Pittsburgh, Pennsylvania – F.N.B. Capital Partners, L.P. (“FNBCP”) has partnered with Daboosh Investments, LLC (“Daboosh”) to acquire Ullman Oil Company (“Ullman”). Ullman, a family owned business for nearly 50 years, provides fueling services to customers throughout Northeast and East Ohio. Daboosh led the transaction and FNBCP provided mezzanine financing to facilitate the buyout. The Ullman family members re-invested in the business and will continue to be actively involved in the ongoing operations with their new partners. Daboosh is led by Cleveland-area native Jennifer Berlin.
“We are very excited to partner with Daboosh and the Ullmans on this great opportunity. The investment represents our second Cleveland-area portfolio company and we would like to continue investing in this great market” noted Stephen Gurgovits, Jr., Managing Partner of FNBCP. “We feel Daboosh is an excellent fit for continuing the family tradition at Ullman, and we are very confident in the continued growth of the business.” FNBCP Partner, and Northeast Ohio native, Matthew Harnett led the transaction and added, “We were very intrigued with Ullman’s long-term customer relationships and the stability exhibited by the Company. It is rewarding to support a growing local business that provides quality services and jobs to the region, and we are excited to work with our great partners on the Company’s next successful chapter.”
Ullman is headquartered in Chagrin Falls, Ohio and is a full service supplier and distributor of gasoline, diesel fuel, bio-diesel, home heating oil and lubricants to commercial, industrial, and residential customers. For more information, visit www.ullmanoil.com.
Other parties involved in the transaction were Alostar Bank of Commerce providing the senior financing and Cohen & Grigsby, P.C. serving as legal advisor to FNBCP.
Tecum Capital Management, Inc. (“Tecum”) is a private investment firm and management company for F.N.B. Capital Partners, L.P. Tecum, based in Pittsburgh, Pennsylvania, oversees a pool of committed capital focused on mezzanine debt, subordinated notes, private equity and other types of financial capital to small and medium sized commercial enterprises. The company is focused on providing financing for recapitalizations, buyouts, generational transitions, mergers and acquisitions and other growth capital needs.