Press Release: Sale of Looper Oil Co., Inc. to Great Lakes Petroleum
On February 15th, 2019, Adena Business Advisors, LLC, successfully completed the sale of substantially all of the assets of Looper Oil Company, Inc. to Great Lakes Petroleum.
Established in 1938, Looper Oil specialized in the delivery of gasoline, heating oil, and high/low sulfur diesel to commercial and residential customers throughout the Greater Charlotte area.
“We had entertained the idea of selling our business for about a year,” stated Gretchen Looper, co-owner of Looper Oil. “After three generations, it was very emotional to let go. We knew we were unable to handle this transactions ourselves. Our accountant recommended Andy Holtgrewe. We met with Andy and he quickly gained our trust. He provided us with a comprehensive evaluation very quickly at a very reasonable price. All necessary information and documentation was handled professionally and accurately. Everything was explained in terms we could understand. The fact that Andy is a CPA is a big plus, especially when considering tax consequences. We had multiple offers and closed the sale in 37 days! We cannot overstate how pleased we are!!!”
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 Looper Oil acquisition as a springboard to continue its already expanding market leadership in the Charlotte market and through the Southeastern US.