OTTAWA — Portland, Indiana-based Jay Petroleum has agreed to acquire the majority of Ottawa-based Ottawa Oil’s assets in a deal announced Monday.
Under the purchase agreement, Jay Petroleum acquires 22 Party Mart convenience stores as well as fuel transportation, dealer sites and consignment sites.
Jay Petroleum already owns and operates 35 Pak-A-Sak locations in Northwest Ohio and Northern Indiana.
“The acquisition of Ottawa Oil Co. is a milestone in our 61-year history and expands our retail footprint to 57 convenience stores throughout northern Indiana and Ohio,” said Kevin Huffman, incoming president of Jay Petroleum, in a press release.
Ottawa Oil was founded in 1959 with two gasoline stations and two bulk routes that delivered fuel to homes and farms. It began operating its convenience stores under the Party Mart banner.
“We are profoundly grateful to our employees and the communities we have had the pleasure to serve,” said Janel Kruse, general manager of Ottawa Oil. “Jay Petroleum’s track record for serving communities and history as an employee-owned company were very important factors in our selection of them.”
Jay Petroleum will now have a combined employee team of more than 725 employees.