HOUSTON-The Coastal Corp. of Houston, on the brink of a merger with El Paso Energy Corp., has sold off 253 of its convenience store-service station locations in east and northeast. The sale to Sunoco Inc. has nothing to do with the merger, according to David A. Arledge, Coastal CEO.

“The proposed sale stems from several changes in the marketplace and in our business plans in recent years,” Arledge says. The final signing hinges on due diligence and regulatory approvals, but is expected to close by year’s end along with the planned merger.

Specifically, Coastal’s subsidiary, Coastal Mart Inc. has agreed to sell 103 company-operated outlets in New Jersey, Pennsylvania, Virginia, West Virginia, Tennessee, North Carolina and South Carolina, and 150 contract dealer accounts in the East. Coastal plans to hold onto its northeast-branded jobber marketing program, which covers more than 500 locations in 15 Mid-Atlantic and northeastern states.

Coastal Mart will continue to hold 1,250 company-owned and jobber stores. Coastal employees will get job offers or severance packages with the change-over. The energy holding company has consolidated assets of $16 billion and subsidiary operations in the energy industry.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.