MFA Oil Makes 8th Acquisition in 12 Months
COLUMBIA, Mo. — MFA Oil Co. purchased Elaine Petroleum Distribution Inc. The purchase of the Elaine, Ark.-based refined fuels supplier strengthens MFA Oil's position in eastern Arkansas as the company expands its operating territory.
"Elaine Petroleum is a good strategic fit for our company and will allow us to expand our footprint southward from our existing operations in West Helena, Ark.," stated MFA Oil President and CEO Mark Fenner. "We expect this acquisition to enhance our service to agricultural customers in the Mid-South."
In business since 1957, Elaine Petroleum is a supplier of farm diesel in eastern Arkansas.
This deal marks MFA Oil's second acquisition of the fiscal year than began Sept. 1. It announced the purchase of Garnett, Kan.-based Lybarger Oil on Oct. 1, as CSNews Online previously reported.
MFA Oil has acquired a total of eight companies in five states over the past 12 months. It plans to continue evaluating acquisition opportunities in its existing market area, as well as other states where it can expand its footprint, the company said.
Founded in 1929, MFA Oil is a farmer-owned cooperative with more than 40,000 members. Aside from operating Break Time convenience stores, it supplies fuels, lubricants and propane to customers in 13 states. In addition, MFA operates Jiffy Lube franchises in central Missouri and Big O Tires franchises in central Missouri and Arkansas.