PetroActive Real Estate Services LLC announced the successful closing on the sale of Rhodes Oil Co. Inc. to SCV Oil LLC.
This represents the first acquisition for newly formed SCV Oil. Founded by brothers Daniel and Diego Rafael, this acquisition provides SCV Oil a strategic platform to expand their retail and commercial fuels distribution presence in key areas of the Southeast.
“Being totally new to the fuels distribution industry in the U.S., we needed to acquire a company that would provide us with a complete turnkey operation, including systems and experienced personnel. Rhodes Oil really met our needs in this regard,” stated Daniel Rafael. “With the experienced Rhodes Oil team, we look forward to assessing new acquisition opportunities in the very near future,” he added.
Founded in 1945, Rhodes Oil is one of the oldest multi-generational marketers in South Carolina, focusing on both store operations and commercial fuels and lubricants distribution.
“The oil company was one of the defining elements of our family for so many years. After much deliberation and soul searching, we all agreed that the time was right to professionally sell the company and turn the page to a new chapter of our lives. My wife and I look forward to enjoying more time with our grandchildren, traveling, hiking and extended stays at our mountain cabin,” said Bob Smith, CEO of Rhodes Oil.
PetroActive Services provided merger and acquisition advisory services to Rhodes Oil, including business assessment and valuation, confidential marketing, and buyer prospect negotiation. The transaction was managed by Mark Radosevich, the company’s president.
“We are very pleased at the successful outcome of this acquisition and the confidence that the Smith family had in us. Our goal with any business divestiture is to achieve a ‘Win-Win’ outcome for both the buyer and seller, and I’m happy to report that this transaction seems to have solidly met this goal,” stated Radosevich.