DALLAS -- The sale of the wholesale unbranded business assets of Mutual Oil Co. Inc. to TAC Energy significantly expands the fuel supply, logistics capabilities and support services that Mutual Oil provides. It also gives TAC Energy a strong base in New England.
As reported in a McLane/CSP Daily News Flash, Dallas-based TAC Energy, a division of The Arnold Cos., acquired the assets for an undisclosed amount in a transaction effective June 1.
TAC Energy will maintain all key sales and customer-service associates from Mutual Oil, who will temporarily operate from their current offices outside Boston. Plans are currently underway to relocate to a new office space in the area within the next several months.
Mutual Oil distributes unbranded refined petroleum products to high-volume retailers, resellers, commercial entities, governments and municipalities, and marinas in 17 states, with a focus on the Northeast and mid-Atlantic regions.
Founded in 1937, Mutual Oil has grown to become one of the largest and most diversified privately held petroleum distributors in the United States.
“The Mutual Oil acquisition is another facet of our overall growth strategy and establishes a strong base of business in New England,” said TAC chairman and CEO Greg Arnold.
Last February, TAC Energy opened a regional sales office in the Northeast, headed by industry veteran Christine McHale, who will focus on growing the mid-Atlantic region for TAC Energy.
“Our primary concern entering into this agreement was to make sure our customers were going to be taken care of by a like-minded supplier, who would by and large maintain the day-to-day interaction with the people they are used to working with,” said Steve Shaer, executive vice president of Mutual Oil. “We wanted an organization who had the resources and a strong supply network. We are confident TAC Energy is the right company to serve our customers in this ever-increasing competitive environment.”
Fred Sloan, vice president and COO of TAC Energy, said the company “is keeping key personnel in place and layering in our national coverage, financial strength and information technology. We will be offering customers in New England and the Northeast the most complete fuel supply and service packages of any independent supplier. It’s the best of all worlds—national coverage, regional focus, local support.”
Richmond, Va.-based Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Mutual Oil, which included valuation advisory, transaction structuring, marketing and negotiating.
A division of The Arnold Cos., Dallas-based TAC Energy is one of the nation’s largest independent distributors of refined fuels. It also offers customized fuel-management programs, a 24/7 staffed supply and logistics domestic call center, comprehensive carrier agreements and a national terminal supply network.
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