Rix Petroleum fires up new M&A deal with EFuels
Tue, 24 Dec 2024 | BUSINESS SALE
Family business fuel group Rix Petroleum is hoping to boost rural life after buying Lincolnshire-based peer EFuels.
Hull-based Rix Petroleum specialises in the provision of agricultural fuels and lubricants, standard diesel, and home heating oil for rural communities. Its products include Hydrotreated Vegetable Oil Renewable Diesel.
It also provides green energy products such as electric vehicle charging units, battery storage and solar panels.
Its acquisition of Grantham-based EFuels for an undisclosed sum brings the number of fuel depots Rix Petroleum owns and operates in the county to four, with others in Immingham, Gainsborough, and Spalding.
The Grantham depot will remain branded as EFuels for the time being, and will continue to be headed by existing depot manager Matthew Keightley, who moves to Rix under the deal.
Duncan Lambert, managing director of Rix Petroleum, said the move would enable the business to provide a better service to farms, businesses and rural households across south Lincolnshire.
Lambert said: “Lincolnshire is a famously agricultural county and acquiring this depot will enable us to support local farmers, businesses, and rural communities across the south of the county more efficiently and effectively.
As a sixth-generation family business, we pride ourselves on our values of fairness, great customer relations and service, and supporting communities, and it precisely these values we will bring to our newly acquired Grantham depot.”
The deal officially completed on 20 December, with Rix Petroleum taking immediately responsibility for all outstanding deliveries and future sales.
It completes the company’s coverage in Lincolnshire, with the combination of all four depots providing easy access to communities across the entire county.
Keightley added: “Rix Petroleum is well known in the industry as a long-established family business that customers can rely on. I know our customers in and around Grantham will be very well looked after by myself and the wider Rix team, so I feel this is a fantastic opportunity to take the business forward.”
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