While it usually leases properties to independent operators, Coulson Oil plans to operate its newly acquired stores.
After years of supplying gasoline, North Little Rock, Ark.-based Coulson Oil Co. has purchased two convenience stores in the Texarkana, Ark. area, marking a new direction for the company, which chiefly sells fuel, Arkansas Business Online reported.
The North Little Rock, Ark.-based oil company supplies Shell, ConocoPhillips, Valero, Sinclair and unbranded fuel to more than 230 dealer locations, including 100 locations it leases to dealers throughout Arkansas, and 130 open dealers who own their own stores in Arkansas, Tennessee and Oklahoma.
“We own several hundred pieces of real estate,” Coulson CFO Lance West told Arkansas Business Online. “We usually lease those properties to independent operators and have a partnership. We’re going to get back into the realm of operating whole locations for ourselves.”
In August, Coulson Oil formed Coulson Real Estate Group LLC to acquire and develop real estate holdings. At the time, it said opening new stores was a possibility. The company is also remaining open to the possibility that some of its holdings may have a better use serving as something other than c-store locations.
Coulson Oil Co. is the 20th largest private company in Arkansas, according to Arkansas Business’ latest list of the state’s largest private firms, with $525 million in 2010 revenue.
CSD interviewed in Eddie Martin, president of Coulson Oil Real Estate Group, in October to learn more about the company’s plans following the development of its new real estate arm: http://www.csdecisions.com/2011/10/17/coulson-oil-sets-the-stage-for-expansion/