Springfield Business Journal_2020-12-21

by SBJ Staff · sbj@sbj.net Mount Vernon-based wholesale fuel supplier Ozark Mountain Energy Inc. and its affiliate trucking company Petroleum Express Inc. have been acquired. Denver, Colorado-based Offen Petro- leum closed Dec. 15 on the purchase for undisclosed terms, according to a news release. “I am confident that joining with Of- fen is a great fit to enhance our company’s growth,” said Brent Wilmoth, CEO of Ozark Mountain Energy, in the release. “To further demonstrate my commitment to the future of our combined companies, I am purchasing a significant equity stake in Offen Petroleum.” Officials declined to provide the value of Wilmoth’s equity purchase. As part of the deal, Wilmoth and his sons, Eric and Kyle Wilmoth, will lead Offen’s Midwest and midcontinent op- erations. Eric is slated to serve as Offen Petroleum‘s executive vice president of Ozark operations, with Kyle becoming a strategic account manager. Ozark Mountain Energy is slated to con- tinue operating out of Mount Vernon, ac- cording to the release. Ozark Mountain Energy exceeded $1 billion in 2019 revenue, according to past Springfield Business Journal reporting. It sells approximately 700 million gallons of motor fuel and propane annually. Offen Petroleum is a portfolio company of New York-based private equity firm Court Square Capital Partners. It is slat- ed to distribute some 2 billion gallons of motor fuel annually with the addition of Ozark Mountain Energy, according to the release. The Challenge is great but brighter days are ahead Technology Focused. Service Driven. (417) 831-7077 info@PittTechnologyGroup.com Our sleeves are rolled up and ready to help you write YOUR Come Back Story. Our sleeves are rolled up and ready to help you write YOUR come back story. The challenge is great, but brighter days are ahead. SBJ FILE Wholesale fuel supplier Ozark Mountain Energy is now owned by Offen Petroleum. Mount Vernon fuel supplier purchased Mueller Co. to sell subsidiary by SBJ Staff · sbj@sbj.net Springfield-based stainless steel manu- facturer Paul Mueller Co. (OTC: MUEL) signed a letter of intent to sell one of its subsidiaries. The management of Mueller Field Oper- ations Inc. is planning to buy the company in a deal tentatively valued at $6.6 million, according to a news release. The final dol- lar value is dependent on a definitive sales agreement and post-closing adjustments, with the purchase expected to close by the end of the month. “Although we will miss our fellow co- workers, this is a great moment for the MFO team,” said Jeremy Rogles, president and general manager of Mueller Field Opera- tions, in the release. “We see the potential for MFO and Paul Mueller Co. to continue to thrive together while strengthening our individual objectives.” MFO is slated to continue operating at its current location – the Mueller Co. head- quarters at the intersection of Chestnut and Kansas expressways – while searching for a new local home. For the 12 months ended Sept. 30, MFO had $27.6 million in revenue, according to the release. The subsidiary was organized in 1998 to provide tank fabrication on-site and other field-installed equipment. The company plans to continue providing the same services while growing its brand. Mueller Co. reported third quarter net income of nearly $4 million and revenue of $51.6 million, according to past reporting. The company’s over-the-counter stock traded $18 to $34 over a 52-week range. 28 · SBJ.NET DEC. 21-27, 2020 NEWS BRIEFS