Long Beach gas station operator United Pacific announced Oct. 22 that it has acquired 39 gas station and convenience store properties – mostly in L.A. County – from Ventura-based Macland Investments.
Financial terms of the deal were not disclosed.
Macland Investments, established in 1977, operates gas stations throughout Southern California under the Chevron, 76 and Shell brands. Of the 39 stations purchased by United Pacific, 32 are in Los Angeles County; the remainder are in Orange, Santa Barbara and Ventura counties.The deal also includes seven car washes and five quick service food stores.
United Pacific is the company that emerged from the purchase of longtime Gardena service station operator United Oil Co. by Fortress Investment Group. It’s now owned by Tokyo-based telecom holding company and investment powerhouse SoftBank Group Corp. The company placed No. 7 on the Business Journal’s recent Largest Private Companies list, reporting 2017 revenue of $3.1 billion.
Once this acquisition of the Macland stations is complete in coming weeks, United Pacific’s network will include 365 company-operated stores, and 55 fee-operated locations, according to the statement. Most of Macland’s employees will become employees of United Pacific, which will bring United Pacific’s total to more than 2,800 employees.
“The addition of Macland’s stores to the United Pacific retail network significantly strengthens our company,” Joe Juliano, United Pacific’s chief executive, said in a statement. “We are excited about bringing such a high- quality convenience store portfolio and talented and loyal group of employees into the United Pacific family. The addition of the Macland stores also expands our retail presence in Southern California, which remains a core growth area for United Pacific.”
Economy, education, energy and transportation reporter Howard Fine can be reached at firstname.lastname@example.org. Follow him on Twitter @howardafine.
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