With Second Deal, SCV Seeking ‘Critical Mass’
Acquires five c-stores in Virginia, Tennessee from Florida’s Sunshine Fuel
WALTERBORO, S.C. -- In its second transaction this year, SCV Oil LLC has successfully concluded the acquisition of a package of five convenience stores located in western Virginia and northeastern Tennessee from Sunshine Fuel LLC, Palm Beach, Fla.
As reported in a 21st Century Smoke/CSP Daily News Flash, the newly acquired stores will be rebranded to CITGO.
In February, SCV Oil picked up Rhodes Oil Co. Inc.’s four RhodesWay gas stations and convenience stores in South Carolina. With the sale, Rhodes Oil exited the convenience-store business.
Walterboro, S.C.-based SCV Oil, founded by brothers Daniel and Diego Rafael, used that deal as a strategic platform to expand its retail and commercial fuels distribution presence in key areas of the Southeast. The latest deal continues that strategy.
“After completing the Rhodes Oil acquisition earlier this year, we were able to gain an established platform from which to properly manage our growth. This new acquisition in Virginia and Tennessee allows us to expand both our relationship with CITGO and our business footprint in the Southeast,” said Daniel Rafael. “With the added critical mass that these stores provide, we are confident that new growth opportunities will arise that we can take advantage of in the near future.”
Coral Gables, Fla.-based PetroActive Real Estate Services LLC provided advisory guidance for this transaction.