Gristedes Owner Ventures Into Oil

John Catsimatidis, owner of the Gristedes supermarket chain in New York, has taken control of Sem-Group, a refined oil products and marketing transport company based in Tulsa, Oklahoma. Catsimatidis, who was born in Greece and educated in Brooklyn, NY, had an estimated net worth of $2.1 billion prior to the economic decline in mid-September 2008 according to Forbes Magazine.

The Wall Street Journal (December 31, 2008) reported that the Gristedes owner “is no stranger to the oil sector.” He acquired the United Refining Company of Pennsylvania in 1986, taking it out of bankruptcy at that time. He is also taking Sem-Group out of bankruptcy with the aid of approximately $450 million that he has raised for the purpose.

Catsimatidis is rumored to be considering a run for Mayor of New York at some point in the future. He maintains an office in the so-called “Hell’s Kitchen” section of Manhattan.