MORRISTOWN, Tenn. -- Rogers Petroleum has purchased the assets of Arrow Gas & Oil Inc., Oak Ridge, Tenn., adding to its presence in the wholesale fuel distribution market in eastern Tennessee.
Founded in 1980, Rogers Petroleum has four fleet-fueling facilities and six bulk plants and distributes gasoline and diesel fuel to 125 convenience stores in its marketing area. With the acquisition, Rogers Petroleum will distribute more than 155 million gallons of fuel per year to customers in the Southeast. Based in Morristown, Tenn., Rogers serves commercial and other customers in eight states.
Arrow offers a variety of fuels, including biofuels, to customers across eastern Tennessee.
Duane Goin will serve as vice president of business development for Rogers Petroleum. He and his wife, Melissa, were co-owners of Arrow. They purchased the company in 1995 when the business had one truck and three convenience stores. Arrow grew from serving two marinas to 20 and expanded into the construction industry in addition to a lineup of other business segments. In 2000, Arrow bought Brooks Oil in Knoxville, Tenn., adding 10 c-stores.
Arrow now supplies independent dealers but owns no c-stores of its own.
“For Rogers Petroleum, this was a strategic choice and continues our focus on the area of fuel distribution. Arrow has good people and good assets that will make great additions to our organization. There are some real synergies,” CEO Chris Liposky said.
“This marriage increases all segments of our business—commercial, agricultural and dealers, and it brings the Sunoco brand to Rogers Petroleum,” said John Yeager, president of Rogers Petroleum. The company currently offers the CITGO, Exxon and Marathon fuel brands.
The company will add all of Arrow’s employees to the Rogers’ team. “Their expertise will benefit our company and our customers,” Yeager said.
“Our goal throughout the process is to make it easy for Arrow customers to transfer over to Rogers. We are working hard to make it a smooth transition,” said Liposky.
Rogers Petroleum currently markets petroleum products in Tennessee, Kentucky, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida. The company offers a full range of products including branded and unbranded gasoline, ethanol-free gasoline, on-road and off-road diesel, biofuels, and diesel exhaust fluid (DEF).
Last year, Rogers Petroleum purchased a division of BV Oil Co., giving it an established fuel business and facilities in central Florida.
Mark Radosevich, president of PetroActive Real Estate Services LLC, Coral Gables, Fla., provided confidential advisory services to Arrow. The sale closed Nov. 3. The companies did not disclose the terms of the deal.
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