New Milford, Conn. (Oct. 22, 2024) — Cetane Associates (“Cetane”) announces that Martin Oil Company (“Martin Oil”) located in Bellwood, Pennsylvania has acquired Barnes Petroleum Products, Inc. (“Barnes Petroleum”), of Claysburg, Pennsylvania. The transaction closed on Sept. 30, 2024.
Barnes Petroleum Products was founded by Robert Barnes in Blue Knob, Pennsylvania, in November 1988. The company relocated, in 1996, to Claysburg, Pennsylvania. It was incorporated in September 1999 and has consistently grown. Charles Barnes, general manager of Barnes Petroleum, commented, “We’re very pleased with the outcome and thank Cetane for their guidance through the entire process.”
Martin Oil was founded in 1962 by George Martin. His three sons joined him, and the company quickly expanded. Today, it is still family-owned, operated and run by the fourth generation. Brian Kustaborder, commercial sales director at Martin Oil, said, “Barnes Petroleum is a great addition to Martin Oil. We’re excited to continue to provide the same terrific service to their customers.”
Barrett Conway, managing director at Cetane, stated, “We’re pleased to have this deal over the finish line and we wish the Barnes family all the best in their next chapter.”
Cetane served as the sole arranger to Barnes Petroleum. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiating the final deal terms and coordinating the due diligence process. Team members Barrett Conway, Fred Lord and Dalton Brooks managed the transaction. Duke Schneider of MacElree Harvey, Ltd served as the Barnes legal counsel.
