EzFill Holdings, Inc., a provider of mobile fuel solutions, announced that it has signed an agreement to acquire the assets of mobile fuel delivery service Full Service Fueling Inc. in West Palm Beach, Florida.
Following the acquisition, EzFill noted that it will be poised to expand its operations beyond the Miami area to cities throughout Florida, beginning with Tampa and West Palm Beach in March, followed by additional markets over the next few months.
Since completing its IPO in September, EzFill has been using the net proceeds in part to gain additional market share in Florida, as well as other targeted U.S. markets. The Company recently announced the purchase of 33 additional fuel trucks, more than tripling the size of its delivery fleet, to support these expansion efforts.
“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,” said Mike McConnell, CEO of EzFill. “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.”
Upon closing, EzFill will acquire the trucks, customers, and other assets of Full Service Fueling, an affiliate of Palmdale Oil Company. In connection with the purchase of the assets, EzFill will execute an operating and supply agreement with Palmdale, one of the largest wholesale suppliers in the State of Florida. Palmdale will serve as one of the main fuel suppliers for EzFill throughout Florida, with preferred pricing on all fuel purchases. Palmdale will also provide EzFill with access to vehicle parking at their locations throughout the state.
“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,” said Kendall Cheatham, Vice President of Palmdale and founding President of Full Service Fueling. “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 acquisition is subject to customary closing conditions. Additional details about the transaction can be found in the Company’s Form 8-K, which the Company will file on or about the date of this press release.