Family-owned Virginia fuel businesses to combine
Fredericksburg-based Quarles Petroleum Inc. has signed an agreement to acquire Revere Gas, a Virginia propane gas distributor.
The purchase is expected to close by the end of the year. Financial details of the deal were not disclosed.
“The Revere Gas delivery area complements our existing delivery territory in Central Virginia and expands our presence in Eastern Virginia,” Paul Giambra, the CEO of Quarles Petroleum, said in a statement. “As family-owned businesses, our companies share the same core values of providing superior service to our customers and giving back to the communities we serve.”
Revere Gas, based in Hartfield in Middlesex County, is one of the largest retail propane distributors in Virginia. The family-owned company was established in 1942 by H.L. Revere.
Revere serves more than 25,000 residential, commercial, agricultural, industrial and governmental customers. It has field offices in Burgess, Fredericksburg, Gloucester, Hartfield, Oilville/Richmond, Providence Forge, Warsaw and Williamsburg. The company also has a rail terminal in West Point.
The Revere family will retain ownership of the Hartfield headquarters building to support other business ventures.
Established in 1940 in Warrenton, Quarles Petroleum provides propane and heating oil, commercial services and fleet fueling services.
It serves customers in Virginia, Maryland, Delaware, West Virginia, Pennsylvania and North Carolina.