Kenan Advantage Sold; More Growth Planned
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rivate equity firm Littlejohn & Co. said it purchased Kenan Advantage Group, the nation’s largest distributor of fuel products to retail outlets, and said the transaction strengthened Kenan’s plans for further expansion.
Littlejohn, Greenwich, Conn., said it “partnered” with Kenan’s management — also known as KAG — to buy the unit from Sterling Investment Partners, a privately held investment firm in Westport, Conn.
Terms of the acquisition were not released, but Littlejohn said KAG’s revenues last year exceeded $450 million, compared with $45 million in revenues in 1999 when Sterling began assembling the carriers that eventually became KAG.