Combined Oil Sells Business to U.S. Oil
APPLETON, Wis. – U.S. Oil, the petroleum and renewable energy distribution division of U.S. Venture Inc., acquired Combined Oil, a branded wholesale fuel supplier that services more than 160 convenience stores in southern Wisconsin, Illinois, Indiana and Kentucky.
"We're excited about this new acquisition as we continue to solidify and expand U.S. Oil's Midwest operations," said Steve Quinette, vice president of branded sales for U.S. Oil. "We continually look for growth opportunities and adding Combined Oil accelerates our expansion efforts and provides a greater foundation for our market development in the Midwest and Mid-Atlantic states."
Lincolnshire, Ill.-based Combined Oil was founded in 2003 and provides services for a variety of oil brands, including Marathon, Mobil, BP, Clark and Shell.
"We've created a successful company that built a strong reputation for providing quality services to our clients," said Combined Oil principal Mac Bhambra. "I'm proud to have U.S. Oil take ownership of the business going forward. They have an excellent reputation and will continue to build upon the great products and services Combined Oil's clients have come to expect. This is truly a great opportunity for all involved."
Quinette told CSNews Online that the acquisition of Combined Oil makes sense, in particular, due to the companies' similar business philosophies and approaches to the marketplace in terms of how they approach customer service and support their dealer base.
The acquisition is U.S. Oil's fourth within the last 18 months, following the company's March purchase of SEE USA. In 2012, U.S. Oil acquired Trueblood Oil Co. and Draeger Oil.
The company is very likely to make further purchases within the next year, according to Quinette, who noted that "our strategy is growth" and said U.S. Oil will pursue that strategy through a combination of acquisitions and organic growth. "We've had strong growth and we believe in investing back in our business," he said. "We don't intend to rest on this — we will continue to grow and look to expand our business base."