DENVER (May 6, 2021) — Offen Petroleum announced that it is acquiring the business assets of Petromark Inc., a motor fuel distributor, and Petromark Transportation LLC, its affiliate trucking company, both headquartered in Harrison, Arkansas. Offen is a provider of motor fuel, propane, lubricants, and petroleum logistics services in 23 states in the Midwest and Western United States The business combination further expands Offen's footprint more deeply into Arkansas, Missouri, and Oklahoma.
Petromark is owned jointly by Stephen Lair and Steve Turner and is a significant wholesaler of motor fuels in Arkansas, Missouri, and Oklahoma. The company sells branded motor fuels under the Shell, Phillips 66, Valero, Sinclair, Conoco and VP Racing banners while also selling unbranded motor fuel to retailers. Turner will be an advisor to Offen Petroleum and will assist with the continued growth of the business.
"I am very pleased that we are able to add such a successful business to further the growth of Offen Petroleum. Petromark is a perfect fit to the Ozark Mountain Energy business, which we acquired in December of last year," said Bill Gallagher, CEO of Offen Petroleum. "Petromark allows us the opportunity to strengthen our contract dealer business and deepen our presence in the Ozark Region. Additionally, I am pleased that Turner will be joining us to share his wealth of experience, knowledge and dedication to his customers that has made his company so successful."
The transaction is expected to be completed on May 18 with combined operations under the Offen Petroleum name starting on May 19.
"Lair and I have enjoyed the experience of operating in both the retail and wholesale fuel businesses through the years and we are pleased that a company, such as Offen, with the same dedication to operational excellence will continue to serve our valued customers," said Turner. "I look forward to working with Bill and his team as we jointly grow this business."
Downstream Energy Partners LLC provided exclusive merger and acquisition advisory services to Petromark.
