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Thursday, March 21 , 2019, 4:04 pm | Mostly Cloudy 57º


With Help from Corner Capital Partners, Andretti Petroleum Group Expands in Pacific Northwest

Andretti Petroleum Group and Lane Colvin have acquired the assets of Colvin Oil Co. The transaction, which was assisted by Santa Barbara-based Corner Capital Partners LLC, combines the resources of two strong company-owned and operated retail chains and fuel supply organizations.

Colvin Oil was founded in 1960 by Mervyn Colvin. The diverse company owns and operates 54 facilities, supplies almost 100 open dealers, and maintains three bulk plant operations, a fleet and commercial fueling operation, a lubricants business and a transportation company.

The company operates primarily under Chevron brands, with further representation under the Shell, 76, Circle K, Pacific Pride and CFN brands. Colvin Oil employs approximately 700 employees.

The enterprise will continue to operate under the Colvin Oil identity, and its headquarters will remain in Grants Pass, Ore.

In recent years, the Colvin company has been led by founder namesake Lane Colvin. He continues as a partner, and has been named managing member and president of the Colvin Oil business unit of Andretti Petroleum. He will be responsible for all facets of the operation.

“We are so pleased with this union,” Colvin said. “Transitioning our family business with the Andretti team is an ideal arrangement, providing further growth opportunities and business resilience. I look forward to leading this company with so many terrific new resources.”

The Andretti Petroleum enterprise is owned by motorsports icons Mario Andretti, Michael Andretti and longtime managing partner and president M.J. Castelo, a former Texaco executive. The Andretti petroleum interests include San Carlos-based Peninsula Petroleum LLC and Eureka-based Humboldt Petroleum Inc., which operate largely under the Shell brand, along with the Chevron, Texaco and Pacific Pride identities.

Citizens Bank N.A. and Corner Capital Partners LLC provided buyer support and advisory services on the project.

“We are thrilled to expand into the Oregon and Washington markets with such a quality and time-tested organization,” Mario Andretti said of the acquisition.

“Our shared vision and values, coupled with an outstanding leadership team, will make for an seamless transition and very rewarding future for all stakeholders.”

Elizabeth Bailey, senior associate of Corner Capital, agreed.

“The companies’ cultures are well-suited for each other and we look forward to their continued success,” she said.

Corner Capital provides specialty advisory services for all refined products and to all constituencies in the downstream energy industry, including convenience store chains, fuel wholesalers and distributors, lubricant retailers and distributors, propane and heating oil distributors, and storage and transportation companies, private equity firms and lenders, among others.

Click here for more information about Corner Capital Partners LLC.


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