COMMERCE CITY, Colo. — Offen Petroleum, an independent fuel distributor, is acquiring the business assets of Petromark Inc., a motor fuel distributor, and Petromark Transportation LLC, its affiliate trucking company. The business combination further expands Offen’s footprint more deeply into Arkansas, Missouri and Oklahoma.
Harrison, Ark.-based 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 companies expect the transaction to be completed on May 18, with combined operations under the Offen Petroleum name starting on May 19.
“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, Chicago, an investment bank specializing in M&A advisory services to middle market companies within the downstream energy sector, provided exclusive merger and acquisition advisory services to Petromark.
“Offen Petroleum is acquiring high-quality wholesale fuel supply assets in a location strategic to their expanding footprint,” said Jeff Traub, partner of Downstream Energy Partners.
With headquarters in Commerce City, Colo., Offen is a distributor of fuels, propane and lubricants. It is a portfolio company of Court Square Capital Partners, a New York based private equity firm. Offen distributes more than 2 billion gallons of motor fuel annually to customers in 23 states, primarily in the Midwest and West. 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 (DEF).
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