Cary Oil Co. Inc. has signed a definitive agreement to acquire all of the wholesale distribution rights of DeKalb Petroleum 1 LLC of Duluth, Ga., for an undisclosed price. The transaction is expected to close in mid-May.
Under the terms of the agreement, Cary will begin to service and supply all of DeKalb’s accounts upon the closing date.
“We are delighted to welcome DeKalb’s customers to the Cary Oil family,” said Don Stephenson, president of Cary Oil Co. “Russ Clegg and his team at DeKalb have built a strong portfolio and have worked hard to provide excellent customer service, and we look forward to continue the type of service those customers have come to expect and deserve.”
Added Clegg, owner of DeKalb Petroleum, “Both Cary Oil and DeKalb Petroleum have excellent synergy between their product lines, markets served and the shared goal of providing excellent customer service. We are excited by the prospect of additional resources and an ongoing commitment to quality that Cary Oil will help bring to DeKalb’s customers for many years to come.”
Founded in 1959 and based in Cary, N.C., Cary Oil Co. Inc. is a leading fuel-distribution company in the United States supplying branded and unbranded customers in 18 states. Cary’s customers range from single-site operators to large jobbers who enjoy access to 11 branded suppliers.
BCMS Capital Advisors LLC served as the exclusive financial advisor to DeKalb Petroleum in connection with the transaction.
M&A advisory firm BCMS is a market leader in selling businesses, having completed in excess of 600 deals in the last decade. With North American headquarters in New York City, BCMS runs a global program of seminars, webinars, and business selling advice and insights to help business owners get to grips with the business sale process.