Petroleum Consolidators of America, Inc., West Palm Beach, Fla., a gasoline station and c-store operator has formed a capital raising agreement with a southwest Florida-based broker-dealer for $15,000,000 in financing.
The company said it is implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities and wholesale fuel distributorships that will benefit from substantial operating efficiencies.
“We are extremely excited to have entered into our capital raising agreement with this boutique investment banking firm,” said David Cohen, president and CEO of Petroleum Consolidators. “This financing engagement is a critical milestone in our company’s history. It sends a clear and positive message to our industry that we will have the resources to continue moving forward with our business plan to build a regional presence of gasoline stations with convenience stores and a wholesale fuel business.”
Cohen added that he is confident the funds will be used efficiently to maximize Petroleum Consolidators revenue and profitability as the company continues to pursue strategic opportunities in the industry.