New Industry Player SCV Oil Acquires More Stores
WALTERBORO, S.C. — SCV Oil LLC completed its acquisition of five convenience stores in western Virginia and Northeastern Tennessee from various related entities of Sunshine Fuel LLC. The newly acquired stores will be rebranded under the CITGO name.
This marks the second acquisition by SCV Oil since it was founded in late 2014 by Daniel Rafael. As CSNews Online reported in February, SCV’s first transaction was the acquisition of Rhodes Oil Co. Inc. Included in that transaction were five convenience stores operated under the Mobil and Shell brand names, including four RhodesWay convenience stores and gas stations in Walterboro.
According to Rafael, the five-store Sunshine Fuel transaction allows the company to greatly expand its reach beyond its Walterboro base.
“After completing the Rhodes Oil acquisition earlier this year, we were able to gain an established platform from which to properly manage our growth. This new acquisition in Virginia and Tennessee allows us to expand both our relationship with CITGO and our business footprint in the Southeast,” stated Rafael. “With the added critical mass that these stores provide, we are confident that new growth opportunities will arise that we can take advantage of in the near future.”
PetroActive Real Estate Services LLC provided advisory services for both of SCV Oil’s acquisitions. “Having assisted SCV Oil with its first acquisition this past February, rarely do we have the pleasure of helping a company make a second successful transaction in the same year. This is a testament to SCV’s commitment to acting decisively when opportunities arise that fit their strategic growth plan,” said Mark Radosevich, president of PetroActive Services.
Terms of the Sunshine Fuel transaction were not disclosed.