Business

Hawai’i Chevron to be Acquired by One Rock Capital Partners

April 19, 2016, 10:21 AM HST
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Fuel prices at the Chevron gas station in the Waiakea Center, June 29, 2015. File photo by Josh Pacheco.

Fuel prices at the Chevron gas station in the Waiakea Center, June 29, 2015. File photo by Josh Pacheco.

Chevron U.S.A. operations in Hawai’i will be acquired by Island Energy Services, LLC, a subsidiary of One Rock Capital Partners, LP.

The company announced Tuesday that an agreement was signed to obtain certain refining, distribution, and retail assets in Hawai’i, which includes the 58,000 barrel-per-day refinery in Kapolei, 58 retail service locations throughout the state, four product distribution terminals, and pipeline distribution systems and downstream assets.

In a release, One Rock Capital Partners said that the agreement is subject to “customary regulatory approvals and is expected to be completed during the second half of 2016.”

“Chevron has an excellent industry reputation for the quality and reliability of its products and services,” said One Rock Managing Partner Tony W. Lee. “We look forward to building upon the strong foundation that Chevron has established in Hawai’i over the past several decades.”

One Rock Operating Partners John Georges, Andrew Georges, and Mike Mayer have been deeply involved in the planning for the anticipated carve-out from Chevron, according to the company, who says that the operating partners have extensive expertise in the chemicals, process, and energy industries.

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“The entire One Rock team is excited to be able to provide operating expertise to such a vital component of the Hawai’i energy landscape, as these assets deliver important refined petroleum products to the Islands’ utilities, airlines, and motorists,” One Rock Managing Partner R. Scott Spielvogel said.

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