Wayne Oil Co. and Wayne Petroleum Corp. was successfully sold to an undisclosed party. The sale includes its wholesale petroleum transport and delivery assets.
Wayne Oil 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. Its 13-store chain of retail sites was previously sold in late 2017.
Ken Shriber, managing director of Petroleum Equity Group (PEG), served as the lead advisor to Wayne Oil.
“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,” said Strickland regarding the transaction.