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Empire Petroleum Fills Up with $30.5M - cbl
Posted July 17, 2011
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By Brian Wolak
GAITHERSBURG, Md. -- Empire Petroleum, a distributor of motor fuels, has completed a $30.49 million equity offering, raising the amount from a pair of investors.
Executives and directors named in a recent regulatory filing disclosing the capital raise include:
- , president and CEO
- , chairman
- Jim Brummit, CFO
- Travis Booth, vice president and general counsel
- Robert Hellman Jr., director, from Foster City, Calif.-based American Infrastructure MLP Funds
- Ryan Barnes, director, from American Infrastructure MLP Funds
- Roland Ho, director, from American Infrastructure MLP Funds
Most recently, Kimel served as the president of JFF Enterprises Inc., a holding company investing and operating retail-based businesses and also some franchises. In 2001, he joined Empire Petroleum as an investor and a consultant on retail and real estate ventures, and in 2007 became the president and CEO of the company.
Headquartered in Gaithersburg, Md., Empire Petroleum is a motor fuels distributor of brands including Sunoco, BP, Chevron, Texaco, Valero, Gulf, and Getty/Lukoil. The company distributes motor fuel product to gas stations in 12 states in the mid-Atlantic.
Empire Petroleum started in 1998 as a fuel distributor for Getty in the Washington, D.C. area, adding the Sunoco and BP brands in 2000 and the Marathon, Chevron, Texaco, Valero, and Gulf brands in 2010.
Last December, Empire bought all the fuel supply contracts of Mountain Express Oil, a multi-state jobber headquartered in Woodstock, Ga. With the deal, Empire would be able to market fuel under Chevron, Texaco, Marathon, Valero and Gulf brands. It also has supply relationships with Sunoco and BP.
SEC filing: http://tinyurl.com/42mkqal
Bios:
Barclay Booth
Chairman
Mr. Barclay Booth is a recognized leader by numerous associations and suppliers for his efforts in the fuel distribution business. Mr. Booth started his career in the gasoline industry in the late 1980s operating numerous dealer locations for Mobil. In the early 1990s, Mr. Booth started Empire Petroleum and has grown Empire's fuel distribution business from zero gallons to over 80,000,000 gallons of fuel on an annual basis.
Travis E. Booth
General Counsel
Mr. Travis Booth launched his career in 2005 practicing commercial real estate law in Montgomery County, Maryland prior to joining Empire Petroleum. Mr. Booth has represented some of the largest commercial landlords on the East Coast on all leasing matters ranging from simple lease agreement form projects to sophisticated negotiations on large mixed-use developments. Since joining Empire, Mr. Booth has served as General Counsel and is in charge of all legal matters, ranging from real estate issues to mergers and acquisitions to patent work.
Jim Brummitt
Chief Financial Officer
Mr. Jim Brummitt brings a diversified background in finance, accounting, taxation, and law, including a variety of experience in information systems, financial modeling, and data management to Empire Petroleum. Mr. Brummitt spent five years working as an auditor and tax consultant with Reznick Group, where he consulted on real estate development projects and tax motivated transactions such as Low Income Housing, Historic Tax Credit projects, and other projects. Mr. Brummitt also worked with Ernst & Young in their Transaction Advisory Services group where he participated in transaction structuring and due diligence analysis. During his tenure at Ernst & Young, Mr. Brummitt focused on large private equity transactions, international tax planning projects, and various tax opinions covering sophisticated tax structuring issues. Mr. Brummitt's diverse experience in financial analysis, auditing, tax consulting, and investment analysis enables him to provide advice across various legal, business, accounting, and financial viewpoints.
Robert Hellman
Bob has been a private equity investor for nearly 25 years. He was previously CEO and managing director at MDC, a private equity firm which managed $1.2 billion of capital. He was responsible for inventing the pioneering idea of applying the MLP structure to the deathcare industry. This led to the IPO of StoneMor Partners as an MLP in 2004, the first non-natural resource-related MLP offering in over a decade. He has been an investor and director in a wide variety of industries, including building materials, forest products, energy production and distribution, office supplies, printing, apparel, deathcare, health and fitness, and entertainment. Prior to joining MDC, he was with Bain & Company, where he focused on expansion strategies, cost reduction, and the analysis of acquisition opportunities. MBA: Harvard, MS: London School of Economics, BA: Stanford.
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