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NEW TAZEWELL, Tenn. -- Longtime BP wholesaler C.A. Torbett Inc., based here, has been acquired by multi-branded distributor Fuel American Freedom LLC of Madison, Ga. The purchase price was undisclosed.
Founded in 1931, C.A. Torbett serves retail and commercial customers throughout northeastern Tennessee. "My wife Mary Lou and I are happy the legacy that was started so many years ago by my father will continue into the future," stated C.A. "Bud" Torbett. "Knowing that the business and our employees are in good hands enables us to step away and do some of the things that we’ve always wished we had the time to do. Besides simply enjoying our new found freedom, I’m looking forward to helping a local charity here in New Tazewell."
Fuel American Freedom LLC is a Georgia-based wholesaler of BP, Chevron and Liberty branded fuels. "This acquisition represents an important piece of our overall growth strategy," stated Tom DuPree, managing member of Fuel American Freedom. "We are sincerely excited about the prospect of serving our existing and new customers, as well as being a part of the Northeast Tennessee community.
"The company’s trained and motivated employees were a big deciding factor in our decision to make the acquisition. This is a testament to the quality values that Bud instilled in the business and his team throughout the years," he continued.
According to Fuel American Freedom's Web site, the company's goal is "to help Americans exercise their God-given freedom of choice by transitioning from an import-dependent, petroleum-only fuel for our vehicles to import-independent petroleum blends for our vehicles, as we consistently grow our economy."
A call by CSNews Online to Fuel American Freedom was not returned by press time.
The sale was facilitated by PetroProperties & Finance LLC of Coral Gables, Fla. "As this deal attests, the longer that we work with jobber divestitures, especially multifaceted operators having bulk plants, commercial and dealer customers and other real estate, the more we learn," said Mark Radosevich, president of PetroProperties & Finance. "No two transactions are alike and they all have interesting twists and unique challenges."
"Yet I’ve come to believe that if a wide enough net is cast, every seller will find an appropriate buyer, like a hand in a glove. Few things in business compare with the satisfaction gained by helping good folks like Bud and Mary Lou optimally exit, while enabling guys like Tom DuPree to achieve their personal business building goals."
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