Petromark of Harrison has been sold to Colorado’s Offen Petroleum for an undisclosed amount, the companies announced. The transaction is expected to be completed on Tuesday, May 18, with combined operations under the Offen Petroleum name commencing on May 19.
Petromark entails Petromark Inc., a motor fuel distributor, and Petromark Transportation, its affiliate trucking company. It is owned jointly by Stephen Lair and Steve Turner, the latter of whom will become an advisor to Offen and assist with “the continued growth of the business,” according to a press release.
In the release, Turner said he and Lair were pleased that a company such as Offen sharing the same “dedication to operational excellence” would continue to serve Petromark customers.
Petromark, founded in 1929, is a significant regional wholesaler of motor fuels. It sells branded motor fuels under the Shell, Phillips 66, Valero, Sinclair, Conoco, and VP Racing banners in Arkansas, Oklahoma and Missouri. It also sells unbranded motor fuel to retailers. In 2016, Petromark sold 26 White Oak Station convenience stores to the Spirit Spe portfolio, but it continues to operate or lease nine White Oak Station stores in Arkansas and Missouri including the original on Capps Road in Harrison.
Offen, based in metropolitan Denver, is a distributor of motor fuel, propane, lubricants and petroleum-logistics services in 23 states throughout the Midwest and western United States. It is a portfolio company of Court Square Capital Partners, a private-equity firm based in New York.
Offen CEO Bill Gallagher said the Petromark purchase expands his company’s footprint and complements Offen’s December 2020 purchase of Ozark Mountain Energy.
“Petromark allows us the opportunity to strengthen our contract dealer business and deepen our presence in the Ozark region,” he said in the release. “Additionally, I am pleased that Steve Turner will be joining us to share his wealth of experience, knowledge, and dedication to his customers that has made his company so successful.”
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