EzFill Fueling up to Expand Nationally Enters into LOI for the Acquisition of Yoshi Mobility’s Fuel Division

Rhea-AI Summary

EzFill Holdings (NASDAQ: EZFL) has signed a non-binding Letter of Intent to acquire Yoshi Mobility's fuel division, expanding operations into California, Tennessee, Texas, and Michigan. The acquisition will integrate Yoshi's assets and customers into EzFill's infrastructure, marking a significant expansion in the mobile fueling sector. Yoshi Mobility, backed by General Motors Ventures, ExxonMobil, and Bridgestone Americas, will transition its fueling operations to EzFill while focusing on developing mobility solutions. The transaction is expected to close before year-end, subject to definitive agreements and closing conditions.

Positive

• Expansion into four new strategic markets across the U.S.
• Acquisition of existing customer base and operational assets
• Integration with established company backed by major industry players
• Geographic diversification beyond current markets

Negative

• Terms and financial details of acquisition not disclosed
• LOI is non-binding, subject to definitive agreements
• Integration risks across multiple new markets simultaneously

Insights

M&A Analyst

This strategic acquisition represents a significant expansion opportunity for EzFill in the mobile fueling market. The deal would expand operations into four new states including major markets like California and Texas, instantly providing geographic diversification beyond their current footprint. While financial terms weren't disclosed, the acquisition brings valuable assets including an existing fleet of trucks, established customer relationships and operational infrastructure.

The backing of Yoshi by major players like General Motors Ventures, ExxonMobil and Bridgestone Americas validates the quality of assets being acquired. For a micro-cap company with a $16.2M market cap, this expansion could be transformative if executed well. However, investors should note that this is currently a non-binding LOI, with definitive agreements still pending and various closing conditions to be met.

Industry Strategist

The mobile fueling sector is experiencing rapid growth as consumers and businesses seek more convenient refueling solutions. This acquisition strategically positions EzFill to capitalize on this trend across multiple major markets. The deal structure allows Yoshi to focus on emerging opportunities like EV charging while EzFill gains established operations in key regions.

The integration of Yoshi's existing fleet and customer base with EzFill's technology platform could create operational synergies and economies of scale. However, managing a nationwide expansion will present execution challenges, particularly in maintaining service quality across dispersed operations. The success will largely depend on retaining key personnel and effectively integrating operations.

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

This press release contains “forward-looking statements” Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release except as may be required under applicable securities law.

Investor Contact
TraDigital IR
John McNamara
john@tradigitalir.com

FAQ

What states will EzFill (EZFL) expand into through the Yoshi acquisition?

Through the Yoshi acquisition, EzFill will expand into California, Tennessee, Texas, and Michigan.

When is the EzFill-Yoshi acquisition expected to close?

The acquisition is expected to close before the end of the year, subject to definitive agreements and closing conditions.

Who are Yoshi Mobility's major backing investors?

Yoshi Mobility is backed by General Motors Ventures, ExxonMobil, and Bridgestone Americas.

What will Yoshi Mobility focus on after selling its fuel division to EzFill?

After the sale, Yoshi Mobility will focus on developing mobility solutions, including EV charging and virtual vehicle inspections.