"We are very excited about the SMO acquisition” said PAPCO President Gary Gilmore. “These retail assets are in our core market in Southeastern Virginia and will be a nice addition to our retail portfolio."
Virginia Beach, VA (PRWEB) September 04, 2013
Virginia Beach, Virginia based petroleum marketer PAPCO Inc. announced today that it has acquired the “Tidewater Retail Assets” which consists of 23 Shell branded retail gas stations and one Exxon location, from SMO, Inc. a wholly-owned subsidiary of The Wills Group, Inc.
"We are very excited about the SMO acquisition,” said PAPCO President Gary Gilmore. “These retail assets are in our core market in Southeastern Virginia and will be a nice addition to our retail portfolio. We look forward to working with this group of retail dealers to continue their ongoing operations and helping them to leverage the supply and marketing strengths of PAPCO.”
SMO has made a strategic decision to exit this market and reinvest in its other Virginia assets. “We are very pleased that PAPCO is serving these retail locations,” said Lock Wills, President and CEO of The Wills Group. “PAPCO is a dynamic and innovative company that has an outstanding reputation in supplying petroleum retailers. These retail dealers will continue to enjoy the same high quality level of service they have always enjoyed,” concluded Wills.
“This acquisition provides a great advantage for both PAPCO and these Tidewater retail dealers. Our product and service capabilities offer significant value that gives our new customers the flexibility to remain very competitive.” commented PAPCO CEO, John Malbon.
PAPCO will begin servicing these sites on August 30th. PAPCO Finance VP, Beth Johnson noted, “The transition will be smooth and seamless as customers are integrated into PAPCO’s operation.”
PAPCO is a leading energy supplier in the Eastern United States and markets refined fuels, lubricants, risk management products and fuel card fleet management programs to a broad customer base which includes industrial, retail, marine, commercial transportation companies (trucking, transit, railroad, marine) and federal, state, and municipal government end users in the eastern United States. PAPCO backs their value-added services with its secure fuel supply capabilities through proprietary fuel storage locations and supply agreements with an established network of refiners, pipelines, terminals, and transportation providers that have been expanding since 1976.
PAPCO leverages over 30 years of experience in petroleum hedging and product trading to offer innovative price risk management solutions, allowing fuel users to better manage operating budgets and fuel cost. Additionally, PAPCO offers a diverse menu of other product and service solutions including fleet card services, fuel inventory management, on-line account management and storage systems. Through the use of the industry's latest technology, PAPCO provides seamless fuel procurement and inventory management solutions to its clients that bring efficiencies and cost savings to their businesses.
For more information about PAPCO visit http://www.papco.com or call 800-899-0747.
Media Contact: Frank Daniels - frank(dot)daniels(at)papco(dot)com 757-321-4468
About SMO, Inc.
Based in LaPlata, MD, SMO and its parent company, The Wills Group, have been in business since 1926. After the transaction with PAPCO, SMO will continue its core marketing activities in retail from Richmond, VA to Wilmington, DE. Additionally, SMO serves Southern Maryland markets and beyond in home heat, HVAC, commercial fuel.
For more information about SMO please visit http://willsgroup.com.