Pegasus Capital Advisors has invested in Universal Lubricants, to allow theWichita, Kans., lubricant manufacturer and marketer to expand in the areas of branded oil distribution and used oil collection, the companies announced last week, with the promise of more news to follow in 60 days.
Weve been looking for the right partner to help us expand our business operations in the areas of branded oil distribution and used oil collection, and weve found that in Pegasus, said Michael B. Maloney, Universal chief executive officer, in the May 2 announcement.
In 60 days there will be a lot more coming, Maloney told Lube Report.He declined to answer questions about the Pegasus investment, Universals past or current ownership and management, or about the companys expansion plans.
Gary Cain, who wasUniversal Lubricants general manager earlier this year, is now president. Maloney, long-time president, is now CEO.
Pegasus has extensive industry experience in the oil and waste sectors, so we think were a perfect match for helping Universal grow their thriving business, said Eric Gribetz of Pegasus. Pegasus is a private equity fund manager based in New York City and Cos Cob, Conn.