Commerce City, Colorado-based Offen Petroleum announced Jan. 4 that it has completed its acquisition of the wholesale division of Chicago-based Gas Depot, Inc. and Gas Depot Oil Company.

Financial details were not disclosed. The acquisition is Offen’s first in the Chicagoland area and Great Lakes region.

Gas Depot is a full-service wholesale distributor of motor fuels throughout the Midwest, including Illinois, Wisconsin, Indiana and Missouri.  The company sells motor fuels under the Shell, Marathon, Citgo, BP, Exxon/Mobil, Gulf, Clark and proprietary Gas Depot brands. The company operates its own chain of gas stations, which, after the transaction, Gas Depot will continue to operate, Offen said in its announcement.

“I am very pleased that we have been able to impact the fuel industry over the past 23 years and now our team has chosen to redirect our efforts towards growing our other companies and businesses,” said George Nediyakalayil, Founder and CEO of Gas Depot. “Gas Depot has grown not just as a business, but an extended family that has created lifelong opportunities and relationships. While it is not easy to transition off this business, I know that Offen will be an excellent operator to continue the growth that we started. Offen has created a reputation of providing the highest level of customer care and they have a wide breadth of resources that will benefit our customers. I am confident that Gas Depot’s customers will continue to flourish through Offen.”

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Offen said the acquisition will add more than 150 new retail gas station/convenience store customers, in addition to a portfolio of municipal customers. Offen also said it is establishing an operations center in Chicago and will be hiring the operations personnel of Gas Depot.

“George Nediyakalayil and his team of dedicated employees have created a very successful business operating in a highly competitive marketplace and I am very honored that the Nediyakalayil family has entrusted Offen to continue providing superior service to their customers,” said Offen CEO Bill Gallagher. “This is a unique opportunity for us to acquire a high-quality portfolio of customers in one of America’s largest markets.”

In August 2022, Offen Petroleum completed its acquisition of the wholesale division of G&S Oil Products (Centennial, Colorado).

See MDM’s Investment Bank Directory for a rundown of the key investment banks and advisory firms in the distribution sector.