The Economy & Business
Tue June 10, 2014
Speedway Agrees To Purchase Hess Retail Holdings
Clark County based Speedway has reached an agreement to purchase Hess Retail Holdings for $2.8 billion dollars. The deal makes Speedway one of the largest convenience store chains in the country.
Hess operates out of New York City and is the largest operator of convenience stores along the East Coast. Speedway's corporate headquarters are in Enon, and the company is a subsidiary of the Marathon Petroleum Company.
Angelia Graves, director of public and state government affairs for Marathon, says the deal is a win-win for both companies.
"We will actually be rebranding those stores to Speedway locations and that will occur over the next three years after we complete the closing of the transaction," Graves said. "But it just means a lot of opportunities for the employees in both of the companies."
Hess operates over 1,200 stores in 16 states, while Speedway has nearly 1,500 convenience sites in nine states. Graves says the deal will almost double the size of Speedway to 34,000 employees, with 800 of those in Clark County, making it the second largest convenience store operator in the United States behind Canada's Couche-Tard, which has over 4,300 stories in this country.
"It is a huge transaction for Speedway. Back in 1998 of course, we brought together the Speedway and the SuperAmerica brand to make the company the size that it is today," Graves said. "So this is just a huge step for Speedway to expand its market presence."
Speedway's deal to purchase Hess should be finalized by October.