Public Press Release
SOUTHLAKE, TX, and BIRMINGHAM, AL – Insight Equity I L.P. (“Insight”), the Dallas, Texas-area private equity firm, is proud to announce its acquisition of a majority equity interest in W.C. Rice Oil Company, Inc. (“Rice Oil”), Allied Energy Corporation (“Allied Energy”) and Allied Renewable Energy, LLC (“Allied Renewable”) (collectively “AEC”) from Bart Rice and other shareholders through AEC Holdings LLC, an Insight Equity portfolio company. With over $500 mm of consolidated revenue, Rice Oil, Allied Energy and Allied Renewable are collectively engaged in the storage, terminaling and distribution of ethanol and petroleum-based refined products, the production and distribution of biodiesel fuel and refineries as well as the reclamation and recycling of petroleum-contact liquids.
Robert Strauss, Principal of Insight Equity, commented, “We are very pleased to add Rice Oil, Allied Energy and Allied Renewable to the Insight family of companies and are looking forward to working closely with the exceptionally talented management team and workforce of AEC to grow the company to the next level. We believe our investment not only brings the capital resources of our fund and lending relationships to bear, but also leverages the deep industry experience we’ve developed in fuel distribution and micro-refining through our successful multi-year turnaround and expansion of Direct Fuels. We look forward to achieving similar growth and success with the AEC team.”
About AEC Holdings LLC
Founded in 1962, AEC Holdings, through its subsidiaries, is an independent wholesale distributor of ethanol and petroleum‐based refined products, with fuel distribution representing a majority of 2008 projected revenue. The Company also offers nationwide terminal cleaning and petroleum reclamation services, maintains a bio‐diesel production facility and operates a fuel terminaling facility. AEC’s principal place of business is Birmingham, Alabama. AEC has approximately 88 employees.
About Insight Equity
Dallas‐based Insight Equity (www.insightequity.com) makes controlling investments in strategically viable, middle market, asset intensive companies across a wide range of industries. Insight specializes in partnering with companies experiencing some level of underperformance. Insight also seeks complex and challenging situations, including corporate divestitures, bankruptcies, restructurings, and private family ownership. The firm leverages a proven collaborative value creation model to facilitate operational enhancements and growth. Insight offers attractive deal-sourcing fees for any referral which results in a completed transaction.