Paulson Oil Company, a Chesterton fuel and lubricant supplier since 1956, has been acquired by Maxum Petroleum of Old Greenwich, Connecticut.

The acquisition took effect Dec. 1, said Paulson President Robert A. Paulson.

Paulson said while his company is now a wholly owned subsidiary of Maxum Petroleum, it will remain in Chesterton and the name will stay as is. In addition, the Paulson management team, including Bob Paulson as president and his brother Pete Paulson as vice-president, will remain in their current roles.

Paulson said the consolidation is a synergistic one. Paulson Oil brings to Maxum its own fuel additive line, while Maxum will allow Paulson expanded abilities and market expansion.

“My brother and I are absolutely delighted. (The consolidation) will ensure Paulson Oil Company will be a viable enterprise well into the future,” he said.

Paulson Oil Company, founded in 1956 by Robert J. Paulson, supplies motor fuels and lubricants to commercial and industrial customers in the greater Chicago area and northern Indiana. It has had sales of more than $200 million annually.

A press release issued by Maxum today says that its acquisition of Paulson expands its Midwest operations and that Paulson Oil complements its current Hartney Fuel Oil subsidiary in the Chicago area.

“We are very excited for the Paulson team to join Maxum Petroleum,” said Maxum CEO Perot Bissell. “Paulson has a great reputation of service and capabilities in fuels, lubricants and related services. We believe those offerings together with Paulson’s fuel additives line will make for a great addition to our existing strong presence in the Midwest.”

Paulson said he believes such consolidations will be a growing phenomenon among first-class distribution companies in the petroleum industry. “My brother Pete and I believe joining an industry leader like Maxum provides our employees and management team with more resources to serve our customers and continue to grow the company far into the future,” he said in the statement.

Maxum is an independent energy logistic company that markets and distributes refined petroleum products and services to commercial and industrial customers. Maxum is continuing a strategic growth and acquisition plan, and to date, it has completed 11 acquisitions of fuel and lubricant marketers and facilities, including Paulson Oil.

Posted 12/17/2007