Transaction Announcement: Tyree Oil, Inc. Acquires Commercial Fuels & Lubricants Assets from GP Energy
Grants Pass, OR (December 27, 2019) – Colvin Oil I, LLC dba GP Energy (the “Company”) has announced the successful sale of its commercial fuels and lubricants business segment to Tyree Oil, Inc. (“Tyree”) The Company divested these assets to further align its focus on its retained convenience retailing, branded fuel distribution, and transportation businesses. Corner Capital provided valuation and structured sale services to Colvin Oil I, LLC in support of the Company’s strategy.
M. J. Castelo, President of Colvin Oil I, LLC and its affiliates, commented upon closing of the transaction, “ We are pleased to have found a good partner for our business in Tyree Oil, and know that our employees and customers are in good hands with a like-minded operator such as Tyree.”
Founded in Grants Pass, OR in 1960 by Mervin Colvin, Colvin Oil Company had grown its commercial fuels and lubricants business to serve Southwestern Oregon through its Grants Pass, Medford, and Brookings bulk plant facilities. Colvin Oil I, LLC and its affiliates purchased all of Colvin Oil Company in 2017, including the assets sold to Tyree. In retaining its convenience retail and branded distribution, the Company will continue to grow its footprint in Oregon.
Headquartered in Eugene, OR, Tyree Oil was founded in 1988 by Ron and Gloria Tyree. Tyree serves a broad range of petroleum customers in the Pacific Northwest including fuels, lubricants, heating oil, cardlocks, fueling equipment, and transportation services. “This acquisition presented a natural geographic expansion opportunity for Tyree,” commented Ron Tyree, “and we are very excited to introduce ourselves to the Colvin customers and further build on these relationships.”
“Corner Capital led us to a solid strategic buyer which also creates ongoing opportunities for our retail and branded distribution business”, stated M. J. Castelo. “We appreciate the work that Andy Weber and his team provided throughout this entire effort.”
ABOUT CORNER CAPITAL
Since 2006, Corner Capital provides financial and strategic advisory services to entrepreneurs, operating companies, financial institutions, and investors in the Downstream Energy Industry. For more information, please visit http://www.cornercapitalpartners.com/ or contact P. A. Weber III (Andy) at email@example.com, (805) 965-5510.