EzFill Fueling up to Expand Nationally Enters into LOI for the Acquisition of Yoshi Mobility’s Fuel Division
Plans to Begin Operations in Four New States, Expanding Reach Across the U.S.
Miami, FL, Nov. 04, 2024 (GLOBE NEWSWIRE) -- EzFill Holdings Inc. (NASDAQ: EZFL), a leading mobile fueling company, is proud to announce the signing of a non-binding Letter of Intent (“LOI”) to acquire the fueling division of Yoshi, Inc. We believe that this acquisition will mark a significant milestone in EzFill’s strategy to expand its operations and presence across the United States.
Under the terms of the LOI, EzFill plans to acquire Yoshi Mobility’s existing mobile fuel service operations in four key states, including California, Tennessee, Texas, and Michigan, and integrate Yoshi’s assets and customers into its growing infrastructure. With this acquisition, EzFill is expected to not only strengthen its footprint in the existing markets but also initiate an aggressive national expansion plan, positioning itself as a leading player in the on-demand fueling sector. Terms of the transaction were not disclosed.
Based in Nashville, Tennessee, Yoshi Mobility is a major mobility services provider backed by General Motors Ventures, ExxonMobil, and Bridgestone Americas. These strategic investors have been pivotal in establishing Yoshi Mobility as a pioneer and leader in the mobile fueling industry.
CEO of EzFill, Yehuda Levy said, “This acquisition is a strategic step for EzFill as we continue to lead the way in revolutionizing mobile fueling services across the U.S. With Yoshi, we gain access to new markets, fantastic field technicians and a loyal customer base, allowing us to scale our operations and provide exceptional fueling services nationwide.”
Avi Vaknin, Chief Technology Officer of EzFill, added, “With our technology platform, we expect to be able to seamlessly expand into other states using Yoshi’s existing fleet of trucks. We believe this integration will allow us to quickly scale our operations while maintaining the high level of service and efficiency that EzFill is known for. We are excited about the potential to grow and deliver more fuel solutions to consumers across the country.”
The acquisition reflects EzFill’s ongoing commitment to providing convenient, cost-effective, and environmentally friendly mobile fueling solutions for consumers and businesses.
CEO and Co-Founder of Yoshi Mobility, Bryan Frist said, "Having built our fueling division from the ground up over the past several years, we are delighted to transition this business to a terrific partner and leader in the industry. This milestone will enable our team at Yoshi Mobility to redirect our energy toward developing cutting-edge mobility solutions that address the current and future needs of our fleet customers, including EV charging and virtual vehicle inspections. It’s a true win-win for both companies and most importantly, for our customers."
The potential transaction is subject to entering into definitive agreements which will contain customary closing conditions and is expected to close before the year end.
About EzFill
EzFill is a Miami-based on-demand mobile fueling service that provides fuel delivery directly to consumers and businesses, eliminating the need for traditional gas stations. As one of the largest mobile fuel delivery platforms in the United States, EzFill focuses on convenience, safety, and efficiency for its users.
About Yoshi Mobility
Yoshi Mobility is a tech-enabled mobility services provider. The company has completed millions of vehicle services through its network of certified mobile technicians who provide both on-site and virtual services including EV charging, virtual inspections, and preventative maintenance. To date, Yoshi Mobility has raised more than $60 million with investments from General Motors Ventures, Bridgestone, and ExxonMobil. Other investors include NBA All-Star Kevin Durant, NFL legend Joe Montana, and Y-Combinator in Silicon Valley.
Forward Looking Statements
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Investor Contact
TraDigital IR
John McNamara
john@tradigitalir.com
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