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VIENNA, Ill. -- Long-time Southern Illinois petroleum marketer, Veach Oil, announced that it has completed the sale of its 17 Short Stop retail sites to the Alchemist Corp.
"This new acquisition has provided us with a solid foothold for future expansion in Central and Southern Illinois. Due to the friendly and cooperative support offered by the Veach family, we were able to rapidly work through the many issues that usually surround a deal of this nature," said Ravi Singh, president of Chicago-based Alchemist.
Outgoing Veach Oil president John Veach commented, "Because of the professionalism of all parties involved, we were able to expedite the sales process quickly and with a minimum of stress. We're happy that the new owners are committed to carrying on the business tradition that my grandfather began so many years ago when petroleum products were delivered by mule-drawn wagon."
The deal was facilitated by PetroProperties & Finance of Coral Gables, Fla.