MAXUM PETROLEUM ACQUIRES PETROLEUM PRODUCTS
Continuing Strategy to Consolidate Leading Petroleum Marketers
GREENWICH, CT, May 8, 2007 - Maxum Petroleum, Inc. today announced the acquisition of Petroleum Products, Inc. and two affiliated companies, Petroleum Transport, Inc., and Petroleum Fueling, Inc., (collectively, “Petroleum Products”). Headquartered in Charleston, West Virginia, Petroleum Products was founded in 1938 and is the leading supplier of fuels, lubricants, and related value-added services to industrial and coal mining operations in the Central Appalachia region with sales of over $320 million. Petroleum Products operates nine warehouse and bulk plant facilities, and services customers in West Virginia, eastern Kentucky, south central Ohio, and southwestern Virginia.
Maxum Petroleum (previously named Global Petroleum, Inc.) was formed in 2006 by its parent, SPI Petroleum LLC, to continue the consolidation of the fragmented commercial fuel and lubricant distribution industry, as begun by SPI Petroleum in 2004. Maxum Petroleum is the leading independent petroleum marketer in the country, providing a comprehensive fuel and lubricant offering to commercial and industrial industries nationally. Petroleum Products will operate as a wholly-owned subsidiary of Maxum Petroleum, and will continue to market and operate under the Petroleum Products brands. The entire management team of Petroleum Products, including its President and previous owner, Pat Graney, will continue in their current roles.
“The Petroleum Products acquisition is another significant step in our strategy to strengthen our position as the leading independent petroleum marketer in the country,” said Perot Bissell, Maxum Petroleum’s CEO. “Petroleum Products has a longstanding reputation for integrity, operational excellence and customer service. With our strong positions in the transportation, natural resource, and other heavy industries, Pat and his team are an excellent complement to Maxum Petroleum and we look forward to providing the Petroleum Products team with added resources to expand upon their previous success.”
“We are excited about the possibilities that being part of a larger enterprise will provide”, noted Pat Graney, President of Petroleum Products. “The scale of operations, services and financial backing of Maxum Petroleum will allow us to better serve both our customers and supply partners and should present new challenges and opportunities for our employees and management team members.”
About Maxum Petroleum
Maxum Petroleum, Inc., based in Greenwich, CT, is a wholly-owned subsidiary of SPI Petroleum LLC, an acquisition vehicle formed in 2004 by three leading private equity firms, Northwest Capital Appreciation, Inc., Waud Capital, LLC, and RBC Capital Partners (through Cadent Energy Partners) to consolidate the fragmented commercial fuel and lubricant distribution industry. To date, Maxum Petroleum or its affiliates have acquired eight fuel and lubricant marketers, including Simons Petroleum, Trevco, Hartney, Pecos (including its General Petroleum and Rainier Petroleum subsidiaries), Canyon State Oil and Petroleum Products. Simultaneous with this acquisition, Maxum increased its credit facilities (co-led by PNC Bank, National Association and JPMorgan Chase Bank, N.A.) to over $400 million.
For more information, contact Perot Bissell at 203-862-9370, or Mike McDonald at 405-302-1502.
Maxum Petroleum, Inc.
9 Benedict Place, 2nd Floor
Greenwich, CT 06830
Press Archives
Home
