[Context:On January 10, Lariat Partners announced backing Offen Petroleum, provider of fuel, lubricants, and logistics services in the Rocky Mountain region. Further details and related links are below.]
Lariat Partners Invests in Offen Petroleum
Significant Investment in Leading Independent Fuel and Lubricant Distribution Business to Enhance New Market Growth and Fund Acquisitions
DENVER, Jan. 10, 2018 /PRNewswire/ — Lariat Partners (“Lariat”), a Denver-based private equity firm, announced today that it has made a significant investment in Offen Petroleum (“Offen” or the “Company”), a leading independent provider of fuel, lubricants, and logistics services in Colorado and the Rocky Mountain region.
Offen traces its roots to the 1930s and was acquired by Bill Gallagher and Gwen Stukey in 1997. The Company has grown to over 500 million gallons annually and today serves as both a branded and unbranded wholesale fuel supplier. Offen sources and sells fuel in 12 states. In addition to fuels, Offen’s lubricants division provides products and solutions for the commercial, industrial, and passenger car segments, as well as diesel exhaust fluids used in emission controls. The Company operates a specialty logistics division that is a premier fuel carrier throughout Colorado.
“The strategic investment that Lariat Partners has made in our company will continue to fuel our growth,” states Bill Gallagher, Offen Petroleum’s CEO. “We have consistently grown over the past 20 years and this investment from Lariat will allow us to continue expanding into new markets through both greenfield locations and strategic add-on acquisitions.”
Jay Coughlon, Managing Partner at Lariat Partners, said “Offen is one of the few platforms of scale with a comprehensive team, state-of-the-art facilities, modern distribution fleet, and significant purchasing power that services Colorado and the broader Rocky Mountain region. Lariat backs strong entrepreneurs that have a proven ability to execute growth strategies. Offen’s consumable product offerings, 20-year history, strong management team, and exciting growth plans make it an ideal fit for our investment strategy. We are thrilled to partner with Bill Gallagher and his team.”