Offen Petroleum Strengthens its Ozark Region With Acquisition of Petromark
Offen Petroleum (“Offen”), a leading independent fuel distributor, announced today that it is acquiring the business assets of Petromark, Inc., a motor fuel distributor, and Petromark Transportation, LLC, its affiliate trucking company, both headquartered in Harrison, AR (together as “Petromark”). Offen is a provider of motor fuel, propane, lubricants, and petroleum logistics services in 23 states in the Midwest and Western U.S. The business combination further expands Offen’s footprint more deeply into Arkansas, Missouri, and Oklahoma.
Petromark is owned jointly by Stephen Lair and Steve Turner and is a significant wholesaler of motor fuels in Arkansas, Missouri, and Oklahoma. The company sells branded motor fuels under the Shell, Phillips 66, Valero, Sinclair, Conoco and VP Racing banners while also selling unbranded motor fuel to retailers. Steve Turner will be an advisor to Offen Petroleum and will assist with the continued growth of the business.
“I am very pleased that we are able to add such a successful business to further the growth of Offen Petroleum. Petromark is a perfect fit to the Ozark Mountain Energy business, which we acquired in December of last year,” said Bill Gallagher, CEO of Offen Petroleum. “Petromark allows us the opportunity to strengthen our contract dealer business and deepen our presence in the Ozark Region. Additionally, I am pleased that Steve Turner will be joining us to share his wealth of experience, knowledge and dedication to his customers that has made his company so successful.”
The transaction is expected to be completed on May 18th with combined operations under the Offen Petroleum name starting on May 19th.
“Stephen and I have enjoyed the experience of operating in both the retail and wholesale fuel businesses through the years and we are pleased that a company, such as Offen, with the same dedication to operational excellence will continue to serve our valued customers,” said Steve Turner. “I look forward to working with Bill and his team as we jointly grow this business.”
Downstream Energy Partners LLC (“DEP”) provided exclusive merger and acquisition advisory services to Petromark. DEP is a leading investment bank specializing in M&A advisory services to middle market companies within the downstream energy sector and is comprised of professionals who have decades of experience as both owner/operators and strategic financial advisors to energy companies. “Offen Petroleum is acquiring high quality wholesale fuel supply assets in a location strategic to their expanding footprint,” said Jeff Traub, Partner of DEP, adding, “Messrs. Lair and Turner built an exceptional company and it’s been a pleasure representing them in this transaction.”
About Offen Petroleum
Headquartered in Commerce City CO, Offen is a growing distributor of fuels, propane, and lubricants that dedicates itself to serving its customers with the highest level of service. Offen is a portfolio company of Court Square Capital Partners, a New York based private equity firm. In addition to organic growth, Offen is a leading acquiror of companies in this consolidating marketplace. Offen distributes over 2.0 billion gallons of motor fuel annually and will serve customers throughout the Midwest and Western United States. In addition to branded and unbranded motor fuels, Offen sells propane, and 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.