Offen Petroleum recently completed the acquisition of the wholesale division of Gas Depot and Gas Depot Oil Company, both headquartered in Chicago.
Offen is an independent distributor of motor fuels, propane, and lubricants; and offers petroleum logistics services throughout the United States. The acquisition is Offen’s first into Chicagoland and the Great Lakes region, the company said.
Gas Depot was founded by George Nediyakalayil in 1999 and is a full-service wholesale distributor of motor fuels throughout the Midwest, including Illinois, Wisconsin, Indiana, and Missouri. Gas Depot sells motor fuels under the Shell, Marathon, Citgo, BP, Exxon/Mobil, Gulf, Clark, and its proprietary Gas Depot brands, as well as being a supplier of unbranded motor fuels. Gas Depot has developed a reputation of operational excellence and has been a trusted supplier in Chicagoland and surrounding Midwest markets, Offen said. Further, Gas Depot operates its own chain of gas stations and after the transaction, Gas Depot will continue to operate these stores.
“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 toward 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.”
This acquisition will add over 150 new retail gas station/convenience store customers, along with a portfolio of municipal customers. The addition of these customers will provide Offen a new footprint in the Chicago area and surrounding markets. Further, Offen is establishing an operations center in Chicago and will be hiring the operations personnel of Gas Depot, the company reported.
“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 Bill Gallagher, Offen’s CEO. “This is a unique opportunity for us to acquire a high-quality portfolio of customers in one of America’s largest markets.”