Craft Oil Co. announced Feb. 10 it acquired Neslo Petroleum Products Inc. in Ford, New Jersey. The lubricant distributor did not disclose terms of the transaction.
The acquisition, Avoco, Pa.-based Crafts fifth in the last four years, provides the privately held company a stronger New Jersey base, adding 3,500 Neslo customers.
Neslo gives us a central location in New Jersey that strengthens our distribution business, Craft CEO Maureen Mills told Lube Report. We distribute to a good portion of the Northeast, Delaware, and the eastern shore of Maryland, so the New Jersey location is strategic for distribution.
Neslo, founded in 1975, is an authorized distributor for Shell Oil Co. Craft explained that Neslo fits into Crafts growth strategy focus on Shell, ExxonMobil and Service Pro brands of lubricants. Former Neslo owner Dave Olsen will serve as a consultant during the transition.
Mills said product demand is very consistent in the automotive, aerospace and industrial markets.
Added Bob Mills, Craft president and owner, Neslo gives Craft the opportunity to continue growth in what we excel at – lubricant distribution to quality customers with established suppliers. The company has 140 employees, including 14 new employees from Neslo.