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Crystal Flash acquires Richardson Oil of Southwest Michigan

BY MiBiz Staff Wednesday, January 04, 2017 10:51am

GRAND RAPIDS — Crystal Flash has acquired Richardson Oil LLC in a move that will expand the company’s footprint in Southwest Michigan.

Lawrence-based Richardson Oil distributes a variety of fuel including diesel, gasoline and kerosene. Crystal Flash, a fuel distribution company based in Grand Rapids, will add over 350 new customers and four employees as a result of the deal, according to a statement.

Terms of the deal were not disclosed.

Grand Rapids-based Charter Capital Partners advised Crystal Flash on the transaction.

The deal marks the ninth acquisition made by Crystal Flash since 2011. The firm employs 250 people across 14 locations in Michigan. In May 2016, the company was purchased by its employees via a leveraged employee stock ownership plan (ESOP).

“Our transition to an employee stock ownership plan earlier this year allows us to offer employees who join us through an acquisition a true path to ownership,” President Tom Olive said in a statement.

Olive, who joined Crystal Flash in 2015 to take over for former company president Tom Fehsenfeld, believes that the company’s status as an ESOP will “be an attractive option for business owners looking to transition into retirement or a next chapter.”

Read 1468 times Last modified on Wednesday, 04 January 2017 10:53