DENVER -- Offen Petroleum has effectively doubled its size after closing on its acquisition of fuel distributor Overland Petroleum on Sept. 26.
Offen Petroleum, a portfolio company of Denver-based private-equity firm Lariat Partners, supplies fuel, lubricants and petroleum logistics services in Colorado and 12 nearby states. With its acquisition of Overland, it is said to be one of the largest fuel distributors in the greater Rocky Mountain region. The combined entity will operate as Offen Petroleum.
“As leaders in our core markets, the combination creates a stronger company, better able to optimize the utilization of our fleet assets and expand upon our supplier relationships as we continue to efficiently serve our valued customers,” said Offen CEO Bill Gallagher when the deal was first announced in August.
Overland Petroleum, St. George, Utah, had grown over the past few years through supplying branded fuel to independent c-store and fuel retailers. Most of the sites are branded Sinclair, but Overland has also provided branded fuel from Conoco, Phillips 66 and the brands licensed by Andeavor. Similar to Offen, Overland also distributed wholesale gasoline and diesel to unbranded retailers and commercial customers in the Rocky Mountains and Southwest. It also owned a tanker fleet that operated in Utah, Arizona, Nevada, Idaho, Colorado, Wyoming, Montana and New Mexico.
With the acquisition, Offen’s delivery volumes will approach 1 billion gallons, and it will serve as a branded and unbranded wholesale-fuel distributor in 13 states. Besides fuel, Offen also sells lubricants and diesel exhaust fluids.
The deal is one of the latest in a trend of consolidation among fuel distributors. In September, Dallas-based TACenergy acquired Desert Fuels, Albuquerque, N.M., to bolster its expansion into the Southwest.