Citizens Bank announced that it has restructured and expanded its existing loan relationship with Nouria Energy Corporation to facilitate the purchase of J&S Oil of Manchester, Maine. The acquisition included eight convenience stores with fuel, two Express Lube auto service stations, three “state-of-the-art” car wash locations, a wholesale distributorship and a transport logistics business, the company said. This acquisition increases Nouria’s presence in Maine to 31 sites.
“The team at Citizens Bank has been consistent in their support of our business and our growth strategy,” said Tony El-Nemr, President / CEO of Nouria Energy Corporation. “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. We look forward to continuing our great relationship with Citizens as we grow toward our goal of a half billion gallons and beyond.”
“We continue to be impressed with Tony and his management team and appreciate the opportunity to support Nouria’s growth. This relationship demonstrates our capabilities and commitment to the needs of our customers in the industry,” said Michael R. Phelps, Managing Director of Convenience and Retail Fuel Finance at Citizens.
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.
