Streicher Mobile Fueling Inc has agreed to acquire H&W Petroleum Co Inc (H&W), a Houston TX-based marketer and distributor of lubricants, fuels, and petroleum products, with additional operating locations in Lufkin, Freeport, Waco, Waxahachie, and Longview TX.
H&W has agreed to purchase, immediately before its acquisition by Streicher, the operating assets of Harkrider Distributing Co Inc, a Houston-based business engaged in marketing and distribution of dry cleaning solvents, chemicals, and petroleum products.
Streicher will acquire all of H&W's capital stock and substantially all of the assets and related business of Harkrider previously acquired by H&W for about $6.3 million.
H&W and Harkrider will provide Streicher with a combined fleet of 52 specialized lubricant, fuel, and chemical delivery bobtail trucks; oil and lubricant flatbed and box trucks; tanker transports; and support equipment, including some 200 storage tanks with more than 1.2 million gallons of capacity. The two firms employ 75 individuals at their operations.
Streicher plans to operate H&W as a wholly owned subsidiary under the H&W Petroleum name, with the former Harkrider business continuing as Harkrider Distributing. Streicher also intends to combine its existing Texas operations with those of H&W after completion of the acquisition.