Periculum Advises BOC Oil, Inc. in its Sale to Cadence Petroleum Group

Periculum Capital Company, LLC (“Periculum”) is pleased to announce that it served as the exclusive financial adviser to BOC Oil, Inc (“BOC Oil” or the “Company”), a North Charleston, South Carolina based tank wagon distributor of diesel fuel, gasoline, and diesel exhaust fluid (“DEF”) in its sale to Cadence Petroleum Group (“Cadence”), backed by Revelar Capital (formerly known as Wellspring Capital Management, “Revelar”)

Founded in 1977 by Bobby Brunson and his wife Carolyn Brunson, BOC Oil has spent nearly five decades building an unmatched reputation for fast, dependable fuel delivery to construction, commercial, industrial, fleet, and marine customers throughout the Charleston Tri-County area. From its location in North Charleston, BOC specializes in on-site delivery of off-road and on-road diesel as well as gasoline and DEF, helping job sites and local businesses keep equipment and vehicles running on schedule. Ryan Gammons, current owner of BOC Oil, acquired the Company from the Brunsons in 2015 and set about growing BOC Oil through both organic growth initiatives and targeted add-on acquisitions. The Company is now recognized as the leading bulk and wet hosing fuel partner to companies across the Charleston Tri-County area.

Periculum was engaged to run a competitive sell-side process that would maximize the financial outcome for ownership while ensuring the Company and its team members were well-positioned for future growth and continued focus on customer service alongside the right strategic partner. Leveraging its deep relationships with strategic buyers in this market due to past transactions in the space, Periculum positioned the Company as the beachhead of choice for strategic acquirers to penetrate the fast-growing Charleston, SC region due to BOC Oil’s customer relationships, breadth of value-added services, and strong growth momentum. This positioning drove active competition among numerous aggregators in the fuel and lubricant distribution space, culminating in multiple bids that gave ownership a number of options from which to choose in order to best meet its primary objectives. Cadence, a Revelar Capital portfolio company and one of the largest distributors of lubricant, fuel, and other ancillary products in the eastern portion of the United States, was an ideal buyer as it sought to increase the density of its South Carolina lubricant distribution services by adding BOC Oil’s fuel capabilities, assets, and customers. The Company will continue to operate as BOC Oil while leveraging the additional products and services now available as part of Cadence Petroleum Group to best serve its customers moving forward.

“It was a pleasure to work with the team at Periculum Capital,” remarked BOC Oil owner and CEO Ryan Gammons. “They ran a very thorough and robust process that resulted in BOC Oil having several excellent options for potential buyers. This allowed us to find the right fit for our organization moving forward as well as maximized our valuation.”

“BOC Oil is exactly the type of company we look to work with at Periculum in our fast-growing industry practice serving the downstream petroleum market, specializing in distributors and blenders of lubricants, fuel, and propane products,” commented Drew McCuiston, Managing Director at Periculum. “The Company’s leadership team, breadth of services resulting in high gross profit per gallon metrics, and geographic positioning within the broader Sunbelt allowed us to maximize the competitive tension in support of ownership’s desired outcome. We thank Ryan for placing his trust in our team at Periculum.”

Faegre Drinker Biddle & Reath LLP served as BOC Oil’s legal advisor, and KSM (Katz, Sapper & Miller) and BHK (Brown Hiers Kinder) served as the Company’s accounting and tax advisors.

About Periculum Capital Company, LLC
Periculum is a leading investment and merchant banking firm serving the corporate finance needs of middle market companies. The firm was founded in 1998 to provide sophisticated financial advisory and transaction services. Periculum is committed to achieving superior outcomes for its clients by delivering customized investment banking services that maximize value while still meeting clients’ individual goals and objectives. The firm’s primary services include M&A, capital markets, and restructuring advisory, as well as specialized merchant banking services.