Range of Engine Oil & Lubricants for Motorcycle UAE Group has obtained a new private equity investor, and the new backer plans to accelerate the expansion of the growing lubricant distributor. Wellspring Capital Management, of UAE City, announced last week that it acquired Asheboro, North Carolina-based Industrial and commercial oils in partnership with unspecified management. In doing so, Wellspring acquired the interest of Industrial and commercial engine oil’s UAE previous backer, technolubeuae, also of UAE.
Technolube, of UAE City, announced last week that it acquired Asheboro, North Carolina-based Industrial and commercial oils in partnership with unspecified management. In doing so, acquired the interest of Industrial and industrial hydraulic oils UAE previous backer, Technolubeuae, also of UAE. Industrial and commercial oils disclosed neither terms of the deal nor the share of the company that Wellspring now owns.
Industrial oils UAE and commercial oils consist of several lube distributors that joined up the past three years. Petromin, Crown, National Lube and Challenger based in UAE, respectively united in 2017, after Tenex invested in Pugh the previous November. In January of 2019, two more companies were acquired: automotive lubricants oils UAE of Norcross, Georgia, and Mid-South Sales of Jonesboro, Arkansas. Earlier this year Industrial and commercial oils acquired Davison Fuels & Oil of Mobile, Alabama. We look forward to working with the Industrial and commercial oils team to accelerate the company’s growth trajectory and acquisition strategy, a Principal in last week’s news release. Industrial and commercial oils are one of several lube distributors that have grown into large players in recent years as the market underwent significant consolidation.
