Southeast Petro Moves Into South Carolina With SCV Oil Pact
WALTERBORO, S.C. — Southeast Petro Distributors Inc. added the retail assets of SCV Oil LLC to its portfolio. The acquisition moves the petroleum marketer into South Carolina for the first time.
Previous to the deal, Cocoa Beach, Fla.-based Southeast Petro Distributors served more than 400 retail customers throughout Florida, Georgia and Alabama.
"We are excited for this opportunity to enter the state of South Carolina and to now be able to deliver the quality business values that have fostered both our customers' and our business success over the years," said Summit Shah, Southeast Petro's vice president of operations.
"Our goal will be to shine from reflected light by providing our customers with services and support that will truly set us apart in the Carolinas," he added.
The acquisition included four company-operated CITGO and Shell branded convenience stores in Walterboro and Hampton, S.C., and a Dunkin restaurant adjoining one of the Walterboro stores.
Walterboro-based SCV Oil began operations in 2015 with the acquisition of Rhodes Oil Co. that included the Walterboro and Hampton stores that were part of the Southeast Petro pact.
The transaction completes SCV Oil's strategic industry exit plan, which includes the previous sale of its retail holdings in Tennessee and Virginia, and the sale of its commercial fuels and lubricants operation earlier this year.
PetroActive Real Estate Services LLC provided confidential advisory services to SCV Oil for both its strategic plan development and the business component divestitures.
"I've been personal friends with both Summit Shah and his father Mike for almost 20 years. We can't be more pleased that they were the successful buyers of the SCV assets and we look forward to helping them expand their business into the future," said Mark Radosevich, president of PetroActive Real Estate Services.
Management and coordination of this transaction was handled by Jim Bosworth, director of advisory services.
"Working a complete divestiture of a multi-faceted business like SCV Oil had created is never an easy task. It helps tremendously when a key buyer is sophisticated and knows the ins and outs of a retail petroleum transaction. Southeast Petro certainly fit the bill in this regard," Bosworth said.