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LAKEWOOD, Wash. – Pettit Oil Co., a full-service petroleum provider that has served western Washington State for more than 75 years, has sold its branded dealer business in the Pacific Northwest to Meridian, Idaho-based Jackson Oil Co.
The transaction represents the second step in Pettit's strategic repositioning of its fuel and lubricants business in the region, recapitalizing the company to pursue its growth strategy in those two segments.
Jackson Oil will now serve Pettit'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 Co. to over 700 accounts in eight Western states.
"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," stated John Jackson, CEO of Jackson Oil Co.
CSNews Online reported in 2010 that Jacksons acquired 96 Shell-branded locations in the Seattle region through PacWest Energy LLC, a joint venture it created for a 2008 acquisition in the Portland, Ore. market with Shell Oil Products US.
Jim Tener, president of Pettit Oil, commented, "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 one of the largest privately held services companies in Washington State, Pettit Oil operates distribution facilities in Everett, Lakewood, Hoquiam, Forks, Port Angeles, Port Townsend, and Bremerton, Washington. The company supplies fuels and lubricants to a variety of customers within the marine, commercial, industrial, automotive, retail, and heating oil categories.
Its featured brands include 76, CAM2, Chevron, Kendall, Phillips 66, Power Service, Shell, Summit, Tesoro, and Texaco. Pettit Oil also owns and operates cardlock fueling stations and is a leading marketer of fleet fueling cards on the CFN, Pacific Pride, and Voyager national networks.
Commenting on the sale to Jackson and Pettit's recent acquisition of a commercial fuels, lubricants, and heating oil business, Tener also stated, "We are pleased with Corner Capital's strategic insight and creative structuring to support the evolution of Pettit's business model. They have helped strengthen our balance sheet to execute on our strategies."
Corner Capital Partners LLC provided exclusive advisory services to Pettit Oil regarding Pettit's business strategy and transactions. Its wholly-owned affiliate, Corner Capital Advisors LLC, provides investment banking and advisory services to the Downstream Energy industry, serving distributors, private equity firms, lenders, and other constituencies in the segment.