EnergyExits Announces the Sale of Cross Petroleum
The Transaction Includes a Strategic Marketing Footprint in the Middle of the West Coast’s Important I-5 Corridor
EnergyExits, an independent M+A advisory focused on the energy distribution sector in the Western United States, announces that it has advised Cross Petroleum and related real estate entities on the sale to Valley Pacific Petroleum Services (VPPS). The transaction includes 65 open dealers, 7 bulk plants, and 7 cardlock facilities in Northern California.
Headquartered in Redding, California Cross Petroleum enjoys a strategic marketing area spanning 230 miles at the center of the West Coast’s important Interstate 5 transportation corridor, halfway between Vancouver, British Columbia, and Tijuana, Mexico. The company distributes wholesale fuel, bulk fuel, lubricant products, and home heating fuel to a semi-rural customer base between the Sacramento Region and the Oregon border.
EnergyExits provided merger and acquisition advisory services to Cross Petroleum which included enterprise value optimization services, a confidential marketing process, negotiation of the transaction, and start to finish project management services. That transaction was managed by Doug Milner, Managing Partner, Bill Decker, Managing Director, and Michelle Sather, Client Services Manager.
Marc Empey, Jason Dabareiner and David Roth of Slovak Baron Empey Murphy & Pinkney served as legal counsel to Cross Petroleum.
“As a family-owned company from a rural part of the state, we realize how important it is to stay engaged with the community,” said Nathan Crum, President and CEO of Valley Pacific. “The Cross team has built a strong foundation of safe, clean, dependable, friendly service in the Sacramento Valley and we intend to keep that tradition alive. Cross customers will continue to enjoy the high-quality fuel, lubricants and excellent services they’ve come to expect.”
Cross Petroleum’s Jimm Cross stated, “We had extensive dialogue with many potential suitors, but in the end our family felt that Valley Pacific was the best fit to carry the torch forward. We felt it was important for a successor to understand our customers and the communities we serve, and we wanted a great fit for our employees as well. So, with all of that in mind we determined that Valley Pacific and the Crum family were ideally suited to move the company forward.”
About Valley Pacific Petroleum Services (VPPS)
Established in 1947, Valley Pacific is a family-owned company that traces its origins to the end of World War II and the return home of navy combat veteran Durrel Woolsey. Since 1994, the company has grown under the guidance and ownership of the Crum family. Specializing primarily in rural environments, the company supplies fuel and lubricants to agricultural, commercial, governmental, industrial and transportation customers, in addition to both branded and unbranded service station dealers.
In addition to Cross Petroleum’s Northern California facilities in Redding, Mt. Shasta, Weaverville, Yreka and Chico, Valley Pacific has 12 operations centers extending from Eureka to Santa Maria along the California coast, and from Stockton to Bakersfield in California’s Central Valley. www.vpps.net
EnergyExits is a specialized M+A Advisory focused exclusively on the energy distribution, retail petroleum, and energy services & equipment sectors in the Western United States. EnergyExits’ services include company sales (exits), corporate finance, and pre-sale value optimization services. The firm’s clients include petroleum products distributors, convenience retailers, propane marketers, truck stop operators, petroleum equipment manufacturers and distributors, and petroleum infrastructure service providers. EnergyExits is headquartered in Camas, WA with a satellite office in El Dorado Hills, CA. www.energyexits.com