Gulf Oil mum on 'rumors' about sale report
Following a report this week that Cumberland Gulf Group is selling its fuel business, Gulf Oil LP, to a Boston-area private equity firm, a spokesman for the Framingham-based company issued a statement that did not confirm or deny the news.
“Gulf Oil LP does not comment on the company’s ongoing strategic and operating matters, and particularly not on rumors (or) speculative matters. When and if we have something specific to address or announce, we will let you know,” company spokesman Will Clark said in a statement.
On Monday, a story on CSPnet.com, an online news outlet covering the convenience and petroleum retailing industries, reported that ArcLight Capital Partners is acquiring Gulf Oil from the Haseotes family, the founders and owners of Cumberland Farms.
The story cites multiple unnamed sources who are reportedly familiar with the privately-held business and the deal. One source told CSP that Cumberland Gulf decided to entertain bids for the Gulf brand last fall and received interest from several master limited partnerships, or MLPs, which are tax-exempt, publicly traded companies that own energy infrastructure.
Another source told CSP that the timing of the deal, said to be valued at $1 billion, “makes sense.”
“The Haseotes family is getting a handsome return on their investment,” the source said.
The source was likely referencing the Haseotes family’s purchase of the Gulf brand back in 1986, when Cumberland Farms acquired the naming rights to the Gulf Oil brand from Chevron for use in 11 Northeast states.
Former CEO Petrowski reportedly returning
In 1993, Gulf Oil LP, a wholesaler of refined petroleum products, was formed after Cumberland Farms linked up in a joint venture with Catamount Petroleum LP. In 2005, Cumberland acquired the company in full and brought in CEO Joe Petrowski, who was focused on reinventing the Gulf brand. According to CSP, Petrowski left the company in 2013 but is reportedly partnering with ArcLight in the Gulf deal.
Founded as Cumberland Farms in 1939 by Vasilios and Aphrodite Haseotes, the family enterprise has since grown to roughly 600 stores in 11 states in the Northeast, as well as Florida. Ari Haseotes, the grandson of the founders, was named CEO of Cumberland Gulf Group in 2014 following Petrowski’s departure.
Image source: Freedigitalphotos.net
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