May 3, 2016
Citizens finances $32M for Worcester firm expansion
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Worcester-based Nouria Energy has doubled its presence in Maine.
By Sam Bonacci
An expansion by Worcester fuel distributor Nouria Energy Corp. that doubled its presence in Maine was funded by $32 million in credit from Citizens Bank.
The expansion that was announced last month included the assets of Maine's J&S Oil, covering eight convenience store locations with fuel, two service stations, three carwash locations, locations, a wholesale fuel supply division and a transport logistics business. The buyout nearly doubled the Worcester-based company's Maine presence to 31 locations and boosts Nouria's overall locations to 140 spanning Massachusetts to Maine.
The purchase was done through a restructuring and expansion of Citizen Bank’s existing loan relationship with Nouria Energy.
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