Press Release: Sale of C.R. Mullis Oil & Heating Co., Inc., to Great Lakes Petroleum
On March 28th, 2019, Adena Business Advisors successfully completed the sale of substantially all of the assets of C.R. Mullis Oil & Heating Co., Inc., to Great Lakes Petroleum.
Andrew R. Holtgrewe, CPA, CBI, was engaged as the exclusive sell-side advisor on the transaction and partnered with Nathan Hull, Managing Partner at Hull & Chandler, P.A., to close the transaction in just 14 days.
Established in 1947, Mullis Oil specializes in the delivery of gasoline, heating oil, and high/low sulfur diesel to commercial and residential customers throughout the Greater Charlotte area. A family-owned and operated business since it's inception, owner Don Mullis has run the business alongside his two sons Christopher and Cliff Mullis from the Company's office and bulk plant on Belmont Avenue (off of North Davidson in North Charlotte) for many years.
Headquartered just outside Cleveland, Ohio, Great Lakes Petroleum has established itself as a national leader in the fuel delivery and storage business over the Company’s 40+ year history. Under the leadership of Company President Anthony Arcoria and Regional Sales Manager Charlie Reibling, Great Lakes is looking to use the Mullis Oil acquisition as a springboard to continue its already expanding market leadership in the Charlotte market and throughout the Southeastern US.