has sold to Automated Fueling Stations Business
Headquartered in Milwaukee, WI, Jacobus Energy, Inc. (“Jacobus”) is a premier petroleum marketer in the U.S. Its services include mobile refueling and fuel management solutions for commercial operators as well as heating and cooling services. The Company sold the automated fueling stations business of Quick Fuel (“Quick Fuel” or the “Business”) to Flyers Energy, LLC.
Quick Fuel is a leading operator of automated fueling stations, known as ‘cardlocks', with a presence in 15 states across the U.S. Its network of conveniently located, unmanned sites, provide commercial drivers of primarily local and regional fleets with fast, reliable offsite fueling featuring innovative technology and a host of driver amenities. Grace Matthews advised Jacobus on the transaction.
Pursuing a carve-out divestiture of the Business allowed Jacobus to continue its nearly 100-year family history in the petroleum marketing sector and focus on its retained mobile refueling operations. With over 50 sites across multiple legal entities, shared purchasing and corporate functions, and integrated contractual arrangements and back-office reporting systems, the carve-out of the Business required close collaboration between Grace Matthews, Jacobus, and the Quick Fuel management team to present and market the business on a standalone basis. Grace Matthews conducted a sale process for the automated fueling stations business of Quick Fuel that included a variety of potential strategic and private equity buyers.
With multiple viable options, the shareholders elected to enter into a transaction with Flyers, an established west coast-based strategic buyer with operations in transportation, commercial fueling, lubricants distribution, wholesale and branded fuel supply, and renewable power generation. The transaction provided liquidity to the shareholders of Jacobus, enhanced geographic presence with strong brand recognition for Flyers, and a good home with growth opportunities for the employees of Quick Fuel.