 90 year old, privately-owned company with a refinery in west Tulsa and two other facilities in Wyoming.
Last year Sinclair announced a $1 billion expansion. Work is expected to begin this summer and be completed by late 2010.
Sinclair markets fuel in 21 states and supplies fuel to more than 2,600 company and distributor operated stations.