Speedway has grown significantly in just the past few years. In 2015, Speedway’s $2.8 billion acquisition of Hess nearly doubled the size of the Enon-based gas station and convenience store chain. At that time, Speedway already operated about 1,500 stores in nine states, but the Hess acquisition expanded the company’s reach to more than 2,700 stores throughout the Midwest and East Coast.
The financial terms of the latest acquisition of the Express Mart stores was not disclosed. Speedway has about 1,350 employees in Clark County and 33,820 workers nationally.
In an interview with the News-Sun late last year, Kenney said the chain was poised for additional growth after its parent company rejected a proposal to spin off the retailer.
“Our objective is growth,” Kenney told the News-Sun in November last year. “That was one of the important aspects of the decision that was made. The evaluation of the spin-off was Speedway was going to continue to be an important part of Marathon and a growth part of Marathon. We’re looking for additional growth opportunities, both working organizationally and through acquisition opportunities. That’s going to be an important part of our strategy going forward.”
Marathon created a special committee last year to review the Speedway chain with the help of an independent financial adviser. The company had been under pressure to consider a spin-off after hedge fund Elliot Management Corp., one of the company’s largest shareholders, argued that Marathon’s stock was undervalued.
But after a a lengthy review, Marathon’s board unanimously voted to keep Speedway under Marathon’s umbrella.
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