Motiva Enterprises LLC forms joint venture with Midtex Oil LP
Motiva Enterprises LLC announced the formation of Juniper Ventures of Texas LLC, a new joint venture with Midtex Oil LP, one of central Texas’ foremost petroleum distributors and convenience store operators.
“By combining Motiva’s existing supply infrastructure and Midtex’s more than 50 years of retail experience, Juniper Ventures is poised to excel in one of the fastest growing regions of Texas – the I-35 corridor that runs from San Antonio to Austin,” said Travis Capps, Motiva’s executive vice president of strategy, business development and technical excellence. “This JV illustrates our entrepreneurial spirit and commitment to growing Motiva’s fuels business with profitable assets and successful retail operators.”
Juniper Ventures is acquiring company-operated retail assets strategically located on the growth corridors in and around San Antonio along with wholesale supply agreements from Tarpley Inc, a long-standing distributor and retail operator in the San Antonio market. Motiva and Tarpley began discussions of the asset sale in mid-July, successfully executed purchase agreements, and plan to close the transaction by early December.
“When we decided to sell these family-owned assets, we naturally thought of Motiva, who has been our supplier of choice since 1998,” said Tarpley Vice President Sean Nooner. “We look forward to continuing our relationship with Juniper Ventures as a retail tenant operating our Church’s Fried Chicken franchises and company-owned Liquor Bueno stores co-located at several of the retail locations.”
The Juniper Ventures asset portfolio also will include Midtex’s 20 company-operated retail locations and wholesale supply agreements in New Braunfels and San Antonio. Midtex’s primary store brand, “Fischer’s Neighborhood Markets,” has become a benchmark in the convenience store industry for its contemporary look and innovative offerings. The new stores average approximately 5,000 square feet and offer fresh food, along with modern-day conveniences that aren’t found in the typical convenience store, including a post office, freshly spun milkshakes and a beverage cave.
“Fischer’s Neighborhood Markets are becoming a consumer staple in the central Texas area, and we are excited for the opportunity to partner with Motiva to grow the brand,” said Midtex President Rodney Fischer. “Our 24-hour markets are a one-stop shop where our customers can pick up dinner, fuel up their vehicles, make a post office run and choose from a huge assortment of merchandise.”
With the completion of the acquisition of the Tarpley assets next month, Juniper Ventures’ combined assets will include 75 retail sites and multiple land bank properties in prime retail locations, enabling the near-term expansion of at least a dozen new Fisher’s Neighborhood Markets in the coming years.
Headquartered in Houston, Texas, Motiva refines, distributes and markets petroleum products throughout the United States. Motiva owns and operates North America’s largest refinery in Port Arthur, Texas with a crude capacity of more than 630,000 barrels a day. The company also operates the country’s largest lubricant plant. Under exclusive, long-term brand licenses for the Shell and 76® brands, Motiva’s marketing operations support more than 5,000 retail gasoline stations. Motiva is wholly-owned by affiliates of Saudi Aramco.