Hawaii's largest roadway paving contractor has bought the owner of the 76 gas station brand in the U.S. state, paid for in shares.
The move, which creates one of the ten largest locally owned for-profit companies in the state, sees Mid Pac Petroleum LLC, a Honolulu-based petroleum marketer and distributor, become a wholly owned subsidiary of Grace Pacific Corp.
The combined company, which will operate under the name Grace Pacific from January 1, will have an annual revenue of about 425 million US dolars and more than 650 employees.
The chairman of Mid Pac Petroleum, Jim Yates, says there'll be no staff layoffs, and this was an opportunity for both companies to combine and diversify earnings.
"Mid Pac will become a wholly owned subsidiary of Grace Pacific and essentially the two will operate independently. Mid Pac will retain its full separate identity, separate employees, and run as it has. In fact for both companies, externally it will be largely transparent both to the public and to the customers. So for all intense and purposes, no one will see a real difference."
Jim Yates declined to comment on the value of the deal which took a few months to finalise.