Daily News: January 18, 2012

Greenbriar Equity Group Completes Acquisition of PetroChoice


Greenbriar Equity Group LLC announced the acquisition of PetroChoice, a value-added distributor of petroleum lubricant solutions. Greenbriar acquired the company from KRG Capital Partners. Senior secured debt financing for the transaction was provided by the Senior Secured Loan Program, which is jointly managed by Ares Capital and GE Commercial Finance Investment Advisory Services.

Headquartered in Riddlesburg, PA, PetroChoice is a distributor of consumable commercial, industrial, and passenger vehicle lubricants in the Mid-Atlantic and Upper Midwest regions of the United States. It serves a diverse set of customers across a range of industries including original equipment manufacturing, off-highway construction, surface mining, energy, metal working, food processing and passenger automotive, providing its customers with total fluids management for their lubricant needs.

“Over the past four years, the PetroChoice management team has done a terrific job executing our collective strategic vision and directing substantial growth of the company,” said Stew Fisher, a managing director at KRG Capital Partners. “PetroChoice is well positioned to continue to drive growth through its broad product line, leading customer service offering and multi-regional footprint. We would like to extend our thanks to all the PetroChoice employees and wish them the best in their new partnership with Greenbriar.”

“PetroChoice has grown significantly under the leadership of KRG Capital Partners. We look forward to continuing this trajectory by now partnering with Greenbriar Equity Group,” stated Shane O’Kelly, CEO of PetroChoice. “Greenbriar’s successful track record of building businesses, and its distribution and logistics expertise make it a terrific partner for PetroChoice going forward.”

“We are very impressed with the quality and depth of experience of PetroChoice’s senior management team and the leadership position the business has built in the lubricants supply chain,” stated Jill Raker, managing director of Greenbriar Equity Group. “We look forward to supporting management’s efforts to grow the business both organically and through strategic acquisitions and are confident that our financial and operational resources will be a great match with the experience and commercial success of this management team.”

Hughes Hubbard & Reed advised Greenbriar in this transaction. Piper Jaffray & Co. and Brownstein Hyatt Farber Schreck advised KRG Capital.

Greenbriar Equity Group LLC, a private equity firm with $1.5 billion of committed capital, focuses exclusively on the global transportation industry and transportation related manufacturing.

Founded in 1996, KRG is a Denver based private equity buyout firm with $4.3 billion of cumulative capital either deployed or available for future investment, which includes approximately $1 billion deployed since inception on behalf of equity co-investors.