Wednesday, March 18, 2020
Offen Petroleum (Commerce City, Colo.), an independent fuel distributor, has signed an agreement to acquire the business assets of Bosselman Energy, a fuel distributor, and Bosselman Carriers, a trucking company, both based in Nebraska. Details of the transaction were not provided.
Offen, a portfolio company of a New York-based private equity firm, is a provider of motor fuel, lubricants, and petroleum logistics services in Colorado and 15 surrounding states. The combination of Offen and Bosselman further expands the business into the Midwest. Going forward the business will operate as Offen Petroleum. The Bosselman Grand Island office will be a regional operations center and the bulk plants will remain open and operate as Offen Petroleum going forward. The transaction is expected to close in April.
Bosselman Energy and Carriers are currently owned by Fred Bosselman, with headquarters in Grand Island, Neb. The Bosselman companies have been in the petroleum industry for more than 70 years and currently operate in Nebraska, Colorado, Kansas, and Iowa. In recent years, Bosselman has focused its growth on marketing unbranded refined fuels and propane to end users. In addition to these business relationships, like Offen, Bosselman markets gasoline and diesel to dealer and commercial customers. According to Fred Bosselman, "We felt Offen was an excellent fit for our employees and customers. They will help grow and expand the business and this will leave me more time to focus on our tank and trailer business."
"We are excited to welcome Bosselman's employees, customers, and vendors to the Offen team,” said Bill Gallagher, CEO of Offen Petroleum. “I congratulate Fred on the professional organization he has built. This transaction affords us the opportunity to strengthen our Colorado operations while expanding into new geographies and business lines. Nebraska, Kansas, and Iowa are adjacent to our core footprint, allowing us to work with our existing suppliers in new territories. We are eager to add propane operations and services to our product offering. The opportunity to deliver propane directly to residential customers complements Offen's purpose of providing energy to improve people's lives. I am pleased Travis Hasselmann, Bosselman Energy Companies CFO, will be joining Offen's executive leadership team as senior vice president of Midwest operations. We look forward to continuing to grow our business organically while finding best-in-class distributors who wish to join our mission to be the leading fuel and propane provider in the Intermountain West."
(SOURCE: The Weekly Propane Newsletter, March 19, 2020. Subscribe to receive all the latest posted and spot prices from all major terminals and refineries around the U.S., featuring a center spread of posted prices that includes hundreds of postings completely updated each week, market analysis, insightful commentary and more.)
Offen, a portfolio company of a New York-based private equity firm, is a provider of motor fuel, lubricants, and petroleum logistics services in Colorado and 15 surrounding states. The combination of Offen and Bosselman further expands the business into the Midwest. Going forward the business will operate as Offen Petroleum. The Bosselman Grand Island office will be a regional operations center and the bulk plants will remain open and operate as Offen Petroleum going forward. The transaction is expected to close in April.
Bosselman Energy and Carriers are currently owned by Fred Bosselman, with headquarters in Grand Island, Neb. The Bosselman companies have been in the petroleum industry for more than 70 years and currently operate in Nebraska, Colorado, Kansas, and Iowa. In recent years, Bosselman has focused its growth on marketing unbranded refined fuels and propane to end users. In addition to these business relationships, like Offen, Bosselman markets gasoline and diesel to dealer and commercial customers. According to Fred Bosselman, "We felt Offen was an excellent fit for our employees and customers. They will help grow and expand the business and this will leave me more time to focus on our tank and trailer business."
"We are excited to welcome Bosselman's employees, customers, and vendors to the Offen team,” said Bill Gallagher, CEO of Offen Petroleum. “I congratulate Fred on the professional organization he has built. This transaction affords us the opportunity to strengthen our Colorado operations while expanding into new geographies and business lines. Nebraska, Kansas, and Iowa are adjacent to our core footprint, allowing us to work with our existing suppliers in new territories. We are eager to add propane operations and services to our product offering. The opportunity to deliver propane directly to residential customers complements Offen's purpose of providing energy to improve people's lives. I am pleased Travis Hasselmann, Bosselman Energy Companies CFO, will be joining Offen's executive leadership team as senior vice president of Midwest operations. We look forward to continuing to grow our business organically while finding best-in-class distributors who wish to join our mission to be the leading fuel and propane provider in the Intermountain West."
(SOURCE: The Weekly Propane Newsletter, March 19, 2020. Subscribe to receive all the latest posted and spot prices from all major terminals and refineries around the U.S., featuring a center spread of posted prices that includes hundreds of postings completely updated each week, market analysis, insightful commentary and more.)
