SC Fuels Sells Business to Pilot Co.
ORANGE, Calif. — Southern Counties Oil Co. dba SC Fuels has sold its business to Pilot Co. in a transaction managed by Matrix Capital Markets.
SC Fuels, the oldest petroleum distributor on the West Coast, delivers branded and unbranded gasoline, diesel fuel, alternative fuels, lubricants and other petroleum products. It also offers fleet card programs and operates 47 proprietary cardlock locations.
Originally founded in 1930 as a Signal Oil distributorship, Orange-based SC Fuels grew into one of the largest family-owned petroleum distributors in the United States. Franke H. Greinke acquired the original distributorship in 1965, renaming it Greinke Petroleum. In 1972, the company opened its first fleet card site, which evolved into a modern-day cardlock location. Following a period of rapid growth, Frank H. again changed the company name in 1976 to Southern Counties Oil.
Frank H.'s son, Frank P. Greinke, stepped up as president in 1987 and acquired full ownership of the company in 1991. He expanded the company beyond southern California into several western states, which prompted the creation of the SC Fuels name in 2003.
In 2009, Frank P.'s son Steven Greinke was promoted to chief operating officer and subsequently became CEO. He continued the company's growth while also significantly enhancing operational performance.
"After much consideration, the Greinke family made the difficult decision to sell SC Fuels," Steven Greinke said. "The SC Fuels team has done an impeccable job building and strengthening our geographic footprint within our core markets. We look forward to the continued opportunities and growth under Pilot."
Knoxville-based Pilot Co. operates more than 800 retail and fueling locations. It is the third largest tanker fleet in North America, supplying more than 12 billion gallons of fuel per year.
"We welcome the entire SC Fuels team to the Pilot Co. family and look forward to working alongside the SC Fuels executive leadership, which will remain in place," said Brad Jenkins, senior vice president of supply and distribution for Pilot. "This move strengthens Pilot Co.'s supply infrastructure and fueling network across the West Coast."
Matrix provided merger and acquisition advisory services to SC Fuels, including valuation, transaction execution, and assistance with the negotiation of the sale.
"We have had the honor of working with Steve and his extremely talented executive management team over the last several years on various projects," said Spencer Cavalier, co-head of Matrix's downstream energy and convenience retail investment banking group. "Matrix has always admired the Greinke family's legacy of entrepreneurship, commitment to its employees, and charitable endeavors. We wish the Greinke family great success with their future endeavors."