CARY, N.C. -- Cary Oil Co. Inc. has signed a definitive agreement to acquire all of the wholesale distribution rights of Southern Gas & Fuels Inc., Ladson, S.C., along with the transportation assets of Southern Tank Line LLC, for an undisclosed price.
The companies expect the transaction to close in early December.
As reported in a 21st Century Smoke/CSP Daily News Flash, under the terms of the agreement Cary Oil will begin to service and supply all of Southern Gas & Fuels' accounts upon the closing date.
"We are delighted to welcome the customers of Southern Fuels to Cary Oil," said Don Stephenson, president of Cary Oil. "Mike Kocak and his team at Southern have worked hard to build a strong portfolio, and we look forward to continue the excellent service those customers have come to expect."
Southern Gas & Fuels was founded in 1982. The company's line of business includes the wholesale distribution of petroleum and petroleum products. It also operates Whitey's Food Express convenience stores and gas stations.
Cary, N.C.-based Cary Oil, founded in 1959, is a leading fuel distribution company supplying branded and unbranded customers in 18 states, from New Mexico to Pennsylvania. Its customers, with a total of approximately 500 branded outlets, range from single-site operators to large jobbers, with access to 11 branded suppliers.
Cary Oil was founded in 1959 with a plan to be a provider of home heating oil. Beginning as a single tankwagon operation in Cary, N.C., it has expanded into a national leader in refined fuel distribution. In the decades since, the company has grown as a distributor of wholesale fuels covering 18 states from Pennsylvania to New Mexico. Adding branded motor fuel marketing to its product slate beginning in the 1970s, Cary Oil now serves nearly 500 branded outlets representing 12 major brands.
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