Crystal Flash Acquires Owen’s Petroleum And Owens Propane
Crystal Flash™ announced today that it has acquired Owens Petroleum, Inc. and Owens Propane Service, Inc. in Albion. The deal will add two new locations, including two Pacific Pride fuel stations, to the Grand Rapids-based energy distribution company. Owens brings approximately 400 new commercial fuel customers and 800 residential home heating customers in Michigan and Northern Indiana to Crystal Flash.
The acquisition is the seventh in the past two years for Crystal Flash, which now has more than 230 employees in 16 locations across Michigan. The Charter Group M&A Advisors served as the merger and acquisition advisor to Crystal Flash. The transaction is expected to be immediately accretive to earnings. Terms of the deal, which was finalized today, were not disclosed.
“We are very pleased to once again the expansion of our Michigan footprint with the addition of Owens Petroleum and Owens Propane,” said Crystal Flash President Tom Fehsenfeld. “Like Crystal Flash, the Owens companies are multi-generational family-owned businesses that take pride in delivering quality products and services, which make them an excellent fit”.
“In addition to strengthening our customer base in Michigan, this acquisition allows us to move into Northern Indiana. We continue to evaluate opportunities for growth throughout the Midwest and look forward to additional acquisition announcements in the months ahead.”
Family owned and operated for nearly 50 years, the Owens companies provide petroleum, tank wagon deliveries and bulk oils to commercial customers, as well as propane and home fuel oil for residential customers. Owens also offers a full line of lubricants. Headquartered at 408 N. Albion Street in Albion, the companies serve Michigan counties stretching from Lansing to the Indiana border, as well as the cities of Fowlerville and Angola, Ind. Joe Owens launched the business as a Standard Oil agent in 1968, incorporating seven years later to become Owens-Raymond Oil Co. He changed the name to Owens Petroleum in the 1980s, running the company until he sold it to his daughter, Shelley Purucker, and her husband, Randy in 1994.
With the support of The Charter Group, Crystal Flash has also acquired the following Michigan companies since January 2012:
Drakes Fuel Service in Schoolcraft
Elliott Gas & Oil in Gladwin
Leelanau Propane in Northport
Heartland Propane in Hart
CA Murphy in Sturgis
C. Barron & Sons, Inc. in Monroe
About Crystal Flash™
Crystal Flash™ is a third-generation family-owned energy distribution company focused on commercial and residential customers throughout the Lower Peninsula of Michigan. Established in 1932, Crystal Flash has grown as the demand for energy has evolved, and today concentrates on the sale and distribution of propane, diesel and other fuels. Today, the company is one of the largest independently owned energy suppliers in the state with more than 230 employees in 16 locations.