KNOXVILLE, Tenn. — In a deal that strengthens its supply infrastructure, Pilot Co. has acquired Southern Counties Oil Co. LP, doing business as SC Fuels. The company operates 47 proprietary cardlock locations and delivers branded and unbranded gasoline, diesel fuel, alternative fuels, lubricants and other petroleum products, as well as offering fleet card programs, to more than 11,000 customers in 10 states.
Founded in 1930 as a Signal Oil distributorship, SC Fuels is one of the oldest and largest family-owned petroleum distributors in the United States. In 1965, Frank H. Greinke, who had worked for Standard Oil of California (now Chevron), acquired the original distributorship and renamed it Greinke Petroleum. In 1972, the company opened its first “fleet card” site that evolved into the modern day cardlock location. Following a path of rapid growth, Grienke changed the name of the company to Southern Counties Oil in 1976.
In 1987, his son, Frank P. Greinke became president, and he acquired full ownership of the company in 1991. He grew it beyond southern California and into several western states, prompting the adoption of the SC Fuels name in 2003. SC Fuels launched a period of growth, both organically and through acquisitions.
Greinke also made significant contributions to the retail petroleum industry on a national level. He was former president of the Society of Independent Gasoline Marketers of America (SIGMA) and past recipient of the SIGMA Distinguished Marketer Award, a recognition given only to a very select few in the industry by their peers.
In 2009, Frank P. Grienke’s son, Steven Greinke, was promoted to COO and has risen to chief executive officer.
“After much consideration, the Greinke family made the difficult decision to sell SC Fuels,” Steven Grienke said. “The SC Fuels team has done an impeccable job building and strengthening our geographic footprint within our core markets. We look forward to the continued opportunities and growth under Pilot.”
- Pilot is No. 13 on CSP’s 2021 Top 202 ranking of U.S. c-store chains by store count.
Founded in 1958, Knoxville, Tenn.-based Pilot is one of the leading suppliers of fuel and the largest operator of travel centers, with more than 800 locations across North America. It supplies more than 12 billion gallons of fuel per year.
“We welcome the entire SC Fuels team to the Pilot Co. family and look forward to working alongside the SC Fuels executive leadership, which will remain in place,” said Brad Jenkins, senior vice president of supply and distribution for Pilot. “This move strengthens Pilot Co.’s supply infrastructure and fueling network across the West coast.”
Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to SC Fuels, including valuation, transaction execution, and assistance with the negotiation of the sale. Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, managed the transaction with Sean Dooley, managing director, Andrew LoPresti, vice president, and Nate Wah, associate.
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