Lykins sells fuels, electricity divisions

Lykins Cos., based in Milford, Ohio, sold its bulk fuels, wholesale fuels and electricity divisions.

The bulk fuels division – consisting of commercial fuels, heating oil and propane – was acquired by World Fuel Services, and its wholesale fuels business was acquired by Colonial Oil Industries, a subsidiary of Colonial Group. Meanwhile, Shipley Choice, a subsidiary of Shipley Energy, acquired the electricity business.

Lykins was founded in 1948 by Guy Lykins. The company’s original business was operating retail service stations until 1953 when Guy’s son purchased a fuel oil truck to supply heating oil to customers. Over the years, the company added various business lines such as fuels distribution, lawn accessory sales, restaurants and tire distribution to its offerings.

In 1999, Jeff Lykins, current president and third-generation owner, became president of the company. He – along with Bob Manning, vice president and CFO, and Ron Lykins, vice president of transportation – focused the business on supplying customers with energy products. In addition, the company established an electricity supply division in 2014.

Matrix Capital Markets Group provided merger and acquisition advisory services to Lykins, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of all three sale transactions.

The transactions were managed by various members of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, including Spencer Cavalier, co-head; Stephen Lynch, director; Martin McElroy, senior associate; and Kyle Tipping, associate.

Rhys Wilson, Phil Cooper and Tom Ryan from Nelson Mullins Riley & Scarborough served as legal counsel.

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