Aloha Petroleum Ltd., Hawaii’s largest independent gasoline station owners and one of the biggest convenience store operators in the Islands, is examining options for the future of its business.
Aloha Petroleum has hired New York-based Macquarie Capital to review “strategic alternatives,” which could include selling the company, strategic joint ventures or partnerships, the sale of a portion of the company’s stock or continuing to operate the company in its current form, Pacific Business News reported.
The Honolulu-based company, which has been in business since the 1900s brought in Macquarie Capital after noting that opportunities and growth in its core business in Hawaii are limited.
Aloha Petroleum has 100 Aloha, Shell and Mahalo-branded gas stations and 40 Aloha Island Mart convenience stores across the state. Interestingly, the parent of Macquarie Capital, Macquarie Group, owns Hawaii Gas, the state’s only franchised gas utility, Pacific Business News pointed out.
The asking price for Aloha Petroleum is speculated to be about $350 million, Pacific Business News reported.
Meanwhile, Houston-based Par Petroleum, which acquired Tesoro Corp. Hawaii last year, is buying the parent company of Mid-Pac Petroleum for $107 million in a deal that’s expected to close in the third quarter, which ends Sept. 30. Mid-Pac is the exclusive licensee of the “76” brand in the state and owner of more than 80 retail sites and four terminals across Hawaii.