Virginia Beach, Va.-based petroleum marketer PAPCO Inc. has acquired the “Tidewater Retail Assets” which consists of 23 Shell branded retail gas stations and one Exxon location, from SMO Inc. a wholly-owned subsidiary of The Wills Group, Inc.
“We are very excited about the SMO acquisition,” said PAPCO President Gary Gilmore. “These retail assets are in our core market in southeastern Virginia and will be a nice addition to our retail portfolio. We look forward to working with this group of retail dealers to continue their ongoing operations and helping them to leverage the supply and marketing strengths of PAPCO.”
SMO has made a strategic decision to exit this market and reinvest in its other Virginia assets. “We are very pleased that PAPCO is serving these retail locations,” said Lock Wills, president and CEO of The Wills Group. “PAPCO is a dynamic and innovative company that has an outstanding reputation in supplying petroleum retailers. These retail dealers will continue to enjoy the same high quality level of service they have always enjoyed,” concluded Wills.
“This acquisition provides a great advantage for both PAPCO and these Tidewater retail dealers. Our product and service capabilities offer significant value that gives our new customers the flexibility to remain very competitive,” commented PAPCO CEO, John Malbon.
PAPCO will begin servicing these sites on Aug. 30. PAPCO Finance Vice President Beth Johnson noted, “The transition will be smooth and seamless as customers are integrated into PAPCO’s operation.”
PAPCO is an energy supplier in the eastern U.S. and markets refined fuels, lubricants, risk management products and fuel card fleet management programs to a broad customer base, which includes industrial, retail, marine, commercial transportation companies (trucking, transit, railroad, marine) and federal, state, and municipal government end users in the eastern U.S.