MERIDIAN, Idaho & LAKEWOOD, Wash. -- In a transaction that represents the second step in Pettit Oil Co.'s strategic repositioning of its fuel and lubricants business in the region, Pettit Oil has sold its branded dealer business in the Pacific Northwest to Jackson Oil Co., recapitalizing the company to pursue its growth strategy in those two segments.
"We have known the Pettit team for years, and are excited to expand our presence in the Pacific Northwest with this acquisition of quality assets, people and accounts," said John Jackson, CEO of Jackson Oil, Meridian, Idaho.
"These strategic transactions reposition Pettit Oil to expand and penetrate our market presence in commercial fuels, cardlocks, heating oil and lubricants distribution in a broader geography, and provide a platform for continued growth of Pettit's products and services. We were pleased to work with Jackson on the sale of our branded dealer business, and know our customers will be in good hands with an industry veteran."
As reported in a Raymond James/CSP Daily News Flash on Tuesday, Jackson Oil will now serve Lakewood, Wash.-based Pettit Oil's branded dealer business comprised of 104 locations, representing the Shell, Chevron and Union 76 fuel brands.
The acquisition raises the total number of branded retail sites serviced by Jackson Oil to more than 700 accounts in eight Western states.
One of the largest privately held services companies in the state of Washington State, Pettit Oil operates distribution facilities in Everett, Lakewood, Hoquiam, Forks, Port Angeles, Port Townsend and Bremerton, Wash. The company supplies fuels and lubricants to a variety of customers within the marine, commercial, industrial, automotive, retail and heating oil categories. Featured brands include 76, CAM2, Chevron, Kendall, Phillips 66, Power Service, Shell, Summit, Tesoro, and Texaco.
Pettit Oil owns and operates cardlock fueling stations and is a leading marketer of fleet fueling cards on the CFN, Pacific Pride and Voyager national networks.
Santa Barbara, Calif.-based Corner Capital Partners LLC provided exclusive advisory services to Pettit Oil.
"We are pleased with Corner Capital's strategic insight and creative structuring to support the evolution of Pettit's business model," said Tener. "They have helped strengthen our balance sheet to execute on our strategies."