A private equity firm has acquired an Avoca petroleum products wholesaler that has been in business for more than 85 years.
Craft Oil Corp. recently was sold to PetroChoice, a distributor based in Bedford County, for an undisclosed price. PetroChoice is a subsidiary of Greenbriar Equity Group, a Rye, N.Y., investment firm that focuses on the transportation sector. It is the company's fourth acquisition this year.
"You always have mixed feelings, but you get to the point where you have taken the company as far as you can," said Maureen Mangan Mills, chief executive of Craft Oil. "It was the right time to move forward."
The transaction increases PetroChoice's workforce by almost 40 percent and solidifies its position as an expanding wholesale force in the Middle Atlantic states.
The transition will have no impact on operations in Avoca, officials said. Craft Oil specialized in lubricants and equipment for the commercial, industrial, automotive and aviation sectors.
"All of our facilities and all of our people will continue with the company," said Mrs. Mills, who will move on to other business pursuits.
"PetroChoice's mission and values really mirror Craft's," said Lindsay Bankert, spokeswoman for the Riddlesburg-based company. "It was just a really good fit for both companies."
Craft has 140 employees, with distribution operations in Delaware County and Fords, N.J. PetroChoice has 220 employees, with offices in seven eastern and midwestern states.
Craft Oil, which made five acquisitions in the past four years, traces its origins to 1925.
Mrs. Mills' father, Richard, acquired the company in 1980. She joined Craft in 1996, and her husband, Bob, became president in 2000. Mr. Mills will become PetroChoice's president of mid-Atlantic operations.
Contact the writer: jhaggerty@timesshamrock.com