MILFORD, Ohio — Lykins Cos Inc., a distributor of diversified energy solutions trading as Lykins Energy Solutions, has sold its commercial fuels, heating oil and propane, wholesale fuels and electricity divisions to three buyers.
World Fuel Services, Miami, has acquired the commercial fuels, heating oil and propane (bulk fuels) division; Colonial Oil Industries, Inc., a subsidiary of Colonial Group Inc., which owns the Savannah, Ga.-based Enmarket convenience-store chain, has acquired the wholesale fuels business; and Shipley Choice LLC, a subsidiary of Shipley Energy Inc., York, Pa., has acquired the electricity business.
Guy “Bandy” Lykins founded Lykins Cos. in 1948. The company operated retail service stations, and in 1953, Don Lykins, Bandy’s son, purchased a fuel oil truck to supply heating oil. Over the years, the company has diversified its operations by adding business lines such as fuels distribution, lawn accessory sales, restaurants, tire distribution and more to its service offerings.
Jeff Lykins became president and third-generation owner in 1999. With vice president and CFO Bob Manning and vice president of Transportation Ron Lykins, he decided to focus the company on its core business of supplying customers with energy products.
It divested many of the ancillary business lines and reinvested the proceeds in the company’s core business. In addition, the company established a new business line, electricity supply, in 2014.
“Ron, Bob and I want to thank all of our talented and dedicated employees over the years for building Lykins into one of the leading, diversified energy providers in the industry, as well as one of the largest private employers in Ohio,” said Jeff Lykins.
Richmond, Va.-based Matrix Capital Markets Group Inc., an independent investment bank, provided merger and acquisition advisory services to Lykins Cos. on the transactions.
“We are honored to have advised three of the most highly respected entrepreneurial businessmen in the petroleum industry,” said Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group. “Over their history together, Jeff, Ron and Bob successfully adapted the Lykins enterprise to changing market dynamics to better serve their customers and fortify strong, recurring financial performance.”