NEY, Ohio -- National Oil Co. acquired nine convenience stores and other business units from Ney Oil Co.
The deal, closed Jan. 4, includes the nine c-stores as well as Ney’s transportation, wholesale fuel and propane businesses.
Ney Oil Co. was founded in 1927 and is based in Ney, Ohio, with c-store locations and fuel operations throughout northwest Ohio.
In 2009, Ney Oil and its operations were acquired by Denny and Sandy Knott, who continued to serve Ney Oil customers and grow the business. After 42 years in the petroleum business, Denny made the decision to begin to reduce his holdings with the sale of Ney Oil Co. However, Denny remains active in the petroleum industry only with a smaller operation of convenience stores and fuel distribution.
When asked about his divesture of Ney Oil, Denny said he knew eventually he would want to reduce his work load in the fuel business and felt the time was right.
Bluffton, Ind.-based National Oil provides fueling solutions for wholesale and retail customers in Indiana, Ohio, Michigan and Illinois markets. It also specializes in the development of c-stores and properties for retail locations.
Terry Monroe of American Business Brokers & Advisors based in Effingham, Ill., and Bill Fecht of WJF Services, Bloomington, Ill., provided merger and acquisition advisory services to Ney Oil; those services included valuation advisory, the marketing of the business and negotiation of the transaction.