Cocoa, Fla.-based Southeast Petro Distributors Inc. has acquired the retail assets of SCV Oil LLC.
Founded in 1980, the company has grown to become one of the largest petroleum marketers in the southeast, employing over 170 people, while serving over 400 retail customers throughout Florida, Georgia and Alabama.
This acquisition provides an important strategic foothold to support the company’s growth plans in South Carolina and beyond.
“We are excited for this opportunity to enter the state of South Carolina and to now be able to deliver the quality business values that have fostered both our customers’ and our business success over the years,” said Summit Shah, vice president of operations. “Our goal will be to shine from reflected light by providing our customers with services and support that will truly set us apart in the Carolinas.”
The acquisition included four company-operated CITGO and Shell branded convenience stores located in Walterboro and Hampton, S.C., and a Dunkin Donuts restaurant adjoining one of the Walterboro stores.
With this and the previous sale of its retail holdings in Tennessee and Virginia, and the divestiture of its commercial fuels and lubricants operation earlier in the year, SCV Oil has successfully concluded its strategic industry exit plan.
The company began operations in 2015 with the acquisition of Rhodes Oil Company Inc. that included the Walterboro and Hampton stores that were conveyed to Southeast Petro in this transaction.
PetroActive Real Estate Services provided confidential advisory services to SCV Oil for both its strategic plan development and the subsequent business component divestitures.
Management and coordination of this transaction was handled by Jim Bosworth, director of advisory services.
“Working a complete divestiture of a multi-faceted business like SCV Oil had created is never an easy task. It helps tremendously when a key buyer is sophisticated and knows the ins and outs of a retail petroleum transaction. Southeast Petro certainly fit the bill in this regard.” said Bosworth.
“I’ve been personal friends with both Summit Shah and his father Mike for almost twenty years. We can’t be more pleased that they were the successful buyers of the SCV assets and we look forward to helping them expand their business into the future,” said Mark Radosevich, president of PetroActive Services.