Boyett Petroleum Makes 'Platform Acquisition' for Further Mid-Continent Expansion
MODESTO, Calif. — Boyett Petroleum completed its acquisition of the retail and wholesale fuels distribution business of Danielson Fuel Services (DFS) on Aug. 3.
Its purchase of the Norman, Okla.-based regional fuel supplier serves as a platform acquisition for continued growth and expansion in the mid-continent region, according to the company.
"We are very excited about acquiring Danielson Fuel Services as it further expands our existing operations and provides a growth platform for new, opportunistic geographies of our wholesale business," said Dale Boyett, President of Boyett Petroleum. "[Owner Mike Lawson] and their employees have served their customers with dedication and enthusiasm. We are eager to remain on the same path of service with passion and commitment. Bringing the DFS employees to the Boyett team was very important to our leadership team."
Founded in 1975 by Jerry Danielson, DFS has since grown into a leading regional leader in refined fuel distribution within a four-state region under the leadership of second generation and current owner Mike Lawson, according to the company. It sells branded fuel under the Phillips 66 and Valero banners and unbranded fuel to its retail customers.
"Our core focus with this sale was to find a strategic buyer that would carry on the same high standards and values towards our customers and employees. It has been a privilege to serve and support our loyal customers and local communities and we'd like to thank our team of employees in representing our company with honor," Lawson said.
Downstream Energy Partners LLC (DEP) provided exclusive merger and acquisition advisory services to DFS.
"Boyett Petroleum is acquiring high quality wholesale fuel supply assets in a location strategic to their expanding footprint," said Jeff Traub, partner of DEP. "Mike Lawson and the DFS team have built an exceptional company and it's been a pleasure representing them in this transaction."
Headquartered in Modesto, Boyett Petroleum is a family-owned and -operated fuel wholesaler and retailer that serves as a leading distributor of Phillips- and Valero-branded motor fuels while also offering several other brands, including its non-branded proprietary solution known as Kwik Serv, Kwik In and Kwik Out. It operates 10 retail sites under its Cruisers, Cruise In and Cruise Out brands with 76-branded fuel and owns and operates the fuel equipment at approximately 50 sites.