Lariat Partners-backed Offen Petroleum buys Overland Petroleum of St. George
St. George-based fuel distributor Overland Petroleum has been purchased by Offen Petroleum, an independent fuel distributor based in Commerce City, Colorado. Offen is a portfolio company of Lariat Partners, a Denver-based private equity firm.
Owned and operated by the Snow and Ipson families, Overland Petroleum operates throughout the Rocky Mountain region. In recent years, Overland has focused its growth by delivering branded fuel to independent convenience retailers, Offen said in a recent press release. Overland primarily distributes the Sinclair brand but also offers Conoco, Phillips 66 and the brands licensed by Andeavor. In addition to relationships, Overland distributes wholesale gasoline and diesel fuel to unbranded fuel retailers and commercial. Overland owns its own fleet of tankers and currently operates in Utah, Arizona, Nevada, Idaho, Colorado, Wyoming, Montana and New Mexico.
Offen is a provider of motor fuel, lubricants and petroleum logistics services in Colorado and 12 surrounding states. The combination creates one of the largest fuel distributors in the Greater Rocky Mountain region and will operate as Offen Petroleum, according to Offen.
The transaction is expected to be completed in the third quarter upon completion of regulatory and closing conditions.
“As leaders in our core markets, the combination creates a stronger company, better able to optimize the utilization of our fleet assets and expand upon our supplier relationships as we continue to efficiently serve our valued customers,” said Bill Gallagher, CEO of Offen Petroleum. “I am pleased that Darin Snow and Danny Ipson will be joining our expanded leadership team. Further, with a team of 100-plus experienced drivers combined with our longstanding supply relationships, modern fleet, scalable processes and systems and best-in-class team, we will continue to safely deliver superior levels of customer service and a full slate of motor fuel product offering.”