Chesterfield County-based Uphoff Ventures has expanded into Key West and Homestead, Fla., with the purchase of fuel business and convenience store owner Dion Oil Co., founder and owner Steven M. Uphoff announced Monday.
“Twenty years of my oil career has been spent building a family business, so it’s a sincere honor to acquire Dion Oil Company, which was established in 1948 and has been continuously operated by the Dion family,” said Uphoff, founder of the Uppy’s convenience-store chain (now Circle K stores) and former president and CEO of Southside Oil.
The purchase price was not disclosed.
With the acquisition, Uphoff Ventures bought one Dion grocery store and 11 operating convenience stores — including one new site under construction in Key West — with all locations branded “Dion Quik Marts.” The deal also includes the acquisition of dealer-served fuel sites and a Citgo bulk oil and lubes business. Uphoff Ventures also assumed the wholesale fuel supply contracts with ExxonMobil, Citgo, Marathon and Chevron from Dion Oil.
“We are extremely pleased that Uphoff Ventures is moving forward with this transaction, which continues the legacy of my parents,” said Suzanne Dion Banks, CEO of Dion Oil Co. “Customers of Dion retail sites will be pleased to know that our world-famous ‘Quik Chik’ fried chicken will become more widely available through Uphoff Ventures beyond the Florida Keys and South Miami-Dade.”
Banks, CEO since 2004, will serve as an adviser during the transition of Dion Oil Co. to Uphoff Ventures.
Uphoff Ventures adds Dion Oil Co. to a growing portfolio of family-owned and operated companies spanning seven states and three countries. The businesses are co-owned by Linda Uphoff, Uphoff’s business partner and wife of 40 years; his daughter, Cassandra Moore; and son-in-law, Steven Moore.
In addition to the core oil and convenience store businesses, Uphoff Ventures diversified its business interests in 2012 by building large, upscale bowling and entertainment venues operated by its partner, Trifecta Management Group, a firm in the restaurant and entertainment industries.
Uphoff Ventures owns six Uptown Alley facilities that are either open, under construction or in development — including one being built in Changzhou, China, which will be the largest bowling facility in that country.
Uphoff is a former CEO of Chester-based Mid-Atlantic Convenience Stores. MACS, as the company is known, was created in 2010 when Catterton Partners, a private equity firm in Connecticut, acquired a majority interest in the Uppy’s chain — founded in 1995 by Steven and Linda Uphoff.