FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Citizens Advises Palmdale Oil on its Partnership with First Reserve

May 19, 2023, 07:20 AM
Filed Under: Fuel & Petroleum

Citizens M&A Advisory served as the exclusive financial advisor to Palmdale Oil Company, Inc. on its strategic growth investment from First Reserve, a leading global private equity investment firm exclusively focused on investing across diversified energy, infrastructure and general industrial end-markets.

Headquartered in Fort Pierce, Fla., Palmdale Oil provides a wide range of tailored commercial fuel and lubricant solutions to customers in the agricultural, industrial, construction, marine and government sectors in more than 50 counties across the state of Florida. The company was founded by William Cheatham in 1984 and is currently run by various members of the Cheatham family who will retain a significant ownership stake in the business and continue to lead the company in partnership with First Reserve.

Financing for the transaction was also provided by Citizens.

Palmdale Oil CEO Lachlan Cheatham said: “We could not be happier with the efforts by the entire Citizens team to help us achieve a successful outcome. Their industry expertise, knowledge of the partner universe and flexibility to manage a dynamic competitive process allowed us to find the best partner for our company’s next stage of growth.”

Citizens M&A Advisory Managing Director Matt Ksiazek said: “We are proud to have served as Palmdale’s trusted strategic advisor to help the company achieve its goals and continue to accelerate its already impressive growth trajectory. Lachlan and team have built Palmdale into a leading outsourced fuel solutions platform providing unparalleled levels of service to its expanding customer base. We are excited to see the company, in partnership with First Reserve, continue to execute on its strategic plan.”

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.