Earnheart Oil Inc. has sold its integrated retail, wholesale and transportation portfolio, Downstream Energy Group (DEG) said on Wednesday.
Fleet Fuels LLC acquired Earnheart Oil’s wholesale fuels, lubricants and transportation assets, while Perfect Food and Gas acquired its convenience-store portfolio.
Downstream Energy Group, a Jonesboro, Arkansas-based advisory team that provides national mergers and acquisitions (M&A) and strategic advisory services in the energy sector, advised Earnheart Oil Inc. on the sale.
“Earnheart is exactly the kind of well-run, multigenerational platform that draws strong buyer interest across every segment of the downstream space,” said Jeff Traub, partner at Downstream Energy Group. “The Earnheart family built a large, diversified business spanning retail, wholesale and transportation, and it has been a privilege to represent them in achieving a successful outcome with two highly respected industry buyers.”
Earnheart Oil was founded in 1971 by Ernest Earnheart as a single full-service gas station in Marshall, Oklahoma, DEG said, and has grown into one of central Oklahoma’s leading integrated downstream energy operators. The third-generation, family-owned company operates across retail gas and convenience, wholesale fuel and lubricant distribution, and petroleum transportation.
The company operates seven company-operated convenience stores under the Earnheart banner throughout north-central Oklahoma.
The sale represents an exit from the company across all three business segments, DEG said. Following the transaction, Earnheart will continue to own and operate one of Oklahoma’s largest privately held propane delivery and service businesses.
Tulsa, Oklahoma-based Perfect Food and Gas operates 20 stores throughout Oklahoma, according to its website. It partners with fuel brands like Sinclair and Phillips 66 and its stores offer fresh coffee, made-to-order food and other essentials, its website said.
Kansas City, Missouri-based Fleet Fuels has a network of more than 25 locations in Kansas, Oklahoma and Missouri, according to its website. It operates a fuel products and delivery business, premium lubricants, used oil and environmental services and 24-hour unattended fueling stations, its website said.
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