In the News and on the WireValvoline to Participate in Goldman Sachs Global Retailing Conference on Sept. 6
(BUSINESS WIRE)–Aug 23, 2018–Valvoline Inc. (NYSE: VVV), a leading worldwide supplier of premium branded lubricants and automotive services, today announced that Sam Mitchell, chief executive officer, and Tony Puckett, president, Quick Lubes, will participate in a fireside chat at the Goldman Sachs 25th Annual Global Retailing Conference in New York City on Thursday, Sept. 6, at 10:30 a.m. ET. A live audio webcast of the fireside chat will be available on the company’s website at http://investors.valvoline.comValvoline Chalks Out Plans to Reinforce Quick-Lube Model
Offen Petroleum Announces Pending Combination With Overland Petroleum
Combination Forms Largest Fuel Distributor in the Greater Rocky Mountain Region
Offen Petroleum, a leading independent fuel distributor, announced today that it has signed a binding agreement to acquire the business assets of Overland Petroleum, a respected fuel distributor. Offen Petroleum is a portfolio company of Lariat Partners (“Lariat”), a Denver-based private equity firm, Offen is a provider of motor fuel, lubricants, and petroleum logistics services in Colorado and 12 surrounding states. The combination creates one of the largest fuel distributors in the Greater Rocky Mountain region and will operate as Offen Petroleum.
The transaction is expected to be completed in the third quarter upon completion of regulatory and closing conditions.
Based in St. George, Utah and owned and operated by the Snow and Ipson families, Overland Petroleum is an independent fuel distributor that operates in the Greater Rocky Mountain Region. In recent years, Overland has focused its growth by delivering branded fuel to independent convenience retailers. Overland has focused on the Sinclair brand but also offers Conoco, Phillips 66, and the brands licensed by Andeavor. In addition to these branded relationships, like Offen, Overland distributes wholesale gasoline and diesel fuel to unbranded fuel retailers and commercial customers across the Rocky Mountains and Southwest regions of the United States. Overland controls its own fleet of tankers and currently operates in Utah, Arizona, Nevada, Idaho, Colorado, Wyoming, Montana, and New Mexico.
“As leaders in our core markets, the combination creates a stronger company, better able to optimize the utilization of our fleet assets and expand upon our supplier relationships as we continue to efficiently serve our valued customers,” said Bill Gallagher, CEO of Offen Petroleum. “I am pleased that Darin Snow and Danny Ipson will be joining our expanded leadership team. Further, with a team of 100+ experienced drivers combined with our longstanding supply relationships, modern fleet, scalable processes and systems, and best-in-class team, we will continue to safely deliver superior levels of customer service and a full slate of motor fuel product offering.”
Jay Coughlon, Managing Partner at Lariat Partners, said, “This transformative acquisition nearly doubles the size of Offen and creates a leader in the greater Rocky Mountain region. Since partnering with Bill, Offen has outperformed our expectations with strong organic growth and continued investment in people and systems while maintaining industry leading safety performance. The addition of Overland’s strong management team deepens our already strong executive bench and enhances our ability to continue growing. We continue to pursue acquisition opportunities that will strengthen our existing operations as well as penetrate new geographic markets.”
About Offen Petroleum Offen traces its roots to the 1930s and was acquired by Bill Gallagher and Gwen Stukey in 1997. With Overland, the company will deliver nearly 1 billion gallons of motor fuel annually and will serve as both a branded and unbranded wholesale motor fuel distributor in 12 states. In addition to motor fuels, Offen also sells lubricant products and solutions for the commercial, industrial, and passenger car segments, as well as diesel exhaust fluids used in emission controls. More information on Offen can be found at www.offenpetro.com.
About Lariat Partners Denver-based Lariat Partners is a private equity firm focused on redefining the private equity experience in the lower-middle market. With its People First, Strategy Second relationship philosophy and its CORE investment strategy targeting Consolidations, Consumables and Recurring Revenue businesses, Lariat offers a differentiated approach to partnering with entrepreneurs and growing their middle market businesses. The firm targets companies across a number of industries, including Specialty Distribution, Energy & Environmental Services, Food & Agribusiness, Consumer Products and Maritime Services. For more information, visit www.lariatpartners.netSource: PRNewswire
Burckhardt Compression and ExxonMobil Sign Global Lubricants Collaboration Agreement
Two leaders in their fields come together to collaborate and deliver high performance lubricants and technical services. The offering is available for all operators of reciprocating compressors, who want to make the right choice when it comes to cylinder lubrication oil. The aim is to optimize plant reliability, increase productivity to its maximum and reduce costs.
