HONOLULU (HawaiiNewsNow) - Grace Pacific Corporation and Mid Pac Petroleum are merging and will create one of Hawaii's largest locally owned companies.
The merger will take effect on January 1, 2011.
As part of the stock-for-stock transaction, Mid Pac Petroleum will become a wholly owned subsidiary of Grace Pacific, but will continue to operate independently. No significant changes will be made in the management, personnel, or operations of the two companies, and the transition will be seamless to customers.
Grace Pacific is the leading Hawaii roadway paving contractor, and Kokooha Investments Inc., the parent of Mid Pac Petroleum, is a Hawaii-based company which operates or supplies fuels for all of the 76 brand gas stations in Hawaii.
The stock-for-stock transaction will create one of the largest locally owned businesses in Hawaii with combined annual revenues in excess of $400 million and more than 650 employees. Mid Pac Petroleum will become a wholly owned subsidiary of Grace Pacific, although both companies will continue to operate as separate businesses.
Walter Dods, Jr., leader of the group of local investors that acquired Mid Pac in 2007, will serve as the new group's vice chairman.
Jim Yates will assume the role of president for the merged entity, while also continuing in his current role as president and CEO of Mid Pac Petroleum.