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Speedway Acquisition of Hess Ahead of Schedule

Posted, by Deborah Merkin
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It’s been a little over a year since the Speedway acquisition of Hess Retail Network, and executives are excited that the conversion to the Speedway brand is “significantly ahead of schedule”. Nearly 1,000 of the 1,245 Hess locations have been rebranded to Speedway and 240 have been remodeled or are in the process of being remodeled.

According to Gary Heminger, president and CEO of Marathon Petroleum Corp. (MPC), Speedway’s parent company, “The new locations are performing well and the business is on track to more than double the $75 million in synergies we expected in this first year”. Speedway’s income from operations was up 104% vs. Q3 of 2014, which can be greatly attributed to the newly acquired locations. Merchandise and food sales have also increased. In an interview last year, Speedway CEO Anthony Kenney stated the chain was increasingly competing with fast food restaurants, dollar stores, and drug stores that sell comparable merchandise. At the time of acquisition, the Speedy Rewards customer loyalty program had more than 4 million members. The acquisition means that customers would be able to access Speedway Rewards in far more places than ever before. The rewards program was one of the keys to the acquisition. Speedway company officials indicated, “Speedy Rewards is fundamental to our business model. Being able to leverage Speedy Rewards to drive some of that gasoline traffic to the inside of the store to capture additional marketing opportunities is certainly one of the keys to delivering shareholder value from this acquisition.” Read more on how Speedway acquired Hess and watch how a Hess station is converted into a Speedway!

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