December 19, 2014 11:11 AM ET

Specialty Retail

Company Overview of Speedway LLC

Company Overview

Speedway LLC owns and operates a chain of gasoline and convenience stores in Ohio, Michigan, Indiana, Illinois, Kentucky, Pennsylvania, Tennessee, West Virginia, and Wisconsin. Its stores sell fuel and merchandise; food products, such as breakfast and lunch sandwiches, pizza, and snacks, as well as grill items, such as hot dogs; and hot and cold beverages. The company also provides gift cards and rewards programs. Speedway LLC was formerly known as Speedway SuperAmerica LLC and changed its name to Speedway LLC in February 2011. The company was incorporated in 1997 and is based in Enon, Ohio. Speedway LLC operates as a subsidiary of Marathon Petroleum Corporation.

500 Speedway Drive

Enon, OH 45323

United States

Founded in 1997

Phone:

937-864-3001

Fax:

937-864-3091

Key Executives for Speedway LLC

President
Age: 61
Vice President of Operations
Chief of Fire Department
Age: 46
National Account Management Representative
Vice President of Marketing
Compensation as of Fiscal Year 2014.

Speedway LLC Key Developments

Speedway LLC Closes Acquisition of Hess' Retail Operations and Related Assets

Marathon Petroleum Corp. announced that on September 30, 2014, its subsidiary, Speedway LLC, closed its acquisition of Hess' retail operations and related assets. The $2.82 billion transaction includes a $2.37 billion base purchase price, capital leases that were cash settled at closing for $263 million, and $194 million of estimated working capital, subject to post-closing adjustments. The transaction was announced May 22, 2014, and includes all of Hess' retail operations, transport operations, and shipper history on various pipelines.

Investors to Collect in Marathon Case $467,709 Award Filed Against Marathon Ashland Petroleum LLC, Speedway Superamerica LLC and Marathon Oil Co. Tied to Gas Stations Reduced to Blight

Nearly two years after a jury ruled in their favor, a group of investors entangled in a lawsuit with Marathon Oil over damaged properties can collect nearly half a million dollars. Bitler Investment Venture LLC, Melching Investment Venture LLC, and Two Portland Properties LLC sued Marathon Ashland Petroleum LLC, Speedway Superamerica LLC and Marathon Oil Co. in December 2004. In their 28-count lawsuit, the plaintiffs claimed that properties they leased to the defendants as commercial gas stations in a number of Michigan and Indiana locations including Angola, Huntington, Ligonier and North Manchester, among others were damaged and left in deplorable conditions by Marathon. After years of bickering back and forth between one another in motions and requests for summary judgment more than 304 entries were filed in the case docket - six properties remained by November, with 22 having been dismissed in favor of Marathon. Those properties in Angola and North Manchester in Indiana, and in Coldwater, Battle Creek, Portland and Owosso in Michigan were the subject of a six-day jury trial in November 2012. At issue was whether the defendants damaged the properties by committing waste and whether the company needed to pay damages to the investors. The U.S. District Court jury in Fort Wayne found that Marathon had damaged the properties, and it awarded $274,000 in damages in amounts ranging from $13,200 for the Coldwater, Michigan, property to $75,800 to the North Manchester property. The jury also found that the investors were not entitled to punitive damages concerning the Angola and North Manchester properties, according to court documents. Even though the investors won their lawsuit, the awarding of the judgment was on hold while the U.S. Court of Appeals reviewed the matter and a modification to the damage award for the sites in Michigan. With those adjustments, the amount of money now owed to the investors is $467,709.08, not including interest. Late last week, the court entered a final judgment order in the case, according to court records.

Hess Corporation, Hess Retail Holdings LLC, Marathon Petroleum Corporation, Speedway LLC - M&A Call

To discuss Marathon Petroleum Corporation's subsidiary, Speedway LLC's definitive agreement with Hess Corporation to acquire Hess Retail Holdings LLC

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 22, 2014
Hess Retail Corporation
Merger/Acquisition
January 3, 2014
Industrial Building at 11801-11811 W. Silver Spring Road
 

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