Mergers & Acquisitions

Wayne Oil Completes Industry Exit

Former retailer sells remaining wholesale petroleum transport and delivery assets
oil truck drives into sunset
Photograph: Shutterstock

GOLDSBORO, N.C. — Wayne Oil Co. Inc. and Wayne Petroleum Corp. have been sold to an undisclosed party. The sale included all of the company’s wholesale petroleum transport and delivery assets.

Goldsboro, N.C.-based Wayne Oil was founded in 1938 to serve home heating oil and tobacco-curing customers. The company purchased a local Esso distributor in 1965 and started supplying service-station dealers with gasoline, tires, batteries and accessories.

The current owner, John Strickland, grew the company’s businesses to include retail gas and convenience stores and petroleum transportation, purchasing its first c-store in 1982, buying more stores throughout the 1980s. It sold its 13 convenience stores to Reliance Oil, Selinsgrove, Pa., in late 2017.

Petroleum Equity Group, Chappaqua, N.Y, served as the lead advisor to Wayne Oil on the sale of the wholesale petroleum transport and delivery assets.

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