Leaders advises Whiting Oil Corp. on the sale of its propane business to NGL Energy Partners LP
November 9, 2012

Leaders advises Whiting Oil Corp. on the sale of its propane business to NGL Energy Partners LP

On November 9, 2012 Whiting Oil Corp. closed on the sale of its propane business to NGL Energy Partners LP.  The closing was the culmination of a swift and efficient sale process conducted by Leaders that began by contacting targeted potential buyers in late July, receiving proposals in late September, and completing due diligence and negotiation of the purchase agreement during October.  The sale process, which was designed to maximize Whiting Oil’s options and at the same time generate the highest price that the market would bear, took about three months to complete and accomplished the objectives of the Company and its ownership.

Whiting Oil is a fifth-generation family-owned business that was founded in 1870 by the current owner’s great-great-grandfather.  Needless to say, transactions involving businesses of this type have economic and non-economic objectives, and can have intangible emotional factors that must be addressed.  Leaders’ experience with family business issues, and the sale of multi-generational businesses, was critical to the success of the sale of Whiting Oil’s propane business.  

Following the closing, Richard C. Whiting, Jr., Whiting Oil’s President and Owner, offered the following to business owners considering a sale:  “We recently engaged Matt Caras of Leaders LLC to assist us in the sale of our propane business.  We could not have been more pleased with level of Leaders’ industry expertise and professionalism, as well as with their support through a difficult and emotional process.  We could not have had a better outcome!  I would highly recommend Leaders LLC to anyone looking to sell their business.“

Leaders LLC provides merger and acquisition advisory services to businesses in a variety of industries throughout the United States and globally, including the propane and petroleum marketing industries.  The Whiting Oil sale was one of six transactions closed by Leaders in 2012, which transactions included sales in the propane, heating oil, gasoline, and industrial gases industries.  In addition to representing private business owners in sales of businesses, Leaders also represents business owners in acquisitions, mergers, recapitalizations, and management and shareholder buyouts.  For more information about Leaders LLC or the Whiting Oil transaction, contact Matt Caras at 888-583-7770 ext. 2 or MCaras@Leaders-LLC.com