Pilot Flying J Completes Maxum Petroleum Acquisition
KNOXVILLE, TENN. -- Pilot Flying J closed on its acquisition of Maxum Petroleum. According to Pilot Flying J, it paid cash and contributed Western Petroleum LLC into Maxum to complete the transaction.
"I am pleased to welcome Maxum Petroleum into the Pilot Flying J family, and I am looking forward to increasing our participation in the fuel and lubrication distribution industry serving commercial and industrial customers," said Jimmy Haslam, president and CEO of Pilot Flying J. "Maxum's management team and talented workforce have demonstrated commitment and leadership in executing their business plan and delivering value to their customers and suppliers."
Greenwich, Connn.-based Maxum is a large independent North American logistics company, which sells and distributes more than 1.3 billion gallons of refined petroleum products and serves more than 15,000 customers. Maxum will continue to operate as an independent standalone business, stated Pilot Flying J.
"We are excited to partner with Pilot Flying J as our principal investor and look forward to working with Jimmy and his team to find new ways to enhance Maxum's offerings," said E. Perot Bissell, CEO of Maxum. "The addition of Western Petroleum's management team and portfolio of assets strengthens our platform and will create new opportunities to serve our industry."
Pilot Flying J announced on Feb. 22 that it was acquiring Vernal, Utah-based Western Petroleum, which sells and transports approximately 200 million gallons of fuel and lubricants to the oil and gas drilling, and hydraulic fracturing industries. The company's operations are largely targeted toward the Rocky Mountain states, southern states and the Northern Plains. Pilot Flying J operates more than 600 retail locations throughout North America.