Wellspring Capital Management acquires Cadence Petroleum
Wellspring Capital Management has acquired Cadence Petroleum Group, a distributor of lubricant and fuel products across the eastern and central US.
The acquisition has been carried out by the New York-based private equity firm alongside the management of Cadence Petroleum Group.
Financial terms of the deal were not revealed.
Tyson Pugh – Cadence Petroleum Group SVP of Business Development said: “We are very pleased that Wellspring has invested in Cadence given the firm’s history of building successful businesses in the distribution sector, people-oriented culture, and focus on growth.
“We are extremely proud of what our team has accomplished, and we look forward to working with Wellspring on this exciting new chapter for our organization.”
Cadence Petroleum Group was established in 2018 via the combination of some top industry firms.
With the Wellspring partnership, Cadence Petroleum Group is expected to concentrate on speeding up growth via increased acquisition activity apart from organic growth initiatives.
Alex Carles – a Managing Partner at Wellspring Capital said: “The acquisition of Cadence is an exciting opportunity to build on Wellspring’s successful track record in the petroleum products distribution sector which dates back to 2005.
“We strongly believe that the value of Cadence rests upon the strength of its employees and strategic suppliers. We are thrilled that Cadence management is investing heavily alongside our investment out of the $1.45 billion Wellspring Capital Partners VI.”
McDermott Will & Emery was the legal counsel to Wellspring and Cerberus Business Finance. For Cadence Petroleum Group, Stephens was the financial advisor, while Koley Jessen was the legal counsel for the transaction.