The Andretti Petroleum Group and Lane Colvin have acquired the assets of Colvin Oil Company. The transaction effectively combines the resources of two accomplished company-owned, company-operated retail chains and fuel supply organizations.
Colvin Oil was founded in 1960 by Merve Colvin. The diverse company owns and operates 54 facilities, supplies almost 100 open dealers and maintains three bulk plant operations, a fleet and commercial fueling operation, a lubricants business and a transportation company. The company operates primarily under Chevron brands, with further representation under the 76, Shell, Circle K, Pacific Pride and CFN brands. Colvin Oil employs approximately 700 employees.
The enterprise will continue to operate under the Colvin Oil identity and its headquarters will remain in Grants Pass, Oregon. In recent years, the business has been led by Lane Colvin, son of Founder Merve Colvin. He continues as a partner, and has been named Managing Member and President of the Colvin Oil business unit of the Andretti Petroleum enterprise. Lane Colvin will be responsible for all operational facets of the business.
“We are so pleased with this union,” said Lane Colvin. “Transitioning our family business with the Andretti team is an ideal arrangement, providing further growth opportunities and business resilience. I look forward to leading this company with so many terrific new resources.”
The Andretti Petroleum enterprise, founded in 1997, is owned by motorsports icons Mario Andretti, Michael Andretti and longtime Managing Partner and President M.J. Castelo, a former Texaco executive. The Andretti Petroleum interests include San Carlos, California-based Peninsula Petroleum LLC and Eureka, California-based Humboldt Petroleum Inc., which operate primarily under the Shell brand, along with the Chevron, Texaco and Pacific Pride identities in Northern California. Citizens Bank N.A. and Corner Capital Partners, LLC provided buyer support and advisory services on this project.
Commenting on the acquisition, Mario Andretti said, “We are thrilled to expand into the Oregon and Washington markets through such a quality and time-tested organization. Our shared vision and values, coupled with an outstanding leadership team, will make for a seamless transition and a very rewarding future for all stakeholders.”