Ney Oil Co. Sells C-stores & Fuels Operations to National Oil Co.
NEY, Ohio — Merger and acquisition activity shows no signs of slowing down in 2019.
Ney Oil Co. sold its convenience store assets and transportation, wholesale fuel and propane business to Bluffton, Ind.-based National Oil Co. The deal includes nine c-stores and fuel operations throughout Northwest Ohio.
National Oil was founded in 1940 as a provider of bulk tank fuel deliveries to farmers, home heating oil deliveries to consumers, and more recently as a leading provider of Marathon, Phillips, Sunoco and Clark gasolines, and distillates to dealers in Indiana, northwest Ohio, southern Michigan and eastern Illinois.
Ney-based Ney Oil was founded in 1927. The company was acquired by Denny and Sandy Knott in 2009, and after 42 years in the petroleum business, Denny decided to reduce his holdings with the sale of Ney Oil.
According to Denny, he knew eventually he would want to reduce his work load in the fuel business and he felt the time was right. He remains active in the industry with a smaller convenience and gas operation.
Terry Monroe of American Business Brokers & Advisors based in Effingham, Ill., and Bill Fecht of WJF Services provided merger and acquisition advisory services to Ney Oil, which included valuation advisory, the marketing of the business and negotiation of the transaction.