Quarles Petroleum acquires Revere Gas

Quarles Petroleum Inc., a residential and commercial fuel provider for the Mid-Atlantic region headquartered in Fredericksburg, Virginia, agreed to acquire Revere Gas, a third generation family-owned retail propane distributor based in Hartfield, Virginia. The purchase is expected to close by the end of the year.

“The Revere Gas delivery area complements our existing delivery territory in central Virginia and expands our presence in eastern Virginia,” says Quarles Petroleum CEO Paul Giambra in a news release. “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. We look forward to welcoming Revere customers to Quarles, and pledge to deliver the same high caliber of customer service they’ve come to expect.”

Revere Gas was established in 1942 by H.L. Revere to meet the increased demand for locally provided, clean energy, and has become one of the largest retail propane distributors in the state of Virginia, Quarles Petroleum says. Today, Revere serves more than 25,000 residential, commercial, agricultural, industrial and governmental customers, and has field offices in Burgess, Fredericksburg, Gloucester, Hartfield, Oilville/Richmond, Providence Forge, Warsaw and Williamsburg. It also has a rail terminal in West Point, Virginia.

“Our customers and team members will be in great hands,” says Carlton Revere, president and CEO of Revere Gas. “We have been blessed as our business has grown and thrived over three generations based on providing our customers great service at a competitive price. I am pleased that we are able to transition our customers to a company that shares our values and commitment.”

The Revere family will retain ownership of its Hartfield headquarters building to support its other family business ventures.

Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Revere, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, managing director; Vance Saunders, managing director; and John Duni, associate.