Rogers Petroleum Adds Sunoco Brand With Latest M&A Deal
MORRISTOWN, Tenn. — Rogers Petroleum has added the assets of Arrow Gas & Oil Inc. to its wholesale fuel distribution portfolio.
With the acquisition, Rogers Petroleum will distribute more than 155 million gallons of fuel per year to customers in the Southeast. Headquartered in Morristown, Rogers serves commercial and other customers in eight states and has facilities across East Tennessee.
"For Rogers Petroleum, this was a strategic choice and continues our focus on the area of fuel distribution," said Rogers Petroleum CEO Chris Liposky. "Arrow has good people and good assets that will make great additions to our organization. There are some real synergies there."
According to Rogers Petroleum President John Yeager, the company will add all of Oak Ridge-based Arrow's employees to the Rogers' team.
"Their expertise will benefit our company and our customers," Yeager said. "This marriage increases all segments of our business — commercial, agricultural, dealers and brings the Sunoco brand to Rogers Petroleum."
The sale closed Nov. 3. Terms were not disclosed.
"Our goal throughout the process is to make it easy for Arrow customers to transfer over to Rogers. We are working hard to make it a smooth transition," Liposky added.
Duane Goin will serve as vice president of business development for Rogers. He and his wife, Melissa, were co-owners of Arrow.
"We are very excited about partnering up," Goin said. "It's an opportunity to go to the next level with Rogers. This places us at the front of the commercial market in the region, and it's a great opportunity for growth. We will take care of the customer 24 hours a day, seven days a week."
Confidential advisory services were provided to Arrow by Mark Radosevich, president of PetroActive Real Estate Services LLC.
Rogers Petroleum currently markets petroleum products in Tennessee, Kentucky, Virginia, West Virginia, North Carolina, South Carolina, Georgia, and Florida. The company offers a full range of products, including branded and unbranded gasoline, on-road diesel, off-road diesel, biofuels, ethanol-free gasoline and diesel exhaust fuel.
The company has four fleet fueling facilities and six bulk plants and distributes gasoline and diesel fuel to 125 convenience stores in its marketing area.
Last year, Rogers purchased a division of BV Oil Co., giving Rogers an established fuel business and facilities in central Florida. Florida is the third-largest gasoline market in the United States.
The Goins purchased Arrow in 1995 when the business had one truck and three convenience stores. Arrow grew from two marinas served to 20 and expanded into the construction industry in addition to a lineup of other business segments. In 2000, Arrow bought Brooks Oil in Knoxville, adding 10 convenience stores.