Oklahoma C-Store Acquires 7 Stores

Earnheart Oil Inc. has entered into an agreement to sell its wholesale fuels, lubricants and transportation assets to Fleet Fuels LLC, and its retail convenience store portfolio to Perfect Food & Gas, according to a press release from Downstream Energy Group, which served as the advisor to Earnheart Oil Inc. in the transaction.

On the retail side, Earnheart operates seven convenience stores throughout north-central Oklahoma. Perfect Food & Gas has 20 locations across Oklahoma.

Earnheart Oil was founded in 1971 by Ernest Earnheart as a single full-service gas station in Marshall, Oklahoma. Now a third-generation, family-owned company, Earnheart operates across three complementary lines of business: retail gas and convenience, wholesale fuel and lubricant distribution, and petroleum transportation.

Downstream Energy Group said that following the transaction, Earnheart will continue to own and operate one of Oklahoma's largest privately held propane delivery and service businesses, serving residential and commercial customers in the state.

“Earnheart is exactly the kind of well-run, multi-generational platform that draws strong buyer interest across every segment of the downstream space,” said Jeff Traub, partner at Downstream Energy Group. “The Earnheart family built a large, diversified business spanning retail, wholesale and transportation, and it has been a privilege to represent them in achieving a successful outcome with two highly respected industry buyers.”

Mergers and acquistitions