Quarles Petroleum Acquires Revere Gas' Propane Distribution & Rail Terminal Assets
FREDERICKSBURG, Va. — Quarles Petroleum Inc. closed out 2018 by closing on its acquisition of Revere Gas, a third generation, family-owned retail propane gas distributor based in Hartfield.
"The Revere Gas delivery area complements our existing delivery territory in central Virginia and expands our presence in eastern Virginia," said Paul Giambra, CEO of Quarles Petroleum. "As family-owned businesses our companies share the same core values of providing superior service to our customers and giving back to the communities we serve. We look forward to welcoming Revere customers to Quarles, and pledge to deliver the same high caliber of customer service they've come to expect."
Quarles is a regional provider of residential and commercial fuel headquartered in Fredericksburg.
H.L. Revere founded Revere Gas in 1942. Under the leadership of the late Charles Revere and his sons, Carlton Revere, president and CEO, and Craig Revere, executive vice president, the company expanded its marketing presence across eastern and central Virginia, operating eight branch offices, plus a rail terminal.
Revere Gas serves over 26,000 residential, commercial, agricultural, industrial and governmental customers in 32 counties.
"Lots of emotions were involved in making our decision to divest. While those emotions are important, there are business interests that need to be organized. Any family business considering to make such a change must have professionals that advise them well in advance of the ultimate sale. I could not dream of attempting a deal alone," Carlton Revere said.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Revere, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Spencer Cavalier, managing director; Vance Saunders, managing director; and John Duni, associate.
"The Matrix team are well versed in the intricacies of our industry and gave us good counsel as we navigated the transaction. Additionally, we are happy to call the team friends," Carlton Revere added.
Scott Seymour, Dustin DeVore, Greg Davis, Jacob Glasser and Alex Powell of Kaufman & Canoles served as legal counsel for Revere.
Established in 1940 as a one-truck oil company in Warrenton, Quarles Petroleum is a regional provider of residential propane and oil, commercial delivered fuels, fleet card sites and services, and lubricants. The family-owned firm serves customers in Virginia, Maryland, Delaware, West Virginia, Pennsylvania and North Carolina.