Hough Petroleum ® Announces the Sale of its Commercial Fuels and Lubricants Division to Globe Petroleum
Hough Petroleum has sold its Commercial Fuels and Lubricants division to Globe Petroleum, of Red Bank, New Jersey. This divestiture will enable Hough Petroleum to focus on its retail and wholesale gasoline and diesel business. Hough is a 4th-generation, privately-owned, leading full-service distributor whose primary offerings will still include retail gasoline stations, wholesale branded and unbranded fuel, as well as car washes under the Swell Wash brand, convenience stores, and company-operated repair shops. Hough markets gasoline and diesel fuel provided by BP, Amoco, CITGO, Gulf, Marathon, Sinclair, and Shell.
PetroActive Services & Mark Radosevich provided merger and acquisition advisory services to Hough., which included marketing the business through a confidential, structured sale process, and negotiation of the sale.
Hough’s President & CEO, Gregory Hough, commented, “We remain committed to evolving and growing our business. This includes sharpening our focus on our core competencies and reallocating resources that fit both our short-term and, more importantly, long-term vision. To this end, we will continue to expand our wholesale dealer business, both branded and unbranded, add retail stations and Swell Wash car wash locations, and we plan to roll out our Jack’s Shack convenience store brand within the next twelve months. This transaction puts Hough in a great position to pursue further growth opportunities that align with these segments. My great-grandfather, who founded the company nearly 80 years ago, would be proud to see the growth the company has achieved.”
Jonathan Gremminger of Sherman, Silverstein, Kohl, Rose & Podolsky, P.A. served as legal counsel for Hough and Steve Cooper & Laura Tambini of Padden Cooper LLC, served as accounting/tax experts for Hough.
About Hough Petroleum
Hough, headquartered in Ewing, NJ, is a leading Mid-Atlantic petroleum and energy products distributor of BP, CITGO, Gulf, Shell, Marathon and Sinclair branded gasoline and unbranded fuel. The company also provides petroleum-related services and equipment with operations in New Jersey, Pennsylvania, New York, Delaware, and Maryland, as well as operating retail repair shops, convenience stores, and car washes.
For more information, visit www.houghpetroleum.com or www.houghgroupholdings.com.