PAPCO Inc. acquires 24 Southeast Virginia gas stations
Virginia Beach-based petroleum marketer PAPCO Inc. has acquired the assets and supply contracts of 23 Shell-branded retail gas stations and one Exxon location in Southeastern Virginia from SMO Inc.
“These retail assets are in our core market in Southeastern Virginia and will be a nice addition to our retail portfolio,” PAPCO President Gary Gilmore said in a statement.
Terms of the deal were not released. PAPCO began servicing the new sites on Aug. 30.
SMO, based in LaPlata, Md., is a subsidiary of The Wills Group Inc. While exiting the Southeast Virginia market, SMO says it will invest in other Virginia assets and continue its core retail marketing activities from Richmond to Wilmington, Del.
“This acquisition provides a great advantage for both PAPCO and these Tidewater retail dealers,” PAPCO’S CEO, John Malbon, said in a statement. “Our product and service capabilities offer significant value that gives our new customers the flexibility to remain very competitive.”