BY SCOTT SHENK THE FREE LANCE–STAR
Quarles Petroleum of Fredericksburg has sold most of its assets to one of the nation’s largest convenience stores and fuel wholesalers.
Arko Corp., a Fortune 500 convenience store holding company based in Henrico, purchased Quarles’ assets for $170 million, according to an ARKO statement.
Quarles was founded by Douglas Quarles Sr. and his son, Douglas Quarles Jr., in Fredericksburg as a one-truck company in 1940. The company has become a supplier to more than 80,000 residential, fleet customers and commercial fuel in Virginia, North Carolina, Maryland, Pennsylvania and Washington.
The ARKO acquisition follows another sale of Quarles assets in June. According to Convenience Store News, Quarles has sold its propane and refined products distribution business to Superior Plus Energy Services.
ARKO takes over Quarles fuel card program, plus unstaffed sites in Virginia, North Carolina, Maryland, Pennsylvania and Washington, D.C.
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According to ARKO, the company has acquired “121 exclusive Quarles-branded card lock sites, management of 64 third-party card lock sites for fleet fueling operations, 46 independent dealer locations, including select dealer sites tenants, and a small transport fleet.
ARKO plans to retain approximately 100 employees from Quarles.
ARKO was founded in 2003 with 169 stores and has since grown to nearly 1,400 stores and over 1,600 wholesale locations in 33 states. ARKO, which joined the Fortune 500 list in May, has made 21 acquisitions since 2013 as part of its aggressive growth strategy, the company said in a press release.
ARKO President and CEO Arie Kotler said the company plans to continue to pursue acquisitions like Quarles.