Posted 3/7/2014 11:30 am
Updated 8 months ago
Mid-South Sales of Jonesboro has purchased the fuel, lube and fuel services business of Hightower Oil Company of Plumerville, the companies announced this week.
The deal gives Mid-South, ranked No. 53 on Arkansas Business’ list of the state’s largest private companies, its eighth location in Arkansas.
Terms of the deal were not disclosed.
"We are proud of the service we have provided our customers through Hightower Oil Company these many years and appreciate the relationships we have built during our time in this business," Kenny Shipp, Hightower’s president, said in a news release. "However, the competitive environment in the fuel and lubricant business is evolving, and we feel this is the right choice for our business moving forward.
"In Mid-South Sales, we’ve found a partner that we believe is a strong fit for this business and will continue providing the service our fuel and lubricant customers deserve," he said.
Shipp said Mid-South will retain most Hightower employees and will allow Mid-South Sales to gain new customers and broaden its business. Shipp will remain as plant manager at Plumerville.
Mid-South Sales provides petroleum products and lubricants in Arkansas, Alabama, Tennessee, Mississippi and Missouri. The company also offers filtration and purification services.
"The purchase of Hightower Oil Company comes at a time when we were looking to expand our business," Murray Benton, Mid-South’s president, said. "Hightower Oil, led by Kenny and Patty Shipp, has provided excellent service for their customers, and we’re excited to enhance the services currently provided."
Mid-South Sales, which has been growing steadily in part through acquisitions, reported $143.9 million in revenue for the fiscal year that ended Nov. 30, 2012, up from $92.4 million the previous year.