Hoosier Penn Oil acquired by NC oil company
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North Carolina-based Cadence Petroleum Group bought Indianapolis-based Hoosier Penn Oil Inc. in mid-October, the companies announced Wednesday.
Financial terms of the acquisition were not made public.
Founded in 1976, Hoosier Penn is a bulk and packaged motor oil, lubricant and other car-related chemical distributor. It also operates as a car dealership as well as an oil change and detail shop in three locations in Indiana including Indianapolis, South Bend and Jeffersonville as well as a Kansas City, Missouri location.
Hoosier Penn had about 30 employees at the point of sale.
“The people of Cadence really rose above the rest in what we were looking for in a partner,” Hoosier Penn owner and President Brian Johnson said in a news release. “When you hand off such an important part of your life, you want to make sure it is in good hands. The people at Cadence leave no doubt that the legacy will continue. We could not be happier or more comfortable in partnering with them.”
Cadence produces lubricants, fuel, antifreeze, diesel exhaust fluid and other products. It also recently acquired Elkhart-based Yoder Oil Co. Inc.
“We are thrilled with the acquisition of HP Oil. The Company is a great fit to further our growth strategy,” said Tyson Pugh, Cadence senior vice president of business development and strategy, in the release. “We are grateful that Brian chose to sell his company to us and appreciate that Brian, with support of the Periculum team, ran a highly professional and efficient process.”
Cadence is also the parent of Elkhart-based Yoder Oil Co., which it acquired in January.