Pettit Oil Company Announces Significant Strategic Acquisition and Expansion

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Pettit Oil Company is pleased to announce it is acquiring the heating oil and commercial fuel and lubricants distribution assets held within PNEC Corporation which does business as SC Fuels, headquartered in Tacoma, WA.

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This move significantly expands our company’s footprint within Western Washington, especially in the Puget Sound, and Olympic and Kitsap Peninsulas.

Pettit Oil Company is pleased to announce it is acquiring the heating oil and commercial fuel and lubricants distribution assets held within PNEC Corporation which does business as SC Fuels, headquartered in Tacoma, WA. This acquisition also includes PNEC distribution facilities in Bremerton and Everett, WA. The transaction is scheduled to close on February 15, 2013. Terms were not disclosed.

According to Pettit Oil President Jim Tener, “This move significantly expands our company’s footprint within Western Washington, especially in the Puget Sound, and Olympic and Kitsap Peninsulas. Our geographic coverage, array of services, and customer-focused culture is unrivaled within these markets.”

According to SC Fuels' Chief Operating Officer Steven Greinke, “The decision to sell PNEC fits within our larger plan to strategically reposition our company. However, the decision is not taken lightly by our family. Since taking ownership of the company in 1997, PNEC has been a successful business for SC Fuels. This achievement would not have been possible without the strategic focus, hard work, and dedication of PNEC’s outstanding management and employees.”

One of the largest privately held services companies in Washington State, Pettit Oil Company operates distribution facilities in Everett, Lakewood, Hoquiam, Forks, Port Angeles, Port Townsend, and Bremerton, Washington. The company supplies fuels and lubricants to a variety of customers within the marine, commercial, industrial, automotive, retail, and heating oil categories. Featured brands include 76, CAM2, Chevron, Kendall, Phillips 66, Power Service, Shell, Summit, Tesoro, and Texaco. Pettit Oil owns and operates 27 CFN and Pacific Pride cardlock fueling stations and issues fleet fueling cards valid at over 180,000 locations on the CFN, Pacific Pride, and Voyager networks.

Established in 1930 as Southern Counties Oil Co., SC Fuels is the oldest and largest petroleum distributor on the West Coast. Serving over 35,000 customers annually, SC Fuels delivers commercial bulk fuels, wholesale branded fuels, and alternative fuels. SC Fuels also is a leading provider of commercial cardlocks and provides mobile on-site fueling. SC Fuels also is a leading supplier of bulk and packaged lubricants in the United States, offering a full line of premium products, including Chevron, Shell, 76, Phillips 66, Kendall, and Castrol to commercial, industrial, and automotive trades.

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Allison Hewitt
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