NEW LONDON, Conn. — Apache Oil Co. Inc. has sold its petroleum marketing and retail fuels distribution business to an undisclosed buyer. Apache Oil’s petroleum marketing assets and dealer customers are concentrated around the New York City and Boston metropolitan areas and include 27 commission marketers, 12 lessee dealers and 56 wholesale supply accounts.
Due to the two distinct geographic markets the company serves, it offered the assets as two separate packages and sold them in two distinct transactions, albeit to the same buyer. As part of the sale, Apache Oil also entered into long-term leases with the buyer on 22 of the properties. Both transactions closed separately on June 25, 2019.
Christopher Ohl and James Castle founded Apache Oil in 1992 in New London, Conn., to distribute motor fuels to retail gas stations and service centers in and around the New York City metropolitan area. It later expanded into Massachusetts and other states after acquiring multiple Shell-branded fuels distribution packages from Motiva Enterprises LLC. Apache Oil distributes fuels under the Shell, Sunoco, Exxon, Mobil, CITGO and Gulf brands across five states in the northeastern United States.
The company also operates Grampy’s Charities to raise funds for children’s organizations.
The sale did not include a related entity, Willy’s Fuels LLC, which markets fuels to commercial customers in the heavy construction, pipeline and oil field service industries.
Richmond, Va.-based Matrix Capital Markets Group Inc. provided merger-and-acquisition advisory services to Apache Oil, including valuation, marketing the business through a confidential, structured-sale process and negotiation of the sale and lease transactions.