The aggressive growth pattern of Crystal Flash will advance the company’s footprint deeper into Southwest Michigan in the New Year thanks to the energy company’s ninth acquisition in just five years’ time. New to the Crystal Flash stable is Richardson Oil of Lawrence in Van Buren County.
Crystal Flash is already one of the largest independent energy distributors in the state of Michigan, and Richardson Oil will add four employees and more than 350 commercial, agricultural, residential and construction clients to the Crystal Flash realm.
Charter Capital Partners brokered the deal as merger and acquisition advisor to Crystal Flash, which has grown to more than 250 employees at 14 sites across the state. Charter Capital says that the transaction is expected to be “immediately accretive to earnings,” however terms of the deal which was finalized late last month were not disclosed.
Bill Richardson founded Richardson Oil nearly 35 years ago in 1982, and later sold the firm to Jason Meachum who has continued to run the company with one of his sons.
Crystal Flash is based in Grand Rapids. Its President, Tom Olive, says, “We are very pleased to welcome Richardson Oil employees and customers to Crystal Flash.” He adds, “As an independent and locally-owned fuel distributor, Richardson Oil shares our values and focus on customer service, which makes them a natural fit.”
Crystal Flash transitioned to an employee stock ownership plan in 2016, and Olive says that “allows us to offer employees who join us through an acquisition a true path to ownership.” He adds, “As we look to continue to grow, we anticipate that joining an ESOP company will be an attractive option for business owners looking to transition into retirement or a next chapter.”
With the support of Charter Capital Partners, Crystal Flash has also acquired the following Michigan companies since November of 2011:
- Home heat division of Brenner Oil in Grand Rapids
- Drakes Fuel Service in Schoolcraft
- Elliott Gas & Oil in Gladwin
- Leelanau Propane in Northport
- Heartland Propane in Hart
- CA Murphy in Sturgis
- C. Barron & Sons, Inc. in Monroe
- Owens Propane, Inc and Owens Propane Service, Inc. in Albion
Crystal Flash, established in 1932, serves much of the Lower Peninsula of Michigan, and provides a broad range of fuel products to the marketplace including home heating oil, diesel fuel, gasoline, kerosene, lubricants and racing fuels to power homes, fleets, farms and businesses.
