INTERNET CAPITAL GROUP BUYS STAKE IN FUELSPOT.COM
Internet Capital Group, based in Wayne, Pa., has acquired an interest in FuelSpot.com Inc., an online exchange for the crude and refined petroleum industries, for about $7.8 million.
Jim Imbler, FuelSpot.com’s president and chief executive officer, said that “leveraging ICG’s partner company network” would enable FuelSpot.com to grow “through additional acquisitions (and) investments.”
The Internet Capital Group said it expects to invest another $7.8 million into FuelSpot.com, accounting for $15.6 million of $21 million being raised by the exchange. FuelSpot.com is based in North Chelmsford, Mass.