Quarles Petroleum closes acquisition of Dixie Gas & Oil

October 28, 2020 By    

Quarles Petroleum, a regional provider of residential and commercial fuels headquartered in Fredericksburg, Virginia, purchased the propane and petroleum operations of Dixie Gas & Oil.

Dixie Gas & Oil Corp. is a third-generation, family-owned propane, commercial fuels and home heating oil distributor based in Verona, Virginia.

“I’m pleased to share the news that Quarles has acquired the propane and petroleum operations of Dixie Gas & Oil Corp. from the Earhart family,” says Paul Giambra, president and CEO of Quarles Petroleum. “As family-owned businesses, our companies share the same core values of service to our customers and giving back to community. We look forward to working with Dixie’s associates and welcoming them and Dixie’s customers to the Quarles family.”

Established as Dixie Bottle Gas Co. in 1946 by Dennis Earhart and his father, Roy, the firm initially provided propane cylinder exchange services during the post-World War II housing boom. Since then, the company has evolved into a provider of products and services in the areas of propane, heating oils, motor fuels and lubricants, and serves more than 10,000 residential customers across 17 counties in central and western Virginia, according to Quarles.

“We believe that Dixie’s customers will be in great hands with Quarles,” says Christopher Earhart, president of Dixie Gas & Oil. “Our family has invested 75 years in Dixie; we’re pleased that the Quarles family has a similar history in the industry and, as a family-owned firm, understands our commitment to our customers.”

Matrix Capital Markets Group, an independent investment bank, provided merger and acquisition advisory services to Dixie Gas & Oil, including valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction.

The transaction was managed by Vance Saunders, managing director; Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, vice president; and Ned Farley.

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About the Author:

Carly Bemer (McFadden) was the managing editor at LP Gas magazine.

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