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MASSILLON, Ohio — Campbell Oil Co. closed the sale of its residential heating oil and commercial fuels business to Lykins Energy Solutions. The company will now turn its focus to growing its convenience store network.
Headquartered in Massillon, Campbell Oil was founded in 1939 by Chester Campbell as a distributor of gasoline, kerosene and fuel oil. The company experienced significant growth organically and through acquisitions in the 1980s and 1990s, when it made a serious commitment to being a convenience retailer, according to Matrix Capital Markets Group Inc.
Brian Burrow, who became president of Campbell Oil in 1997, continued the company's growth by to become a strong convenience brand in Ohio. Going forward, Campbell Oil will focus on the continued growth of its retail operation, BellStores Inc.
Campbell's heating oil and commercial fuels business is one of the leading wholesale distributors of fuel oil, gasoline, and diesel to residential, agricultural, commercial and industrial customers in central and eastern Ohio.
Matrix provided merger and acquisition advisory services to Campbell, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.
The transaction was managed by Spencer Cavalier, managing director. Sean Dooley, vice president; Christian Klawunder, associate; and Kyle Profilet, analyst also advised on the transaction.
"Matrix is honored to have had the opportunity to work with Brian and his management team to successfully divest its legacy fuel oil and commercial fuels business so that the company can focus all of its human and financial capital on the continued growth of its extremely successful retail chain," Cavalier said.
Dustin Vrabel of Buckingham, Doolittle & Burroughs LLC served as legal counsel for Campbell Oil.
Milford-based Lykins Energy Solutions serves customers in Ohio, Kentucky and Indiana, as well as throughout the Midwest and Southeast. It provides key services including branded fuels, wholesale fuels, commercial, transportation and home heating oil, propane, lubricants, electricity and natural gas. The company represents four major brands of fuel that it sells to independent gas dealers: BP, Marathon, Shell and Gulf.