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WALTERBORO, S.C. — SCV Oil LLC, a newly formed company, closed on its purchase of Rhodes Oil Co. Inc. in its first-ever acquisition.
The acquisition provides SCV Oil with a strategic platform to expand its retail and commercial fuels distribution presence in key areas of the Southeast, according to a news release issued by PetroActive Real Estate Services LLC, which provided merger and acquisition advisory services to Rhodes Oil.
Included in the transaction are five convenience stores operated under the Mobil and Shell brand names, including four RhodesWay convenience stores and gas stations in Walterboro.
"Being totally new to the fuels distribution industry in the United States, we needed to acquire a company that would provide us with a turnkey operation, including systems and experienced personnel," said Daniel Rafael, co-founder of SCV Oil. "Rhodes Oil really met our needs in that regard. With the experienced Rhodes Oil team, we look forward to assessing new acquisition opportunities in the very near future."
Founded in 1945, Rhodes Oil is one of the oldest multi-generational marketers in South Carolina, focusing on both convenience store operations and commercial fuels and lubricants distribution.
“The oil company was one of the defining elements of our family for so many years," said Bob Smith, CEO of Rhodes Oil. "After much deliberation and soul searching, we all agreed that the time was right to professionally sell the company and turn the page to a new chapter of our lives."
PetroActive President Mark Radosevich said his company is pleased with the transaction. "Our goal with any business divestiture is to achieve a 'win-win' outcome for both the buyer and seller, and I’m happy to report that this transaction seems to have solidly met this goal,” he said.