TRANSACTION ANNOUNCEMENT - FOR IMMEDIATE RELEASE
December 1, 2015
Gonzales, TX – Johnson Oil Company (“JOC”) is pleased to announce that F.S. Holdings, Inc., parent company of Texas Enterprises, Inc., has acquired its commercial fuel, transport and branded lubricants businesses.
JOC will be a fully integrated and wholly owned subsidiary of F.S. Holdings, Inc. The current management team of JOC will remain in place and F.S. Holdings will operate this business segment under the name of Johnson Oil Company for the foreseeable future.
The combination will fully integrate these companies, providing a more extensive and successful distribution network throughout the state of Texas through a single-source operation.
Johnson Oil Company
Founded in 1958 by Fletcher Johnson, Johnson Oil Company was headquartered in Gonzales, TX, operating throughout Texas including the Eagle Ford Shale and Permian Basins, and Central and South Texas. JOC featured ExxonMobil lubricants as well as other quality brands, offering customers a wide variety of best in class lubricants, greases and specialty products for a wide range of applications and markets, in addition to transportation and commercial fueling services.
Johnson Oil Company and its Board of Directors, assisted by Corner Capital Advisors, LLC, embarked on a scenario analysis of its strategic options for the Company, subsequent to the passing of its founder, Fletcher Johnson in 2013. After reviewing potential options, the Johnson family decided a sale of its commercial fuel, transportation and lubricant assets was the appropriate path. Andy Weber commented, “Exiting a family business founded in 1958 requires thoughtful consideration. We are extremely pleased that the family and the Board trusted Corner Capital and its team to assist and guide the Company through the entire process. It has been a pleasure to work with the Johnson family and the Board. ”
This transaction represents the conclusion of the sale process and the final transition of the Johnson family businesses embarked upon by the Johnson Oil Company Board of Directors. In June 2015, the Company sold its convenience retail and dealer fuel supply businesses to the Southwest Division of Circle K.
Corner Capital Advisors
Corner Capital Advisors, LLC, is a national advisory firm specializing in Downstream Energy since 2006. The firm and its team members provide transactional, financial, and operational assistance to all constituents in Downstream Energy, including all refined products, transportation, storage, distribution, and retailing. For more information please see www.cornercapitaladvisors.com or contact Andy Weber at [email protected].