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Mergers & Acquisitions

Andretti Petroleum Group Acquires Colvin Oil

Company races into Oregon and Washington

SAN CARLOS, Calif. -- The Andretti Petroleum Group and Lane Colvin have acquired the assets of Colvin Oil Co., allowing the company to expand into Oregon and Washington from California and more than double its retail network from 44 locations to 91.

Colvin Oil, founded in 1960 by Merve Colvin, owns and operates 54 facilities (including 51 gas stations and convenience stores and three cardlocks), supplies approximately 100 open dealers and maintains three bulk plant operations, a fleet and commercial fueling operation, a lubricants business and a transportation company. It operates primarily under Chevron brands, as well as the 76, Shell, Circle K, Pacific Pride and CFN brands.

The transaction combines the resources of two company-owned, company-operated retail chains and fuel-supply organizations. The enterprise will continue to operate under the Colvin Oil identity, and its headquarters will remain in Grants Pass, Ore.

“We are thrilled to expand into the Oregon and Washington markets through such a quality and time-tested organization,” said Mario Andretti, owner of Andretti Petroleum and former racing driver. “Our shared vision and values, coupled with an outstanding leadership team, will make for a seamless transition and a very rewarding future for all stakeholders.”

In recent years, the business has been led by Lane Colvin, son of founder Merve Colvin. He continues as a partner, and has been named managing member and president of the Colvin Oil business unit of the Andretti Petroleum enterprise. Lane Colvin will be responsible for all operational facets of the business.

“Transitioning our family business with the Andretti team is an ideal arrangement, providing further growth opportunities and business resilience,” Lane Colvin said. “I look forward to leading this company with so many terrific new resources.”

The Andretti Petroleum enterprise, founded in 1997, is owned by Mario Andretti, his son Michael Andretti (also a former racing driver) and longtime managing partner and President M.J. Castelo, a former Texaco executive. The Andretti Petroleum interests include San Carlos, Calif.-based Peninsula Petroleum LLC and Eureka, Calif.-based Humboldt Petroleum Inc., which operate a total of 44 gas stations and convenience stores, all in California, under the Shell brand, along with the Chevron, Texaco and Pacific Pride identities in northern California.

Citizens Bank and Corner Capital Partners LLC provided buyer support and advisory services on this transaction.

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