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CARY, N.C. — Cary Oil Co. Inc. will acquire all the wholesale distribution rights of DeKalb Petroleum 1 LLC for an undisclosed sum. The transaction is expected to close in mid-May.
Upon closing, Cary will acquire 58 total accounts, 51 of which are wholesaler-dealer accounts, while seven of the sites are under consignment sales agreements. All but two of the accounts are in Georgia, primarily in the northern part of the state, specifically the Atlanta area and surrounding communities.
Jim Bosworth, vice president of real estate and strategic growth for Cary Oil, noted that Georgia is not a new territory for the company. It entered northern Georgia previously when it acquired Triton Marketing Inc.
"DeKalb's footprint complements the previous acquisition nicely and will allow us to expand the utilization of our existing team working that market community," Bosworth told CSNews Online.
Don Stephenson, president of Cary Oil, said he is "delighted to welcome DeKalb’s customers to the Cary Oil family. [Dekalb Petroleum owner] Russ Clegg and his team at DeKalb have built a strong portfolio and have worked hard to provide excellent customer service and we look forward to continuing the type of service those customers have come to expect and deserve.”
BCMS Capital Advisors LLC acted as the exclusive financial advisor to Dekalb Petroleum in connection with the transaction.
"Both Cary Oil and DeKalb Petroleum have excellent synergy between their product lines, markets served, and the shared goal of providing excellent customer service. We are excited by the prospect of additional resources and an ongoing commitment to quality that Cary Oil will help bring to DeKalb’s customers for many years to come," said Clegg.
Founded in 1959 and based in Cary, the fuel distribution company supplies branded and unbranded customers in 18 states. Its customers range from single-site operators to large jobbers.