Wayne Oil Company, Inc., and Wayne Petroleum Corp. have been sold to an undisclosed party. Petroleum Equity Group, Ltd. served as the lead advisor to Wayne Oil on the sale of all the Company’s wholesale petroleum transport and delivery assets.
The originating Company was founded in 1938 and served home heating oil and tobacco-curing customers. The current owner, John Strickland, grew the Company’s businesses to include retail gas and convenience stores and petroleum transportation.
It’s 13-store chain of retail sites was previously sold in late 2017. Regarding the transaction, John Strickland said, “We were very pleased with the advisory services provided to us by downstream fuels industry-veteran Ken Shriber, Managing Director of PEG. The decision to sell and exit the business is a difficult one, and Ken’s extensive knowledge, industry relationships, and experience enabled us to achieve our objective.”
John Walston of Warren, Kerr, Walston, Taylor & Smith, LLP, Goldsboro, NC served as counsel to Wayne Oil.
