EzFill Holdings to acquire assets of Florida-based Full Service Fueling
EzFill Holdings, a Florida-based mobile fuel delivery service, has agreed to acquire the assets of Full Service Fueling, an affiliate of Palmdale Oil Company, for an undisclosed price.
Based in West Palm Beach, Florida, Full Service Fueling is a mobile fuel delivery service. Its acquisition is expected to help EzFill Holdings grow its operations beyond the Miami area to cities across Florida, starting with Tampa and West Palm Beach this month, followed by more markets over the coming few months.
EzFill Holdings said that after completing its initial public offering (IPO) in September 2021, has been using the net proceeds partly to get additional market share in Florida apart from other targeted markets in the country.
Recently, the mobile fuel delivery service announced the acquisition of 33 additional fuel trucks to increase the size of its delivery fleet by more than three times to support its expansion efforts.
EzFill Holdings to acquire assets of Florida-based Full Service Fueling. Photo courtesy of John R Perry from Pixabay.
Mike McConnell — CEO of EzFill Holdings said: “EzFill’s first post-IPO acquisition will demonstrate our ability to execute upon the Company’s stated mission of providing customers throughout Florida and beyond with its industry-leading mobile fuel delivery services.
“We look forward to introducing residents and businesses in Tampa, West Palm Beach, and other cities to the same exemplary service we have been offering our customers in the Miami area over the past several years.”
After the closing of the deal, EzFill Holdings will buy the trucks, customers, and other assets of Full Service Fueling.
EzFill Holdings will also sign an operating and supply deal with Palmdale Oil Company under which the latter will serve as one of its primary fuel suppliers across Florida. Additionally, Palmdale Oil Company will give EzFill Holdings access to vehicle parking at its locations across the state.
Kendall Cheatham — Vice President of Palmdale Oil Company and founding President of Full Service Fueling said: “We have helped pioneer on-demand fueling in Florida, and we are very optimistic about the future of the industry. We look forward to working with EzFill to support their rapid growth within this industry.
“Our more than 35 years of experience in the market, combined with EzFill’s strong management team, will lead to further success for both companies going forward.”
The closing of the deal is subject to the meeting of customary closing conditions.