Three companies have purchased separate divisions of Lykins Companies Inc. The commercial fuels, heating oil and propane division was acquired by World Fuel Services. The wholesale fuels business was acquired by Colonial Oil Industries Inc., a subsidiary of Colonial Group Inc. The electricity business was acquired by Shipley Choice LLC, a subsidiary of Shipley Energy Inc.
Lykins is a distributor of diversified energy services.
Lykins president Jeff Lykins commented, “Ron, Bob and I want to thank all of our talented and dedicated employees over the years for building Lykins into one of the leading, diversified energy providers in the industry, as well as one of the largest private employers in Ohio. I also want to acknowledge Matrix, who structured and diligently executed on the sale of the enterprise that maximized shareholder value.”
Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail investment banking group said, “We are honored to have advised three of the most highly respected entrepreneurial businessmen in the petroleum industry. Over their history together, Jeff, Ron and Bob successfully adapted the Lykins enterprise to changing market dynamics to better serve their customers and fortify strong, recurring financial performance. We wish each of them all the best in their future endeavors.”
Matrix Capital Markets Group Inc. advised Lykins Companies on the sale. Rhys Wilson, Phil Cooper, and Tom Ryan from Nelson Mullins Riley & Scarborough LLP served as legal counsel for Lykins.