Golden Valley, MN - August 12, 2010 Lubrication Technologies, Inc. (Lube-Tech) announces the acquisition of the assets of Egan Oil Corp. of Anoka, MN. Lube-Tech will add Egan Oil’s expertise in retail gasoline management to Lube-Tech’s strong lubricant and diesel fuel offerings. The acquisition is the result of a decade-and-a-half friendship and great synergy between Lube-Tech and Egan Oil. The opportunity to join forces became obvious after the owner of Egan Oil, Bill Egan, announced plans to retire.
Bill Egan has grown his business into one of the largest oil distribution companies in Minnesota. Together with his devoted employees and customers, his company has become one of the most renowned, distinguished, and well known oil distribution companies in the area. Bill is considered an icon in the business.
“Bill has always been a friend and mentor to me,” says Chris Bame, Lube-Tech CEO and Founder. “This acquisition allows Bill the opportunity to see the continued growth and prosperity of the business he’s built from scratch since 1962.” The agreement also solidifies Lube-Tech’s position as the Upper Midwest’s leading provider of petrochemicals, and the preferred source for Mobil branded lubricants.
Lube-Tech’s primary customer segments include on and off-road fleet, industrial, and automotive markets. This acquisition expands Lube-Tech’s wholesale fuel offering to include retail gasoline and also increases Lube-Tech’s existing footprint in the wind energy market, which is a significant and emerging area, particularly in the Upper Midwest.
Lube-Tech plans to fully integrate Egan’s business with its own to continue servicing customers as seamlessly as possible. Bill Egan will continue to assist Lube-Tech as a consultant for the next couple of years.
Lubrication Technologies is the culmination of three of the most recognized petroleum distributors in Minnesota: Gopher Oil Co, Rollins Oil Co and Hallman Oil Co., lending a history that dates back to 1925. Lubrication Technologies develops and produces thousands of innovative products across diverse markets throughout the world. Flexibility, technology and unmatched customer focus are the key drivers behind Lubrication Technologies’ history of success and continue to remain the cornerstones for growth and diversification. For more information, visit our About Us page.
About Egan Oil
Bill Egan founded Egan Oil as sole proprietor in1962 as a Standard Oil Distributer. In 1971, the company began selling ExxonMobil products, which continues to date. Egan Oil has grown to become a major petrochemical supplier and one of the largest retail gasoline suppliers in the Twin Cities Metro Area. Egan Oil is headquartered in Anoka, Minnesota.