Crystal Flash Acquires Richardson Oil, Expands Footprint In Southwest Michigan
Crystal Flash announced today that is has acquired Richardson Oil in Lawrence, Michigan – its ninth acquisition in five years.
One of the largest independent energy distributors in Michigan, Crystal Flash will expand its footprint in Southwest Michigan with the addition of Richardson Oil, which provides a broad range of fuel products, including home heating oil, diesel fuel, gasoline, kerosene, lubricants and racing fuels. The acquisition will add four employees and 350-plus residential, farm, commercial and construction customers to Crystal Flash.
Charter Capital Partners serves as merger and acquisition advisor to Crystal Flash, which has grown to 250+ employees in 14 locations across the state. The transaction is expected to be immediately accretive to earnings. Terms of the deal, which was finalized in December, were not disclosed.
“We are very pleased to welcome Richardson Oil employees and customers to Crystal Flash,” said President Tom Olive. “As an independent and locally owned fuel distributor, Richardson Oil shares our values and focus on customer service, which makes them a natural fit.
“Our transition to an employee stock ownership plan earlier this year allows us to offer employees who join us through an acquisition a true path to ownership. As we look to continue to grow, we anticipate that joining an ESOP company will be an attractive option for business owners looking to transition into retirement or a next chapter.”
Bill Richardson founded Richardson Oil in 1982. He sold the company to Jason Meachum, who has continued to run the company with one of his sons.
From its headquarters in Lawrence, Richardson Oil serves customers in Southwest Michigan.
With the support of Charter Captial Partners, Crystal Flash has also acquired the following Michigan companies since November 2011:
- Home heat division of Brenner Oil in Grand Rapids
- 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
- Owens Propane, Inc. and Owens Propane Service, Inc. in Albion
Crystal Flash now has 14 locations across Michigan and delivers propane, diesel and other fuels to power home, fleet, farm or business.
About Crystal Flash
Crystal Flash is an employee-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 250 employees in 14 locations. Learn more.