Printer Friendly

United States : Exxon sells its gas stations in Nashville area.

An entity controlled by Chattanooga businessman Lyle Finley is purchasing the 26 ExxonMobil gas stations in the Nashville area owned by Exxon.

Finley already owns and operates 11 Exxon gas stations, and the acquisition will help Exxon reach a goal announced two years ago to sell off remaining gas stations to independent operators.

Exxon has been trying to sell 2,200 gas stations across the nation, or about 19 percent of the total Exxon-branded stations, since the summer of 2008, when high gas prices took a big bite out of gas station profitability.

As gas prices go up, people tend to buy less convenience store food and drinks, which are more profitable for gas station owners than gasoline.

Finley has a long career owning convenience stores. He had a chain of 135 gas stations across the Southeast called Golden Gallon that he sold to the grocery store chain Bi-Lo in 2000.

Property records in Nashville say his Tiger Management Group bought 18 gas stations in the city for roughly $30 million this week. He has a $37 million loan from Regions Bank for the purchase.

Finley also is buying gas stations in Wilson, Sumner, and Rutherford counties and one in Williamson County, according to Greg Merriman, an agent for Tiger Management Group.

Copyright : Euclid Infotech Pvt. Ltd.

Provided by an company
COPYRIGHT 2010 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Date:Jul 25, 2010
Previous Article:United States : Biomass project awaits feds OK for funding.
Next Article:United States : Profit at Community Bank rises 76 percent in Q1.

Terms of use | Copyright © 2018 Farlex, Inc. | Feedback | For webmasters