AVFUEL AGREES TO PURCHASE TEXACO'S GENERAL AVIATION BUSINESS IN FOURTEEN STATES
Avfuel Corporation is pleased to announce that the Company has received regulatory approval to close the acquisition of a portion of Texaco General Aviation. The Company will acquire the general aviation business in the states of California, Alaska, Washington, Idaho, Nevada, Oregon, Utah, Arizona, Louisiana, Mississippi, Alabama, Georgia, Florida and Tennessee.
The divestiture of this portion of Texaco's general aviation business satisfies the requirement by the U.S. Federal Trade Commission in the consent order issued, granting approval for the merger of Chevron and Texaco. Final approval for the merger was granted at a shareholders meeting on October 9th.
Avfuel evaluated Texaco General Aviation's existing FBO relationships in the fourteen acquired states and determined that stepping into those relationships would greatly enhance Avfuel's branded dealer network. "It is our conclusion that acquiring Texaco's general aviation business in these states solidifies the scales and scope of our nationwide business," states Avfuel Corporation President and CEO, Craig Sincock. Because of the recent acquisitions and strategic marketing alliances, Avfuel is optimistic about the possibility of a expansion overseas in the future.
Ron Grundstein, former President of Texaco Aviation Products, LLC and now an Avfuel employee adds, "The coming together of Texaco General Aviation and Avfuel has been complementary on almost every level. We anticipate a seamless transition, and, going forward, a successful future for our dealers as they realize the benefits from Avfuel's marketing programs and global reach." The Avfuel dealer network consists of over 800 branded dealers in the U.S. and in Mexico. Sincock concludes, "We are very optimistic about the future. We've seized a tremendous opportunity and built a solid platform on which this company is positioned to grow."
Based in Ann Arbor, Michigan, Avfuel Corporation serves more than 800 Avfuel branded dealers. The company offers aviation fuels in addition to comprehensive support programs for customers in aviation.