Riveria Investment Group has bought a minority stake in Empire Petroleum Holdings. Financial terms were not announced. Rockville, Md.-based Empire, an East Coast distributor of fuel and petroleum products, will use the funds to recap an existing shareholder and to finance its acquisition of Mountain Express Oil Co. Riveria is a New York PE firm.
Riveria Investment Group (“Riveria”), a New York City based private equity firm, has acquired a minority stake in Empire Petroleum Holdings (“Empire”), a leading U.S. East Coast distributor of fuel and petroleum products. The funds will be used to recapitalize an existing shareholder and finance the strategic acquisition of Mountain Express Oil Company. Post-acquisition, Empire will double its distribution volume to approximately 200 million gallons of fuel per annum.
With the acquisition of Mountain Express Oil Company, Empire will be well positioned to embark upon a major expansion plan throughout the U.S. through both organic and inorganic growth. Riveria will be working with Sachs Capital and assisting Empire in developing and executing a growth strategy, identifying follow-on acquisitions and funding future purchases.
The transaction represents Riveria’s first investment, and a major milestone for the private equity firm founded in February 2010.
About Empire Petroleum Holdings
Founded in 1998, Empire Petroleum Holdings is the leading distributor of fuel and fuel products on the U.S. East Coast. The Company operates as a wholesaler between petroleum companies and retail gas stations. Empire distributes over 170 million gallons annually and has operations in Washington D.C., Maryland, North Carolina, Virginia, Georgia and Kentucky and Tennessee. Currently, the Company distributes branded products for Sunoco, BP/Amoco, Getty/Lukoil and some unbranded products from Valero, Murphy, ConocoPhillips, and Southern States. Empire Petroleum is known for its hands-on service, technological savvy and is recognized by suppliers and customers for its expertise and dedication to growing its market presence and volume. Empire is headquartered in Rockville, MD. (www.empirepetroleum.com)
About Riveria Investment Group
Founded in February 2010 by former investment banker and private equity investor Tj Gupta, Riveria Investment Group is a growth focused private equity firm that acquires and invests in middle-market companies based in the United States. The group has a primary focus on growing companies with a history of positive operating cash-flows and seeks transactions that present unique investment opportunities in industries experiencing significant growth. Riveria actively engages in the operations of portfolio companies by collaborating with management and implementing executive operating partners to grow its investments. The company is headquartered in New York, NY, with satellite operations in Washington, D.C. (www.riveriagroup.com)