U.S. Petroleum Partners Picks Up Wholesale Assets of Tri-Lakes Petroleum
NOVI, Mich. — U.S. Petroleum Partners LLC closed on its transaction for Tri-Lakes Petroleum LLC.
Moving forward as one entity named USPP-Tri-Lakes LLC, the company's focus will remain simplifying fuel supply for retailers, wholesalers and governmental entities, as well as commercial, farm and residential customers.
The deal will utilize U.S. Petroleum's existing pipeline terminal and dealer portfolio in southwest Michigan and northern Ohio. The Tri-Lakes Management team will remain in place.
"We are eager to remain on the same path of service with passion and commitment. Bringing the entire Tri-Lakes Petroleum Management team into the USPP fold was very important to our leadership and we look forward to our continued development and growth together through other acquisitions," said USPP-Tri-Lakes President Paul Murdock.
Downstream Energy Partners LLC provided exclusive advisory services to Tri-Lakes Petroleum.
"U.S. Petroleum Partners LLC has acquired quality wholesale fuel supply assets in a location strategic to their growing local footprint," said George Wedemeyer, managing partner of Downstream Energy Partners.
Tri-Lakes Petroleum has expanded into a regional leader in refined fuel distribution. It supplies more than 100 outlets with brands such as Marathon, Exxon/Mobil, CITGO, Sunoco, Clark and BP.
Based in Novi, U.S. Petroleum Partners, together with its subsidiaries, provides petroleum blending, storage and distribution for customers throughout Michigan and northern Ohio, which is anchored by its pipeline terminal with a storage capacity of 331,000 barrels.