Offen Petroleum, which is backed by Lariat Partners, has acquired St. George, Utah-based Overland Petroleum, a fuel distributor. No financial terms were disclosed.
DENVER, September 26, 2018 – Offen Petroleum, a leading independent fuel distributor, announced today that it has completed the previously announced acquisition of Overland Petroleum, a respected fuel distributor. Offen Petroleum, a portfolio company of Lariat Partners (“Lariat”), a Denver-based private equity firm, is a provider of motor fuel, lubricants, and petroleum logistics services in Colorado and 12 surrounding states. The combination creates one of the largest fuel distributors in the Greater Rocky Mountain region and now operates as Offen Petroleum.
Based in St. George, Utah, Overland Petroleum is an independent fuel distributor that operates in the Greater Rocky Mountain Region. In recent years, Overland has focused its growth toward adding major oil company branded fuel to independent convenience and fuel retailers to its customer base. A majority of the branded retail customers fly the Sinclair banner but Overland also offers Conoco, Phillips 66, and the brands licensed by Andeaver. In addition to these branded relationships, like Offen, Overland distributes wholesale gasoline and diesel fuel to unbranded fuel retailers and commercial customers across the Rocky Mountains and Southwest regions of the United States. Overland controls its own fleet of tankers and currently operates in Utah, Arizona, Nevada, Idaho, Colorado, Wyoming, Montana, and New Mexico.
About Offen Petroleum
Offen traces its roots to the 1930s and was acquired by Bill Gallagher and Gwen Stukey in 1997. With Overland, the company will deliver nearly 1 billion gallons of motor fuel annually and will serve as both a branded and unbranded wholesale motor fuel distributor in 13 states. In addition to motor fuels, Offen sells lubricant products and solutions for the commercial, industrial, and passenger car segments, as well as diesel exhaust fluids used in emission controls. More information on Offen can be found at www.offenpetro.com.
About Lariat Partners
Denver-based Lariat Partners is a private equity firm focused on redefining the private equity experience in the lower-middle market. With its People First, Strategy Second relationship philosophy and its CORE investment strategy targeting Consolidations, Consumables and Recurring Revenue businesses, Lariat offers a differentiated approach to partnering with entrepreneurs and growing their middle market businesses. The firm targets companies across a number of industries, including Specialty Distribution, Energy & Environmental Services, Food & Agribusiness, Consumer Products and Maritime Services. For more information, visit www.lariatpartners.net