Offen Petroleum Enters the Great Lakes Region with Gas Depot Acquisition

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DENVER, Jan. 4, 2023 /PRNewswire/ -- Offen Petroleum ("Offen"), announced today that it has completed the acquisition of the wholesale division of Gas Depot, Inc. and Gas Depot Oil Company, both headquartered in Chicago, IL (together as "Gas Depot").

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Retrieved on: 
Wednesday, January 4, 2023
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Tags: 
M&A, Owner-operator, Partner, Lubricant, Citgo, Shell, Growth, Doe v. Exxon Mobil Corp., Great Lakes, BP, Court Square Capital Partners, Commerce City, Colorado, Great Lakes region, DEP, Acquisition, Propane, Oil, Taxicab, Chicago metropolitan area, Offen
Geotags: 
COLORADO, ILLINOIS, MISSOURI, CHICAGO, UNITED STATES, INDIANA, NEW YORK, WISCONSIN
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Organisation: 
GAS DEPOT OIL, GAS DEPOT, OFFEN PETROLEUM, GAS DEPOT, INC., GAS DEPOT OIL COMPANY
Summary
Key Points: 
  • DENVER, Jan. 4, 2023 /PRNewswire/ -- Offen Petroleum ("Offen"), announced today that it has completed the acquisition of the wholesale division of Gas Depot, Inc. and Gas Depot Oil Company, both headquartered in Chicago, IL (together as "Gas Depot").
  • Gas Depot sells motor fuels under the Shell, Marathon, Citgo, BP, Exxon/Mobil, Gulf, Clark, and its proprietary Gas Depot brands as well as being a supplier of unbranded motor fuels.
  • Further, Gas Depot operates its own chain of gas stations and after the transaction, Gas Depot will continue to operate these stores.
  • Gas Depot has grown not just as a business, but an extended family that has created lifelong opportunities and relationships," stated George Nediyakalayil, Founder and CEO of Gas Depot.


Offen Petroleum Enters the Great Lakes Region with Gas Depot Acquisition

DENVER, Jan. 4, 2023 /PRNewswire/ -- Offen Petroleum ("Offen"), announced today that it has completed the acquisition of the wholesale division of Gas Depot, Inc. and Gas Depot Oil Company, both headquartered in Chicago, IL (together as "Gas Depot"). Offen is a leading independent distributor of motor fuels, propane, lubricants, and offers petroleum logistics services throughout the United States. The acquisition is Offen's first into Chicagoland and the Great Lakes region.

Gas Depot was founded by George Nediyakalayil in 1999 and is a full-service wholesale distributor of motor fuels throughout the Midwest, including Illinois, Wisconsin, Indiana, and Missouri.  Gas Depot sells motor fuels under the Shell, Marathon, Citgo, BP, Exxon/Mobil, Gulf, Clark, and its proprietary Gas Depot brands as well as being a supplier of unbranded motor fuels. Gas Depot has developed a reputation of operational excellence and has been a trusted supplier in Chicagoland and surrounding Midwest markets.  Further, Gas Depot operates its own chain of gas stations and after the transaction, Gas Depot will continue to operate these stores.

"I am very pleased that we have been able to impact the fuel industry over the past 23 years and now our team has chosen to redirect our efforts towards growing our other companies and businesses. Gas Depot has grown not just as a business, but an extended family that has created lifelong opportunities and relationships," stated George Nediyakalayil, Founder and CEO of Gas Depot. "While it is not easy to transition off this business, I know that Offen will be an excellent operator to continue the growth that we started. Offen has created a reputation of providing the highest level of customer care and they have a wide breadth of resources that will benefit our customers. I am confident that Gas Depot's customers will continue to flourish through Offen."

This acquisition will add over 150 new retail gas station/convenience store customers along with a portfolio of municipal customers. The addition of these customers will provide Offen a new footprint in Chicagoland and surrounding markets. Further, Offen is establishing an operations center in Chicago and will be hiring the talented operations personnel of Gas Depot. This acquisition builds upon Offen's status as one of the leading fuel distributors in the United States and grows Offen's commitment to supporting the branded motor fuel dealer and municipal businesses.

"George Nediyakalayil and his team of dedicated employees have created a very successful business operating in a highly competitive marketplace and I am very honored that the Nediyakalayil family has entrusted Offen to continue providing superior service to their customers," said Bill Gallagher, Offen's CEO. "This is a unique opportunity for us to acquire a high-quality portfolio of customers in one of America's largest markets."

Downstream Energy Partners ("DEP") and Trilla Consulting Group provided exclusive merger and acquisition advisory services to Gas Depot. DEP is a leading M&A advisory firm providing services to middle market companies within the downstream energy sector and is comprised of professionals who have decades of experience as both owner/operators and strategic financial advisors to energy companies.  "Offen Petroleum is acquiring high quality wholesale fuel supply assets in a location strategic to their expanding footprint," said Jeff Traub, Partner of DEP, adding, "George Nediyakalayil built an exceptional company, and it's been an absolute pleasure representing them in this transaction."

About Offen Petroleum
Headquartered in Commerce City CO, Offen is a leading distributor of motor fuels, propane, and lubricants that dedicates itself to serving its customers with the highest level of service.  In addition to organic growth, Offen is an active acquirer of companies in this consolidating marketplace.  Offen distributes over 2.4 billion gallons of motor fuel annually and will serve customers throughout the United States. In addition to branded and unbranded motor fuels, Offen sells propane, and lubricant products and solutions for the commercial, industrial, and passenger car segments, as well as diesel exhaust fluids used in emission controls. Offen is a portfolio company of Court Square Capital Partners, a New York based private equity firm with $7 billion of assets under management. More information on Offen can be found at www.offenpetro.com.

Contact: Chris Tofalli
Chris Tofalli Public Relations, LLC
914-834-4334

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SOURCE Offen Petroleum

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