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Riddlesburg, PA (April 1,
2009) -
Tri-County Petroleum Inc. ("Tri-County"), a leading distributor
of petroleum lubricant products, announced today that it has acquired
Loos & Dilworth, Inc. and Loos & Dilworth Company, Inc. (collectively "Loos & Dilworth" or
the "Company") from its shareholders Rick Campbell and
Gregg Draper.
Tri-County is focused
on acquiring best-in-class lubricant distributors to expand its geographic
footprint and service offering to customers. "Loos & Dilworth is a great addition
to Tri-County with its experienced management team, its strategic
locations near Philadelphia and Baltimore, its strong supplier relationships
and its long-standing customer relationships," said Robert
Black, President of Tri-County Petroleum. "We are excited
about the growth opportunities of our combined platform."
Loos & Dilworth, a 116 year old company, will provide Tri-County
with a strong regional supplier of passenger car motor oils from
leading suppliers throughout the combined company’s territory.
In addition, Tri-County plans to service new commercial and industrial
lubricant customers from Loos & Dilworth’s two facilities
in Bristol, PA and Laurel, MD. Rick Campbell, CEO of Loos & Dilworth,
said, "The opportunity to partner with Tri-County will provide
Loos & Dilworth with the capital and resources necessary to expand
our operations and service offering as we continue to focus on providing
great service to our customers and accelerating our growth."
Mr. Campbell and
Mr. Draper, General Manager of the Maryland operation, will continue
in their current management roles and will become shareholders of
Tri-County.
About Tri-County Petroleum:
Tri-County Petroleum is the leading lubricant distributor
in the Mid-Atlantic region, serving a diverse set of over 2,500 customers
engaged in diverse industrial, commercial and passenger vehicle applications.
Tri-County provides its customers an extensive selection of bulk
and "mini-bulk" lubricant
products complemented by a full suite of packaged lubricant products.
The Company’s services include customized on-site tank systems,
filtration, expert oil analysis, application engineering expertise,
and coolant program expertise. Tri-County Petroleum is actively pursuing
organic growth as well as growth through acquisitions. Tri-County
Petroleum is a platform company of KRG Capital Partners, a Denver-based
private equity investment firm.
Website:
About KRG:
Founded
in 1996, KRG is a Denver-based private equity firm with over $4 billion
of cumulative capital either deployed or available for future investment,
which includes approximately $682 million deployed since inception
on behalf of equity co-investors. KRG specializes in acquiring and
recapitalizing unique and profitable middle-market companies. The
firm seeks investment opportunities where KRG can partner with owners
and operating managers who are committed to expanding their companies
and becoming industry leaders. The result is a partnership that focuses
on creating a significantly larger enterprise through a combination
of internal growth and complementary add-on acquisitions. Since inception,
KRG has invested in 32 platform companies and has completed 94 add-on
acquisitions for those platforms. More information on KRG is available
online at .
Stew Fisher, Managing Director
Jay Coughlon, Managing
Director
Email:
Phone: 303-390-5001
Fax: 303-390-5015
All inquiries from the media should be addressed to:
Tracie Kelly, Marketing
Email:
Phone: 303-390-5060
Fax: 303-390-5015
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