NRC Realty & Capital Advisors announced Oct. 31 that it served as the exclusive financial advisor to W. Douglass Distributing in the sale of Douglas’ wholesale businesses to fuels and lubricants distributor Offen Petroleum, based in Commerce City, Colorado.
Terms of the deal were not disclosed.
Sherman, Texas-based Douglass is a propane, lubricant and wholesale and commercial fuel distributor, serving customers privarily in Texas and Oklahoma. According to NRC, the company currently distributes more than 200 million gallons of fuel annually. Its wholesale unit has more than 150 major customers.
NRC noted that while Offen has served the Texas market for years, the acquisition will result in Douglas’ Sherman location serving as Offen’s regional operations center, from which it will continue to grow the Texas and surrounding markets. Offen is hiring “virtually” all of Douglas’ wholesale unit employees, according to NRC.
“We are pleased that Offen also recognizes the value and contributions of our team members, and, as a result, Offen will be retaining virtually all of the people who have supported our wholesale businesses,” Douglas Distributing CEO Bill Douglass said in a news release. “I have known Bill Gallagher for many years and have been impressed by the operation he has built at Offen. I know that Offen’s values align with ours and that our wholesale businesses and people will continue to thrive under their ownership and direction.”
“Bill Douglass is one of the most respected leaders in the fuels distribution industry, and he has created an elite and diversified distribution business,” added Offten CEO Bill Gallagher. “We are honored that Bill has trusted us to carry on his legacy in serving his customers, employing his people, and supporting the Northern Texas and Southern Oklahoma communities to make lives better. This acquisition will allow us to establish an operations center in Sherman, Texas, and we will hire the employees of the Douglass wholesale business. This business will serve as our platform to accelerate our growth in the Texas marketplace.”
The deal brings Offen’s annual fuel distribution to over 2.6 billion gallons. In addition to branded and unbranded motor fuels, Offen sells propane and lubricant products and solutions for the commercial, industrial, residential and passenger car segments, as well as diesel exhaust fluids used in emission controls.
Back in January of this year, Offen acquired the wholesale division of Chicago-based Gas Depot, Inc. and Gas Depot Oil Company.