MILWAUKEE, Wis. (WTAQ) - A regional fuel distributor in Milwaukee is about to be acquired by a Miami firm. World Fuel Services says it will pay an undisclosed amount of cash to buy certain assets of Milwaukee’s Lakeside Oil Company – including its wholesale fuel operation. Lakeside distributes gasoline and diesel fuel to over 250 retail businesses in Wisconsin and Minnesota. It also supplies fuel to numerous commercial, industrial, and government outfits.
Lakeside handled about 350 million gallons of fuel last year as a branded distributor for BP, Citgo, Clark, and Exxon Mobil. Michael Kasbar, the head of World Fuel Services, says its acquisition of Lakeside will expand its presence in the wholesale market while increasing its volume to about a billion gallons of fuel throughout the world. Both firms say they expect to close the deal within 90 days, and it’s subject to closing conditions.