Deal Expected to Facilitate Half-Billion-Gallon Goal
WORCESTER, Mass. — Nouria Energy Corp. has restructured and expanded its existing loan relationship with Citizens Bank to facilitate the purchase of J&S Oil of Manchester, Maine.
The previously announced acquisition included eight Xpress Stop convenience stores with fuel, two Express Lube auto service stations, three Ultra Clean car wash locations, a wholesale distributorship and a transport logistics business, the company said.
The transaction brings the number of Nouria locations in the Pine Tree State to 31 and boosts Nouria’s retail network to a total of approximately 140 locations, spanning from Sagamore, Mass., to Waterville, Maine.
“The team was able to structure a facility that allowed us to efficiently close on this significant acquisition and maintain our liquidity as we focus on integrating these new locations into our network,” said Tony El-Nemr, president and CEO of Nouria Energy. “We look forward to continuing our great relationship with Citizens as we grow toward our goal of a half billion gallons and beyond.”
Previously, Nouria Energy completed the closing of a $32.0 million, five-year credit facility with Citizens Bank.
The Citizens Bank Convenience and Retail Fuel Finance group is focused on meeting the banking and financing needs of the retail petroleum and convenience-store industries. With extensive industry expertise, Citizens offers financial support to multi-unit operators nationwide that require credit facilities and national lending capabilities, risk management advisory services and interest rate derivatives along with a full range of traditional commercial banking products and services.
J&S Oil, based in Manchester, Maine, opened its first gas station in November 1972. It operates retail locations in Auburn, Augusta, Farmingdale, Lewiston, Manchester, Topsham, Waterville and Winslow.
Founded in 1989 by Tony El-Nemr, Nouria Energy, Worcester, Mass., is one of New England’s largest family-owned and -operated convenience-store and fuel retailers. The company owns and now operates more than 90 Lil’ Mart and other convenience stores in Maine, New Hampshire, Massachusetts and Rhode Island and supplies fuel to more than 140 sites operating under the Shell, Irving, Gulf brands and unbranded fuel throughout New England.
