Delancey Street Partners is pleased to announce the following transaction:
Coen Oil Company, LLC
Divestiture of certain assets to Sprague Resources LP (NYSE:SRLP)
Sector: Downstream Energy & Field Services
Delancey Street Partners served as the exclusive financial advisor to Coen Oil Company, LLC
Delancey Street Partners is pleased to announce that we served as financial advisor to Coen Oil Company, LLC on its sale of membership interests of Coen Energy, LLC and Coen Transport, LLC as well as assets consisting of four bulk plants and underlying real estate (collectively, “Coen Energy”) to Sprague Operating Resources LLC, a subsidiary of Sprague Resources LP (“Sprague”). Delancey Street managed a competitive sell-side M&A process and, together with the legal team, assisted in negotiating the terms of the transaction.
Coen Energy (www.coenenergy.com), located in Washington, PA, provides energy products and complementary energy field services to over 7,000 Energy Field Services, Commercial, and Residential customers located in Pennsylvania, Ohio and West Virginia. The Energy Field Services segment provides fuel sales, delivery, management and related services supporting the Marcellus and the Utica shale drilling activity. The Coen Energy business is supported by four in-land bulk plants, two throughput locations, approximately 100 delivery vehicles and nearly 250 employees.
Founded in 1923, Coen Oil Company (www.coenoil.com) is the parent company of Coen Energy, Coen Transport as well as Coen Markets, a leading convenience store chain in the PA, OH, WV tri-state area, and Coen Tire, a leading tire retailer in that same region.
Sprague Resources LP (www.spragueenergy.com) is engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. The company also provides storage and handling services for a broad range of materials.
The transaction was completed October 2, 2017.
The principals of Delancey Street Partners have significant experience serving the Downstream Energy & Logistics industries. To learn about our experience in Downstream Energy & Logistics, please click here.
For additional information about this transaction, please contact:
B. Andrew Schmucker