Looking Back and Moving Forward, 2021 Edition
Like many years prior, 2020 started off with price increases. Most lubricant blenders announced these increases in mid- to late January, with effective dates in February and March. Although the increases were initially in the range of 5% to 8%, most were later adjusted up to as high as 14%. The adjustments were primarily attributed to increases in base oil prices occurring at the end of the year.
In addition to the price increases, there were a number of mergers and acquisitions that made the news early in 2020. The first was on January 2, when PolySi Technologies Inc., a global leader in specialty lubricants and packaging, acquired the silicone grease line of Specialty Silicone Products Inc. Days later, O’Rourke Petroleum announced it had acquired the marine fuel distribution assets of J.A.M. Distributing Co. On January 15, PetroChoice acquired Commercial Distributing Inc. in Oklahoma City, and a day later Kellerstrass Oil Co., market-leading fuel and lubricant business, announced it had entered into an acquisition agreement with Parkland.
Then in March, Cadence Petroleum Group acquired Davison Fuels & Oil, Conomart Super Stores announced it would be acquired by Parkland, and Offen Petroleum announced a pending acquisition of Bosselman Energy. And in December, Parkland signed agreements to acquire Story Distributing in Bozeman, Montana, and Carter Oil in Flagstaff, Arizona.