Offen Petroleum Buys Business Assets of Overland Petroleum
DENVER — Offen Petroleum is putting together the building blocks to become one of the largest fuel distributors in the greater Rocky Mountain region.
The Denver-based independent fuel distributor inked a binding agreement to acquire the business assets of Overland Petroleum, another independent fuel distributor.
The transaction is expected to close in the third quarter upon completion of regulatory and closing conditions.
A portfolio company of Lariat Partners, Offen provides motor fuel, lubricants and petroleum logistics service in Colorado and 12 surrounding states.
Based in St. George, Utah, Overland has focused its growth by delivering branded fuel to independent convenience retailers. The company is owned and operated by the Snow and Ipson families.
Overland has focused on the Sinclair brand but also offers Conoco, Phillips 66, and the brands licensed by Andeavor. In addition to these branded relationships, like Offen, Overland distributes wholesale gasoline and diesel fuel to unbranded fuel retailers and commercial customers across the Rocky Mountains and Southwest regions of the United States.
Overland controls its own fleet of tankers and currently operates in Utah, Arizona, Nevada, Idaho, Colorado, Wyoming, Montana and New Mexico.
"As leaders in our core markets, the combination creates a stronger company, better able to optimize the utilization of our fleet assets and expand upon our supplier relationships as we continue to efficiently serve our valued customers," said Bill Gallagher, CEO of Offen Petroleum.
"I am pleased that Darin Snow and Danny Ipson will be joining our expanded leadership team. Further, with a team of 100-plus experienced drivers combined with our longstanding supply relationships, modern fleet, scalable processes and systems, and best-in-class team, we will continue to safely deliver superior levels of customer service and a full slate of motor fuel product offering," Gallagher added.
The acquisition will nearly double the size of Offen, according to Jay Coughlon, managing partner at Lariat Partners.
"Since partnering with Bill, Offen has outperformed our expectations with strong organic growth and continued investment in people and systems while maintaining industry leading safety performance," Coughlon said. "The addition of Overland's strong management team deepens our already strong executive bench and enhances our ability to continue growing. We continue to pursue acquisition opportunities that will strengthen our existing operations as well as penetrate new geographic markets."