Hough Acquires Gordon Petroleum’s Dealer-supply Assets

Source Press
Company Hough Petroleum 
Tags Asset Deals, Deals, Refining & Marketing Activities
Date October 11, 2017

(cspdailynews.com) Hough Petroleum has acquired Gordon Petroleum’s wholesale dealer-supply assets. The deal adds to Hough's distribution network of retail gasoline and diesel fuel locations and expands its footprint throughout northern New Jersey and into New York.

The deal, which includes 14 wholesale sites mostly branded CITGO, will also add approximately 5 million gallons annually to Hough’s fuel volume in New Jersey and New York.

“This acquisition helps complement our current business and expands our market penetration throughout North Jersey and grow into the New York market,” said Gregory Hough, vice president of business strategy. “We’re excited about the opportunity to enhance these sites and increase our gasoline portfolio.”

In addition, Mike Kelly, who was executive vice president for Holmdel, N.J.-based Gordon Petroleum, joins Hough as its new senior director of wholesale and retail sales. He will head up the new acquisition. Kelly has more than 25 years of industry experience with previous positions at Coastal Refining and Marketing, Gulf Oil and Chevron.

“We are excited about this opportunity to acquire these wholesale dealer sites along with bringing in Mike to continue our aggressive growth strategy moving forward,” President and CEO Gary Hough said. “This is a first step in our acquisition plan and allows us to grow into the New York market along with expanding our presence throughout New Jersey.”

Gordon Petroleum, established in 2001, is a family-owned and -operated company that distributes gasoline and distillates featuring brands such as Gulf, Coastal and Valero throughout New York, New Jersey, Pennsylvania and Delaware. It is a division of Gordon Environmental & Mechanical Corp. In 2003, Gordon Petroleum assumed the supply agreements of 30 Coastal stations from Sunoco Inc.

With headquarters in Ewing, N.J., Hough Petroleum is a petroleum products and automotive products distributor of BP, CITGO, Gulf, Shell and  Conoco and Mighty Auto Parts and petroleum-related services and equipment provider with operations in Delaware, Pennsylvania and New Jersey. It operates a mix of wholesale dealers and retail sites, supplying gasoline and diesel fuel products, lubricants, commercial fuel, diesel exhaust fluid (DEF) and wholesale auto parts to companies including gas stations and municipalities.

Source: EvaluateEnergy® ©2018 EvaluateEnergy Ltd