Sprague Resources LP announced that it signed an agreement to acquire the Commercial Fuels business of Hess Corporation outside of the New York City service area. The business is one of the largest marketers of refined products on the East Coast of the United States, serving commercial, industrial and government accounts through both former Hess terminal locations and third-party facilities, Sprague said in a Dec. 18 statement. The transaction is expected to be finalized prior to the end of the year.
“This acquisition will significantly increase our existing commercial fuels business and expand our geographic footprint along the East Coast,” said David Glendon, CEO of Sprague Resources. “The fact that Hess approached us to service their accounts following the sale of their terminals business reflects Sprague’s reputation in the industry for providing superior customer service and reliable delivery. We look forward to extending these services to the Hess Commercial Fuels customer base and ensuring seamless service provision to these accounts.”
Sprague Resources LP, Portsmouth, N.H., is engaged in purchase, storage, distribution and sale of refined petroleum products and natural gas. The company also provides storage and handling services for a broad range of materials.
