Offen Petroleum, an independent fuel distributor, has signed a binding agreement to acquire the business assets of Bosselman Energy, a fuel distributor, and Bosselman Carriers, a trucking company, both based in Nebraska.
Offen is a portfolio company of Court Square Capital Partners, a New York based private equity firm. Offen is a provider of motor fuel, lubricants, and petroleum logistics services in Colorado and 15 surrounding states. The combination with Bosselman further expands the business into the Midwest.
Going forward the business will operate as Offen Petroleum. The Bosselman Grand Island NE office will be a regional operations center and the bulk plants will remain open and operate as Offen Petroleum.
The transaction is expected to close in April 2020.
Bosselman Energy and Carriers are currently owned by Fred Bosselman, with headquarters in Grand Island. The companies have an over 70-year history in the petroleum industry and currently operate in Nebraska, Colorado, Kansas, and Iowa.
In recent years, Bosselman has focused its growth on marketing unbranded refined fuels and propane to end users. In addition to these business relationships, like Offen, Bosselman markets gasoline and diesel to dealer and commercial customers.
According to Fred Bosselman: “We felt Offen was an excellent fit for our employees and customers, they will help grow and expand the business and this will leave me more time to focus on our Tank and Trailer business.”
Bill Gallagher, chief executive officer of Offen Petroleum, added: “We are excited to welcome Bosselman’s employees, customers and vendors to the Offen team. I congratulate Fred on the professional organization he has built. This transaction affords us the opportunity to strengthen our Colorado operations while expanding into new geographies and business lines. Nebraska, Kansas and Iowa are adjacent to our core footprint, allowing us to work with our existing suppliers in new territories.
“We are eager to add propane operations and services to our product offering. The opportunity to deliver propane directly to residential customers complements Offen’s purpose of providing energy to improve people’s lives. I am pleased Travis Hasselmann, Bosselman Energy Companies chief financial officer, will be joining Offen’s executive leadership team as senior vice-president of Midwest Operations. We look forward to continuing to grow our business organically while finding best-in-class distributors who wish to join our mission to be the leading fuel and propane provider in the Intermountain West.”
Headquartered in Commerce City CO, Offen is a consolidator and growing distributor of fuels, propane and lubricants With the addition of Bosselman Energy, the company will distribute more than 1.3 billion gallons of motor fuel annually and will serve as both a branded and unbranded wholesale motor fuel distributor in 16 states. In addition to motor fuels, Offen also sells lubricant products and solutions for the commercial, industrial, and passenger car segments, as well as diesel exhaust fluids used in emission controls.