Long time petroleum marketer, Ownbey Enterprises has strategically divested its lubricants supply business as part of a comprehensive business reorientation that began last year with the sale of its Chevron branded dealer supply division. “The decision to sell our lubricants division is the next step in our strategic plans to optimally exit the industry,” stated company president, Rodney Ownbey. “Given the increasingly competitive nature of the business in our trade area, it became apparent that we didn’t have the scale in any of our business segments to meaningfully and profitably grow our business into the future. Being a multigenerational business, started by my father in the early 70’s, made our exit decision very hard. But we were ultimately pragmatic and proactive in our decision to move forward.” added Ownbey.
The sale allows North Carolina based Brewer-Hendley Oil to strategically expand its growing lubricants marketing footprint in north Georgia with a unique entry point into southeast Tennessee and the growing Chattanooga market. “We are very excited to be able to acquire Ownbey’s branded and unbranded lubricants business and for the opportunity to deliver the same level of quality service that Rodney’s customers have enjoyed for so many years.” stated Nance Hendley, company president. “We look forward to demonstrating our customer value through our various programs and services that has positively fueled our expansion over the past years.” added Hendley.
Ownbey Enterprises is a three generation family business that services customers in northwest Georgia, southeastern Tennessee and northeastern Alabama. Talks are ongoing related to the sale of the commercial fuels part of the business, which when finalized will conclude the strategic divestiture plan. “I love the petroleum business, being in it all of my life. It’s going to be hard not being a petroleum marketer any longer, but I do plan on staying engaged in the industry in some capacity.” stated Ownbey. “I’ve learned too many lessons and gained too much hands-on experience to not deliver value to others that face many of the challenges and struggles that we’ve contended with over the past few years.” added Ownbey.
PetroActive Real Estate Services, LLC provided ongoing advisory support to Ownbey Enterprises for this transaction and the development and execution of the overall strategic plan. “Rodney’s a great guy, a true petro-professional and friend. I know that his industry expertise will be valued by other businesses facing similar competitive challenges. We wish him the best of luck in the future.” stated Mark Radosevich, president of PetroActive Real Estate Services.