Colvin Oil Co. Sells to Andretti Petroleum Group
GRANTS PASS, Ore. — Ownership of Colvin Oil Co. is changing hands, but its headquarters is staying put in Oregon.
The Andretti Petroleum Group and Lane Colvin joined to acquire the assets of Colvin Oil, combining the resources of the company-owned and -operated retail chains and fuel supply organizations.
Colvin Oil was founded in 1960 by Merve Colvin. The company owns and operates 54 facilities, supplies almost 100 open dealers, maintains three bulk plant operations, a fleet and commercial fueling operation, a lubricants business, and a transportation company.
The company operates primarily under Chevron brands, with further representation under the 76, Shell, Circle K, Pacific Pride, and CFN brands.
The enterprise will continue to operate under the Colvin Oil identity and its headquarters will remain in Grants Pass. Colvin Oil employs approximately 700 employees.
Lane Colvin, son of the company's founder, has led the business in recent years. He will continue as a partner, and has been named managing member and president of the Colvin Oil business unit of the Andretti Petroleum enterprise.
He will be responsible for all operational facets of the business.
"We are so pleased with this union," said Lane Colvin. "Transitioning our family business with the Andretti team is an ideal arrangement, providing further growth opportunities and business resilience. I look forward to leading this company with so many terrific new resources."
San Carlos, Calif.-based Andretti Petroleum, founded in 1997, is owned by motorsports icons Mario Andretti, Michael Andretti, and M.J. Castelo, who serves as managing partner and president.
The Andretti Petroleum interests include San Carlos, Calif.-based Peninsula Petroleum LLC and Eureka, Calif.-based Humboldt Petroleum Inc., which operate primarily under the Shell brand, along with the Chevron, Texaco, and Pacific Pride identities in Northern California.
"We are thrilled to expand into the Oregon and Washington markets through such a quality and time tested organization. Our shared vision and values, coupled with an outstanding leadership team, will make for a seamless transition and a very rewarding future for all stakeholders," said Mario Andretti.
Citizens Bank N.A. and Corner Capital Partners LLC provided buyer support and advisory services on this project.