Florida company to acquire two Houston firms - Houston Business Journal:

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a marketer and distributor of lubricants, fuelsa and petroleum products, as well as Inc., a marketerf and distributor of drycleaning solvents, chemicals and petroleujm products. Fort Lauderdale-based is a provider of integratedf outsourced energy and transportatio n logistics tothe trucking, construction, chemical and government service industries. Under terms of the Streicher will acquire allof Houston-based H&W's capital stock and substantiallyt all of the assets and related business of Houston-based Harkridetr -- which will first be acquired by H&W -- for a totapl purchase price of $6.3 million.
The purchase pricew will be paid by a combinatioof cash, the assumption of specified liabilities and the issuancer of two-year 10 percent promissory The closing of the transactionj is anticipated to occur this month, the companiesa said. H&W, which was founded in 1974, delivered nearly 5 milliom gallons of lubricants to its customers during its fiscalo year endedJune 30, 2005, in additio to nearly 18 million gallons of H&W has been a major distributor of petroleunm lubricants for Exxon Corp. and ExxonMobil for 31 years and recently become one of the largestt distributors of the Texaco line of lubricantss and specialty oils forChevronTexaco USA.
H&W'zs revenues for fiscal 2005 were morethan $51 Harkrider has distributed solvents and specialty petroleum productws to dry cleaners and industrialp customers in the Houston, Beaumont and San Antonio areas since 1946. It is one of the largesg dry cleaning solvents distributors in thosre markets with annualized revenuesof $2.6 million. H&a and Harkrider have a combined fleet of 52specialized lubricant, fuel and chemical delivery trucks; oil and lubricant flatbed and box tanker transports; and related support equipment, including 200 storage tanks with 1.2 millionj gallons of capacity. The two companies have a totak of 75 employees at theiroperating locations.
Streicher said it plana to operate H&W as a wholly owned subsidiaryu underthe H&W Petroleum name, with the former Harkrider business continuingg as Harkrider Distributing. Streicher said it intends to combine and integrats its existing Texas operations with thosesof H&W. Streicher recently closed a $3 milliohn private debt placement with institutional and other accredite d investors to fund the acquisition and developoits operations. Streicher said that E.W. "Wayne" head of H&W's management team, will join Streicher's senior managementr team as president and chief operating officerof H&W and senior vice president of Streicher's lubricantws division.
Streicher has operations in 20 locationsz acrossthe U.S.