BP has entered into a deal to acquire X Convenience and its network of over 50 sites in South Australia and Western Australia for an undisclosed sum.
Frédéric Baudry, President BP Australia and Senior Vice President of Mobility, Convenience, and Midstream, Asia Pacific, said the acquisition would enable BP to tap into X Convenience’s local knowledge and convenience expertise.
“This is an exciting day for bp and X Convenience, as we look to bring together two amazing businesses. We look forward to completing this transaction, integrating a high-quality network and learning from the X Convenience team, leveraging offers that resonate so well with their customers.”
Established in 2006 by the Kosmidis family, X Convenience has a range of in-store food offerings, including Coffee Stations, Burger X, Dessert X, and Down Dog ‘N Shakes.
“We’re making our commitment to South Australia clear, by investing in the expansion of our network throughout the state. Through X Convenience and our brilliant partners, bp will provide quality fuel, convenience and card offers to our South Australian and national fleet customers, as we have for decades,” said Baudry.
The proposed acquisition comes hot on the heels of Viva Energy acquiring OTR Group for $1.2 billion earlier this year. As part of the deal, Viva agreed to sell 25 Coles Express sites in South Australia to Chevron.
The acquisition of X Convenience is subject to customary approvals, but should it go ahead, it would expand BP’s network nationally and support BP’s global strategy to double the number of its strategic convenience sites between 2019-2030.
Steven Kosmidis, Director of X Convenience, said he is excited for this next chapter of the business as BP continues to build the X Convenience network and deliver for its customers.
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I had a feeling BP would make such a move in light of other recent events, and unless 7-Eleven is finally about to make a move into the SA market, Mobil will be left in a lurch to say the least.
This will mean an end to cheaper fuel prices in SA. X Convenience kept , OTR and the other bigger resellers under control, bringing lower prices generally to drivers in SA . Of course, BP and OTR have always been the first to put their prices up , and the last to go down, but now they’ll be able to control the prices . We will have to rely on the smaller independents , to keep prices down.