M&A Deal Summary

Quarles Petroleum Acquires Northern Neck Oil

On October 13, 2015, Quarles Petroleum acquired oil/gas exploration company Northern Neck Oil from Petroleum Marketers

Acquisition Highlights
  • This is Quarles Petroleum’s 2nd transaction in the Oil/Gas Exploration sector.
  • This is Quarles Petroleum’s 2nd transaction in the United States.
  • This is Quarles Petroleum’s 2nd transaction in Virginia.

M&A Deal Summary
Date 2015-10-13
Target Northern Neck Oil
Sector Oil/Gas Exploration
Buyer(s) Quarles Petroleum
Sellers(s) Petroleum Marketers
Deal Type Divestiture

Target

Northern Neck Oil

Warsaw, Virginia, United States
Northern Neck Oil Co., Inc. is a provider of heating oil, gasoline and diesel products to both residential and commercial customers.

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Buyer(S) 1

Buyer

Quarles Petroleum

Fredericksburg, Virginia, United States
Category Company
Founded 1940
Sector Oil/Gas Exploration
DESCRIPTION

Quarles Petroleum, Inc. is a provider of oil and gas exploration services. It major product lines are residential propane and oil, commercial delivered fuels, fleet card sites and services, and lubricants.

DEAL STATS #
Overall 2 of 5
Sector (Oil/Gas Exploration) 2 of 5
Type (Divestiture) 2 of 3
State (Virginia) 2 of 5
Country (United States) 2 of 5
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-13 Whiting Oil

Culpeper, Virginia, United States

Whiting Oil Co. is a provider of heating oil, gasoline and diesel products to both residential and commercial customers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-12-04 Revere Gas

Hartfield, Virginia, United States

Revere Gas is One of the largest retail propane distributors in the state of Virginia, Revere Gas was established in 1942 by H.L. Revere to meet the increased demand for locally provided, clean energy. Today, Revere serves over 25,000 residential, commercial, agricultural, industrial and governmental customers from field offices in Burgess, Fredericksburg, Gloucester, Hartfield, Oilville/Richmond, Providence Forge, Warsaw and Williamsburg and a rail terminal in West Point, Virginia.

Buy -

Seller(S) 1

SELLER

Petroleum Marketers

Roanoke, Virginia, United States
Category Company
Founded 1950
Sector Retail
DESCRIPTION

Petroleum Marketers, Inc. operates two primary lines of business: convenience stores and petroleum products distribution. In its convenience store business, PMI operates 85 convenience stores and 9 co-located branded quick service restaurants located primarily along the Interstate 81 corridor in Virginia, with a concentration in the Roanoke, VA area. The petroleum products business distributes motor fuels and other petroleum products to customers throughout Virginia, West Virginia, Tennessee and North Carolina.

DEAL STATS #
Overall 2 of 2
Sector (Oil/Gas Exploration) 2 of 2
Type (Divestiture) 2 of 2
State (Virginia) 2 of 2
Country (United States) 2 of 2
Year (2015) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-10-13 Whiting Oil

Culpeper, Virginia, United States

Whiting Oil Co. is a provider of heating oil, gasoline and diesel products to both residential and commercial customers.

Sell -
Mergr

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