MASSILLON, Ohio -- Campbell Oil Co. has closed on the sale of its residential heating oil and commercial fuels business to Lykins Energy Solutions and will focus on expanding its retail operation, BellStores Inc.
Campbell Oil’s heating oil and commercial fuels business is a major wholesale distributor of fuel oil, gasoline and diesel to residential, agricultural, commercial and industrial customers in central and eastern Ohio.
Based in Massillon, Ohio, the company was founded in 1939 by Chester Campbell as a distributor of gasoline, kerosene and fuel oil. It experienced significant growth organically and through acquisitions in the 1980s and 1990s, when it made a commitment to being a convenience retailer. Brian Burrow, who became president of Campbell Oil in 1997, has continued Campbell Oil’s growth by shaping a retail strategy to become a strong convenience-store brand in Ohio.
The BellStores chain has 50 retail locations, all in Ohio, that offer Marathon-branded fuel. The c-stores feature fountain beverages, coffee, snacks and to-go meal options, and most of the stores have Subway, Dairy Queen or Domino’s Pizza restaurants.
Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to Campbell Oil, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction.
“Matrix is honored to have had the opportunity to work with Brian and his management team to successfully divest its legacy fuel oil and commercial fuels business so that the company can focus all of its human and financial capital on the continued growth of its extremely successful retail chain,” said Spencer Cavalier, managing director for Matrix’s Downstream Energy & Retail Group.
Lykins purchased three properties from Campbell Oil, including the Massillon, Minerva and Millersburg, Ohio, bulk plants. The 12 Campbell Oil employees affected will become Lykins employees, and in the next six months, Lykins will begin the reimaging process of the bulk plants’ signage and truck’s images.
“The purchase of Campbell Oil’s Home Heat and Commercial Fuel Division is part of Lykins’ five-year growth plan and aligns perfectly with the company’s Northeast Ohio strategy and the enhancement of Lykins’ current product lines. We continue to look for acquisitions that meet our company’s long-term strategic expansion goals,” said Jeff Lykins, president and CEO of Milford, Ohio-based Lykins Energy Solutions.
Lykins Energy Solutions serves customers in Ohio, Kentucky and Indiana, as well as throughout the Midwestern and the Southeastern United States and provides services including branded fuels, wholesale fuels, commercial, transportation and home heating oil, propane, lubricants, fleet fueling, electricity and natural gas for Ohio. The company represents four major brands: Gulf, BP, Marathon and Shell.
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