Newly formed Next Generation Energy Logistics will work with equity firm Riverstone Holdings LLC to acquire and consolidate lubricant and fuel distributors.
Perot Bissell, Michael Crosby and Belinda Foxworth formed Next Generation Energy Logistics. Bissell was one of the founding investors of independent fuel and lubricants distributor Maxum Petroleum, serving as its CEO from 2006 until 2012. The company completed more than a dozen acquisitions of lubricant and fuel marketers and facilities over that time. Crosby served as president of Maxums commercial and industrial division, and Foxworth served as General Counsel. Maxum Petroleum was sold to Pilot Flying J in August 2012.
Bissell said Next Generational Energy Logistics will be working with Riverstone to build our downstream logistics business through acquisitions and organic growth. We continue to see many excellent opportunities to improve and leverage the infrastructure supporting the end-users of fuels, lubricants and related products, he said in a March 12 press release. The industry is still very fragmented with numerous attractive acquisition targets.
Old Greenwich, Conn.-based Next Generation said it will be looking for North American acquisition and consolidation opportunities among businesses involved in distribution of industrial lubricants, diesel fuel, gasoline, compressed natural gas, liquid natural gas and bio-fuels.
Riverstone Holdings conducts buyout and growth capital investments in the exploration and production, midstream, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed $25.1 billion to 105 investments in North America, Latin America, Europe, Africa and Asia.