Rio Vista Energy Partners LP, Houston TX, has acquired Regional Enterprises Inc, a Virginia-based company, for $9 million, according to a Rio Vista news release.
Regional Enterprises principal facilities are located on the James River in Hopewell VA where the company receives bulk chemicals and petroleum products from ships and barges and transfers the products into approximately 10 million gallons of available storage.
Regional also receives product from a rail spur capable of receiving 14 rail cars for transloading of hazardous and non-hazardous liquids for delivery throughout the Mid-Atlantic region. Regional utilizes its fleet of 32 tractors and 50 tanker trailers to distribute various products it receives as well as to perform direct hauling operations on behalf of customers.
Founded by Gary Farrar Jr and partners at the time, Regional Enterprises has operated for 34 years and has approximately 50 employees. For the fiscal year ended October 31, 2006, the company recorded estimated revenues of approximately $7.1 million.