PetroChoice, a portfolio company of Golden Gate Capital, has acquired Superior Petroleum. PetroChoice was acquired by Golden Gate Capital from Greenbriar Equity Group in December 2015.
Superior Petroleum is an ExxonMobil stocking distributor of lubricants to the automotive and manufacturing industries in Northwest Indiana and the Chicagoland area. The company’s products include motor oils, industrial lubricants, heavy-duty engine oils, diesel exhaust fluid, and other chemical products. Superior Petroleum, led by CEO Mark Schweitzer, was founded by C.W. Huber in 1921 and is headquartered near Chicago in Crown Point, IN (www.superiorpetroleum.com).
PetroChoice is one of the largest distributors of consumable lubricants to the passenger vehicle, commercial vehicle, and industrial markets in the US. The company has more than 16,000 customers across 23 states. PetroChoice was founded as Tri-County Petroleum in 1969 and today is headquartered near Philadelphia in Fort Washington, PA (www.petrochoice.com).
With the acquisition of Superior, PetroChoice will add to their current Chicago distribution efforts with ExxonMobil and expand their operations into Northern Indiana. “Superior has always focused on the philosophy of ‘When One Succeeds, We All Succeed,” said Mr. Schweitzer. “Being a Mobil distributor for over 30 years, we are excited to become part of a robust national distributor and offer increasingly more investment that benefits our customers.”
“I’m delighted that Mark Schweitzer and many accomplished employees at Superior have joined PetroChoice,” said Celeste Mastin, CEO of PetroChoice. “Over the last year we have transformed our sales organization and improved our delivery performance to better serve our customers. Superior represents the first of many acquisitions we intend to add to our stronger, more efficient and customer-focused business platform.”
Golden Gate invests in companies across a range of industries and transaction types, including going-privates, corporate divestitures, recapitalizations, and public equity investments. Sectors of specific interest include software, semiconductors and IT hardware, consumer, industrials, IT and business services, and financial services. The firm has approximately $15 billion of capital under management and is based in San Francisco (www.goldengatecap.com).
© 2019 Private Equity Professional | May 21, 2019