Boston private equity firm acquires Gulf Oil
Boston-based private equity firm ArcLight Capital Partners closed on the acquisition of Framingham-based Gulf Oil LP Tuesday, according to a statement from both companies. The deal was closed under Chelsea Petroleum Product Holdings, an ArcLight affiliate.
The acquisition coincides with Gulf Oil’s sale of four petroleum terminals to New York City-based Arc Logistics Partners. The company has agreed to acquire the terminals in Pennsylvania from Gulf, satisfying requirements of the Federal Trade Commission that Gulf divest of the terminals before the sale to ArcLight, to avoid a monopoly. ArcLight and Arc Logistics are not affiliated.
Rumors swirled in June that Cumberland Farms Inc. and Gulf Oil LP, also known as Cumberland Gulf Group, were in talks to sell the Gulf business, but a company spokesman declined to comment. On Wednesday, the companies issued a press release confirming the deal.
“Gulf is well-established among consumers as a top-tier brand and in recent years has experienced significant growth of marketed volumes,” Dan Revers, managing partner and co-founder of ArcLight, said in the release. “The ownership of a major petroleum wholesaler and terminal operator represents a significant opportunity in today’s energy industry and is a key component of our investment strategy.”
Terms of the Gulf acquisition haven’t been disclosed.
A private, family-owned company, Gulf marketed 3.3 billion gallons of products in 2014 and operates a network of 12 product storage terminals.
In a related transaction, Blue Hills Fuels, LLC, another ArcLight affiliate, purchased Gulf’s Assured Dealers business. The Assured Dealers business collects rent from over 200 owned or leased, but non-operated, independently franchised sites under the Gulf or Mobil brand that also purchase branded products under contract from Gulf.
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