Meier Oil Exiting the Fuel Industry
BLOOMINGTON, Ill. -- Several years since selling off its convenience store business, Meier Oil Products Inc. is now divesting its fuel terminal and bulk fuel business, completing its exit from the fuel industry.
GROWMARK Inc. of Bloomington, Ill., has agreed to acquire Meier Oil Products and Manito Transit, including its trucking company, fuel terminal in Ashkum, Ill., and bulk fuel facilities in Kankakee, Pontiac, Sheldon and Champaign, Ill.
Meier Oil Products and Manito Transit have been a family-owned business since 1936.
GROWMARK is a regional cooperative that provides agriculture-related products and services, as well as grain marketing in the Midwest and Ontario, Canada. It owns the FS trademark, which is used by affiliated member cooperatives. Energy-related services and crop inputs are marketed to farmers in the northeastern United States by GROWMARK subsidiaries.
“GROWMARK, Illini FS, Evergreen FS and Heritage FS are cooperatives and respected members of the industry and communities we serve. As such, they share our commitment to our employees and to providing quality products at competitive prices," stated Mike Meier, president of Meier Oil Products. "We are honored our customers will have access to a reliable supply of products and can count on ongoing quality customer service.”
Kevin Carroll, vice president of GROWMARK Energy, said this acquisition strengthens the company's system through collaboration between local FS member cooperatives and GROWMARK Energy. The deal will allow its local companies to work more efficiently as part of the broader GROWMARK system to serve this expanded market, he noted.
"We have a strong heritage of being a reliable supplier of refined and renewable fuels and lubricants. Adding the Meier Oil business enhances our heritage and provides customers ongoing access to quality products," Carroll said.
Meier Oil Products and Manito Transit were advised by Terry Monroe of American Business Brokers in Effingham, Ill., and Bill Fecht of WJF Services Inc. in Normal, Ill.