M&A Deal Summary

Quarles Petroleum Acquires PAPCO - Propane Business

On June 27, 2019, Quarles Petroleum acquired oil/gas exploration company PAPCO - Propane Business from PAPCO

Acquisition Highlights
  • This is Quarles Petroleum’s 4th transaction in the Oil/Gas Exploration sector.
  • This is Quarles Petroleum’s 4th transaction in the United States.
  • This is Quarles Petroleum’s 4th transaction in Virginia.

M&A Deal Summary
Date 2019-06-27
Target PAPCO - Propane Business
Sector Oil/Gas Exploration
Buyer(s) Quarles Petroleum
Sellers(s) PAPCO
Deal Type Divestiture

Target

PAPCO - Propane Business

Virginia Beach, Virginia, United States
PAPCO, Inc. - Propane Business serves retail, commercial and industrial customers with fuel, price-risk management products, and fleet card solutions.

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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 4 of 5
Sector (Oil/Gas Exploration) 4 of 5
Type (Divestiture) 3 of 3
State (Virginia) 4 of 5
Country (United States) 4 of 5
Year (2019) 1 of 1
PREVIOUS 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 -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-26 Dixie Gas & Oil

Verona, Virginia, United States

Dixie Gas & Oil Corp. is a third-generation family-owned propane, commercial fuels, and home heating oil distributor. Dixie Gas & Oil Corp. was formed in 1946 and is based in Verona, Virginia.

Buy -

Seller(S) 1

SELLER

PAPCO

Virginia Beach, Virginia, United States
Category Company
Founded 1976
Sector Energy Services and Equipment
Employees150
Revenue 1.0B USD (2015)
DESCRIPTION

PAPCO, Inc. is a provider of fuel, price-risk management products, and fleet card solutions to retail, commercial and industrial customers throughout the Mid-Atlantic region of the United States.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
State (Virginia) 1 of 1
Country (United States) 1 of 1
Year (2019) 1 of 1
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