U.S. Petroleum Partners (USPP) announced that it has purchased the wholesale assets of Tri-Lakes Petroleum.
This transaction, which closed in December 2020, will further utilize USPP’s existing pipeline terminal and dealer portfolio in southwest Michigan and northern Ohio. The entire Tri-Lakes Management team will remain in place. The new entity will be named USPP-Tri-Lakes.
Tri-Lakes Petroleum has expanded into a regional leader in refined fuel distribution. Adding branded motor fuel marketing to its product slate beginning in the 1980’s, Tri-Lakes Petroleum currently supplies over one hundred outlets with brands such as Marathon, ExxonMobil, Citgo, Sunoco, Clark and BP.
The USPP-Tri-Lakes focus will remain simplifying fuel supply for retailers, wholesalers, Governmental entities, as well as commercial, farm, and residential customers.
“I’d like to thank our loyal team of employees in representing our company with honesty and integrity,” said Co-Owner Chuck Oke, “not only in the prior decades, but into the future as well.”
“We are eager to remain on the same path of service with passion and commitment,” said USPP-Tri-Lakes President Paul Murdock. “Bringing the entire Tri-Lakes Petroleum Management team into the USPP fold was very important to our leadership, and we look forward to our continued development and growth together through other acquisitions.”
Downstream Energy Partners LLC (DEP) provided exclusive advisory services to Tri-Lakes Petroleum. DEP is a leading investment bank specializing in M&A advisory services to middle market companies within the downstream energy sector and is comprised of professionals who have decades of experience as both owner/operators and strategic financial advisors to energy companies.
USPP, together with its subsidiaries, is a fuel distribution company located in Novi, Mich., that provides petroleum blending, storage and distribution for customers throughout Michigan and northern Ohio, which is anchored by its pipeline terminal with a storage capacity of 331,000 barrels.