Burckhardt Compression and ExxonMobil, two masters in class, have signed a global lubricants collaboration agreement to help deliver increased productivity, reduced cost and greater value to customers. This collaboration supports new product technology, engineered specifically for the unique performance requirements of reciprocating compressor systems and better meet customers’ needs. Burckhardt Compression has preferentially endorsed this new product technology for use in its equipment. The offer also includes an enhanced equipment performance and lifetime, as well as lubrication related services.
The companies will provide a full range of equipment and technical lubrication services to help customers who use the new products to optimize the equipment performance. These services, performed globally by Burckhardt Compression and ExxonMobil’s field engineering teams, include specialized training in products and lubrication best practices, lubricant analysis, equipment troubleshooting and maintenance support.
Martin Wendel, President of Services Division at Burckhardt Compression said, “We are looking forward to working closely with ExxonMobil to offer the most suitable solution to our customers. With ExxonMobil, the lubricant expert on board, we are confident we can deliver best-in-class products and technical support for our advanced equipment and to help customers achieve their business goals.”
“Industrial operators rely on a wide variety of equipment, including high-pressure compressors, in their daily operations. Equipment reliability is critical to boost operational efficiency and reduce costs,” said Gerald De Causemaeker, Director Finished Lubricants EAME at ExxonMobil.
“Our collaboration with Burckhardt Compression combines excellent experience in application engineering with lubrication expertise to help customers optimize their plant’s efficiency. Our range of Mobil Rarus PE compressor lubricants and services will also help customers to improve equipment reliability, enhance safety and reduce their environmental impact.”
About Burckhardt Compression Burckhardt Compression is the worldwide market leader for reciprocating compressor systems and the only manufacturer and service provider that covers a full range of reciprocating compressor technologies and services. Its customized compressor systems are used in the upstream oil & gas, gas transport and storage, refinery, chemical, petrochemical and industrial gas sectors. Burckhardt Compression’s leading technology, broad portfolio of compressor components and the full range of services help customers around the world to find the optimized solution for their reciprocating compressor systems. Since 1844 its highly skilled workforce has crafted superior solutions and set the benchmark in the gas compression industry. CLICK FOR MORE
PQIA Shines Light on “303” Tractor Hydraulic Fluid
The Petroleum Quality Institute of America released a Bulletin this week addresing the actions taken by the states of Missouri, Georgia, and North Carolina issuing stop-sale orders for tractor hydraulic fluid (THF) labeled, claimed or implied as meeting THF 303. The bulletin provides important insight on the quality of “303” THFs in the market.
The bulletin reports that although each of the ten J20C samples of THF examined by PQIA meet the viscosity requirements for that specification, 21 out of 23 (or 91%) of the samples of 303 PQIA examined failed to meet the viscosity requirements for the current J20C specification, and J20A which has been obsolete since 1989. What’s more, if you go back to J14B, a specification obsolete since 1978, 17 (or 74%) of the “303” samples still fail to meet the viscosity requirements. In addition to failing the John Deere specifications, the viscosities of the “303” samples examined also come up short in applications where other OEM lubricant specifications are called for, including: AGCO, Case, New Holland, Massey-Ferguson, White, and Kubota.
But what the PQIA says should be the “most concerning and compelling number to consider among the odds is the 100% chance of not knowing if a “303” THF meets the requirements of, or is suitable for use in a tractor when the product label fails to provide the purchaser with information about the specifications the product meets and its intended use.”
For these reasons, the Petroleum Quality Institute of America says it supports the actions by the states of Missouri, Georgia, and North Carolina to remove THF products from the market that fail to provide buyers with the information needed to make an informed buying decision, and prevents states, PQIA and others from testing the fluids to help ensure compliance with specifications. In addition, PQIA encourages other states to follow the lead of MO, GA, and NC in stopping sale on these products while providing lubricant manufacturers and marketers time to clear the system of 303 and label its products appropriately. Further, PQIA encourages the lubricants industry to adopt an existing manufacturer’s specification as the minimum requirement to meet the needs of tractor owners looking to service older equipment with an economical fluid, and to include warnings on labels of product only meeting obsolete specifications. Because in the absence of this, the unfortunate reality is that consumers’ equipment will remain at risk and the 303s will continue to unfairly tilt the playing field against responsible lubricant manufacturers and marketers. CLICK FOR BULLETIN