WEST DES MOINES, Iowa – Midwest Growth Partners (“MGP”), a West Des Moines, Iowa and Omaha, Nebraska based private equity fund, is please to announce that it has recapitalized Ullman Oil Company ("Ullman" or the “Company”), located in Chagrin Falls, Ohio (with additional locations in Ravenna, Cleveland, Sugarcreek, and Coshocton).
Ullman is a Certified Women-Owned Business (WBENC) providing fuel, heating oil, lubricants, and related services to more than 2,000 business and residential locations in Northeast Ohio. Ullman directly services 192 farms with commercial tank wagons.
Ullman was founded by the Ullman family in 1965 and they remain minority owners in the business. In 2015, Jennifer Berlin (CEO) and Susan Akers (CFO) led a buyout of a majority of the Company from the Ullmans. Since the purchase, Mses. Berlin and Akers grew the fleet and customer base, acquired a competitor, and expanded customer offerings by becoming a certified Exxon-Mobile jobber.
“MGP is proud to back a talented management team which operates a business that provides an essential service to homes and businesses in Northeast Ohio” said John Mickelson, Managing Partner of MGP. Company CEO Jennifer Berlin added, “Ullman customers rely on our consistent service to heat their homes and keep their businesses operating. MGP’s partnership enables us to continue to execute on that mission.”
For more information on Ullman, please visit Ullman Oil Company.