Fuels

USPP Purchases Wholesale Assets of Tri-Lakes Petroleum

Acquisition marks company's second venture in Michigan
Tanks
Photograph courtesy of Downstream Energy Partners

NOVI, Mich. U.S. Petroleum Partners LLC has purchased the wholesale assets of Tri-Lakes Petroleum LLC. This transaction, which closed in December 2020, will further use USPP’s existing pipeline terminal and dealer portfolio in southwest Michigan and northern Ohio. The entire Tri-Lakes Management team will remain in place. The new entity will be named USPP-Tri-Lakes LLC.

Tri-Lakes Petroleum added branded motor fuel marketing to its product slate beginning in the 1980s, Tri-Lakes Petroleum currently supplies more than 100 retail outlets with brands such as Marathon, ExxonMobil, CITGO, Sunoco, Clark and BP.

The USPP-Tri-Lakes focus will remain simplifying fuel supply for retailers, wholesalers, governmental entities, as well as commercial, farm and residential customers.

“I’d like to thank our loyal team of employees in representing our company with honesty and integrity, not only in the prior decades, but into the future as well,” said Chuck Oke, co-owner of USPP-Tri-Lakes.

“We are eager to remain on the same path of service with passion and commitment. Bringing the entire Tri-Lakes Petroleum Management team into the USPP fold was very important to our leadership and we look forward to our continued development and growth together through other acquisitions,” said Paul Murdock, president of USPP-Tri-Lakes.

“U.S. Petroleum Partners LLC has acquired quality wholesale fuel supply assets in a location strategic to their growing local footprint,” said George Wedemeyer, managing partner of Downstream Energy Partners LLC (DEP), which provided exclusive advisory services to Tri-Lakes Petroleum. Chicago-based DEP is an investment bank specializing in merger-and-acquisition advisory services to middle-market companies within the downstream energy sector.

USPP is a fuel distribution company based in Novi, Mich., that provides petroleum blending, storage and distribution for customers throughout Michigan and northern Ohio, which is anchored by its pipeline terminal with a storage capacity of 331,000 barrels.

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