Offen Petroleum to Acquire Arizona-Based Fuel Distributor
COMMERCE CITY, Colo. — Offen Petroleum is acquiring the business assets of Phoenix-based independent fuel distributor Allied Energy, expanding its presence in Nevada while creating new opportunities in the Arizona market.
Following the acquisition, Allied Energy will operate as Offen Petroleum. The transaction is expected to be completed in May.
Allied Energy, currently owned and operated by Gabe McClure, markets wholesale gasoline and diesel to national retail chains and commercial customers. In recent years, it has focused its growth by marketing unbranded fuel to fuel distributors and convenience retailers, the company said.
"We are delighted to welcome Gabe McLure and his Allied team to Offen. Gabe shares many of Offen's core values including drive, accountability and a culture of execution excellence for customers," Offen said in a released statement.
"Allied's strength in Arizona and Nevada provide Offen with opportunities in the Phoenix, Tucson, and Las Vegas markets and will further enhance Offen's ability to sell and deliver motor fuels for our valued customers. Offen will continue to pursue acquisition opportunities that would allow us to serve a broader customer base and provide density in our core areas while exploring adjacent geographies," the company added.
Offen Petroleum is a portfolio company of Lariat Partners, a Denver-based equity firm. It provides motor fuel, lubricants and petroleum logistics services in 13 states.