Colvin Oil I, LLC, dba GP Energy, has announced the successful sale of its bobtail fuels and lubricants business unit to Tyree Oil, Inc. The Company divested these assets to further align its focus on its core business: convenience retailing, branded and unbranded fuel distribution, bulk fuels, fleet and cardlock, and transportation businesses. Corner Capital provided valuation and structured sale services to Colvin Oil I, LLC in support of the Company’s strategy.
M. J. Castelo, President of Colvin Oil I, LLC and its affiliates, commented upon closing of the transaction, “We are pleased to have found a good partner for this business unit and know that our employees and customers are in good hands with a like-minded, quality operator such as Tyree.”
Headquartered in Eugene, OR, Tyree Oil was founded in 1988 by Ron and Gloria Tyree. Tyree serves a broad range of petroleum customers in the Pacific Northwest including fuels, lubricants, heating oil, cardlocks, fueling equipment, and transportation services. “This acquisition presented a natural geographic expansion opportunity for Tyree,” commented Ron Tyree, “and we are very excited to introduce ourselves to the Colvin customers and further build on these relationships.”
“Corner Capital led us to a solid strategic buyer which also creates ongoing opportunities for our retail and branded distribution business”, stated M. J. Castelo. “We appreciate the work that Andy Weber and his team provided throughout this entire effort.”