With the help of Santa Barbara-based Corner Capital Advisors LLC, Pettit Oil Co. has announced the sale of its branded dealer business in the Pacific Northwest to Jackson Oil Co. of Meridian, Idaho. 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 Chevron, Shell and Union 76 fuel brands. The acquisition raises the total number of branded retail sites serviced by Jackson Oil to more than 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,” said John Jackson, CEO of Jackson Oil Co.
Jim Tener, president of Pettit Oil, expressed similar enthusiasm.
“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,” he said. “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.”
One of the largest privately held services companies in Washington, Pettit Oil operates distribution facilities in Bremerton, Everett, Forks, Hoquiam, Lakewood, Port Angeles and Port Townsend, Wash. The company supplies fuels and lubricants to a variety of customers within the marine, commercial, industrial, automotive, retail and heating oil categories. Featured brands include 76, CAM2, Chevron, Kendall, Phillips 66, Power Service, Shell, Summit, Tesoro and Texaco. Pettit Oil owns and operates cardlock fueling stations and is a leading marketer of fleet fueling cards on the CFN, Pacific Pride and Voyager national networks.
“We are pleased with Corner Capital’s strategic insight and creative structuring to support the evolution of Pettit’s business model,” Tener added. “They have helped strengthen our balance sheet to execute on our strategies.”
Corner Capital provided exclusive advisory services to Pettit Oil about its business strategy and transactions. The wholly owned affiliate of Corner Capital Partners LLC provides investment banking and advisory services to the downstream energy industry, serving distributors, private equity firms, lenders and other constituencies in the segment.