Tri-County Petroleum, Inc. Completes Acquisitions of Loos & Dilworth, Inc. and Loos & Dilworth Company, Inc.
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.
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 www.krgcapital.com or at http://www.canadian-casinos.org/.
Media Contact Information:
Stew Fisher, Managing Director