OKLAHOMA CITY -- SPI Petroleum LLC, a nationwide independent marketer of petroleum products, has acquired Hartney Fuel Oil Co., a wholesale petroleum marketer headquartered in Chicago.
Hartney Fuel will operate as a wholly owned subsidiary of Simons Petroleum Inc., the operating company of SPI Petroleum.
Founded in 1916, Hartney is one of the largest suppliers of refined fuels and inventory management services to the transportation industry in the Midwest, it said, with annual revenue in excess of $500 million.
The addition of Hartney provides Oklahoma City-based SPI Petroleum with an opportunity to further expand into the important Chicago market, the major Midwest transportation hub for the entire country. Additionally, the acquisition provides SPI Petroleum with an entry to the railroad segment, an important
commercial and industrial market not currently served by SPI Petroleum.
The entire management team from Hartney will join SPI Petroleum and will continue to serve the industry and supply the customer base with the highest level of customer service.
We are delighted to combine forces with Hartney, a company with a long history of quality and integrity, as well as customer service and financial performance, said SPI and Simons CEO Roger Simons. This is a major step in our acquisition and growth strategy in the petroleum marketing industry. Combined with Simons' own record of strong growth and profitability, this acquisition keeps us on pace towards our goal of building the leading petroleum marketing enterprise in the country.
Peter Hartney, president of Hartney, said, The Simons transaction provides us the opportunity to immediately expand our product and service offerings to a national scale. Our commercial and industrial customer bases are complementary, and this combination provides exciting opportunities to benefit from scale and leverage our mutual core competencies to continue to exceed the growing expectations of the marketplace.
Parent company of Simons Petroleum, SPI is a national marketer of petroleum products focused on providing a comprehensive fuel and lubricant offering to commercial and industrial industries.
Hedging and financial management tools, proprietary fuel management applications, engineering and testing services and custom products differentiate SPI and Simons in the marketplace. Equity for the SPI acquisition and growth strategy is provided by Northwest Capital Appreciation Inc., RBC Capital Partners (Cadent Energy Partners) and Waud Capital Partners LLC.
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