The Exxon-branded stations being purchased are located in Massachusetts, New Hampshire, and New York and will join the branded Gulf stations already owned by Cumberland Farms. The newly acquired stations will continue to provide Exxon products.

"Our strategy is to expand our branded petroleum marketing presence within the Northeast and make Gulf and Exxon the service stations of choice," says Lily H. Bentas president and CEO of Cumberland Farms. "Bringing the Exxon flag into the Cumberland Farms family is a big step in reaching this goal, as well as in reaching a whole new set of customers."

In a concurrent transaction, Gulf Oil Limited Partnership, a partnership between Cumberland Farms and the Kaneb family, has agreed to become the supplier of motor fuels for the Exxon brand in New England and New York. Gulf has entered into an agreement to acquire the dealer and distributor supply contracts for the Exxon brand from ConocoPhillips. These dealers and distributors currently service over 600 Exxon locations. Under this agreement, Gulf will supply the customers with Exxon-branded products and will accept Exxon credit cards and Speedpass payment services.

Gulf will also purchase the leasehold interests of ConocoPhillips in their eleven Massachusetts Turnpike locations and has entered into a long-term supply agreement with ConocoPhillips for shipments originating out of its Bayway refinery located in New York Harbor.

Cumberland Farms owns and operates over 900 outlets, not including this acquisition, throughout New England, the Mid-Atlantic states and Florida. Founded in 1938 by Vasilios and Aphrodite Haseotes in Cumberland, RI, the family-owned business also conducts bakery, beverage, ice cream, grocery warehousing and distribution operations in support of its convenience stores and petroleum distribution operations supporting its retail and dealer operations. Cumberland Farms employs a combined total of over 7,000 full- and part-time employees.

Instant Insights /

Cumberland Farms Acquires 200 Exxon-Branded Service Stations from ConocoPhillips

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