The acquisition of Anderson Oil also includes seven wholesale fuel dealer locations.
COLUMBIA, S.C. — Pops Mart Fuels LLC is expanding its footprint in South Carolina with the addition of 14 convenience stores from Anderson Oil Co. Inc.
As part of the transaction, Pops Mart will also acquire one c-store that is currently under construction, in addition to Anderson Oil's seven wholesale fuel dealer locations. The latter's business headquarters and staff will remain in Barnwell, S.C.
The deal will bring Pops Mart's c-store count from 24 to 39. Current locations serve in and around the Columbia, Newberry and Winnsboro, S.C., markets.
"The acquisition of Anderson Oil was a perfect fit geographically as their stores go from Columbia to the south and Pops Mart stretches from Columbia to the north," said Pops Mart CEO Don Draughon. "As part of the acquisition, Pops Mart not only added more Shell locations but added the Exxon and BP brands to its fuel offerings. Pops Mart with a total of 39 operating convenience stores plans to continue its growth through acquisitions."
Anderson Oil was founded in 1897 as a small town local general merchandise store in Williston, S.C. In 1915, the Anderson Mercantile Store began selling bulk kerosene and gasoline purchased from Esso in Charleston, S.C. Fifteen years later, Anderson acquired the right to sell Shell Oil products and in 1941 became a Texaco fuel supplier.
The company continued to grow the wholesale fuel and filling station businesses through the 1960s and into the 1980s when Terrill Tuten was hired in 1981 to manage the gas station side of the business. He ultimately became a partner with Anderson Oil in 1989.
In October 2004, Tuten became the owner of Anderson Oil and began the growth of the company to its present operation of 14 company-operated stores, multiple dealers and wholesale fuel business.
According to Terrill, the experience of beginning his career with Anderson Oil as a manager and ultimately becoming the owner of "such a prestigious oil company with deep roots in South Carolina was like a dream come true."
With the sale of Anderson Oil, Terrill plans to spend more time fishing and enjoying time with this wife and grandchildren.
Terry Monroe, president of American Business Brokers & Advisors, provided merger and acquisition advisory services to Pops Mart and Anderson Oil, which included advisory on valuation, negotiations and transactional closing.