PetroChoice Acquires Universal Lubricants’ New Oil Business

Significantly Expands West and Midwest Coverage with Addition of 15 New Distribution Locations

PetroChoice, a leading provider of lubrication solutions, announced today that it has acquired Universal Lubricants’ new oil business from an entity controlled by Pegasus Capital Advisors. Through this acquisition, PetroChoice will add 15 distribution locations bringing their total to 45 facilities servicing 31 states.

Under the terms of the transaction, PetroChoice also acquired Universal Lubricants’ laboratory and blending facilities. In addition, PetroChoice has established a preferred vendor relationship with Universal Lubricants’ refinery and environmental services divisions, which were not included in the transaction. Additional terms of the deal were not disclosed.

“Universal Lubricants’ new oil business is a natural strategic fit for PetroChoice as it significantly enhances our resources, expands our geographic reach as far west as Denver, and solidifies our position as the largest bulk lubricant distributor in the United States,” said Shane O’Kelly, CEO of PetroChoice. “This combination will also benefit customers of both companies as we will be able to provide them with a broader selection of products, services and solutions at more locations. With the backing of Golden Gate Capital, we will continue to evaluate ways in which we can expand our operating network through strategic acquisitions and distribution partnerships with best-in-class lubricant distributors.”

Rajeev Amara, a Managing Director of Golden Gate Capital, said, “We are pleased to support PetroChoice’s impressive growth and management team led by Shane O’Kelly. We look forward to PetroChoice’s continued success as they accelerate and execute on their expansion strategy.”

“PetroChoice is the premier U.S. distributor of lubricants and services, and we are excited to partner with them to provide our customers with access to an unmatched selection of products and solutions and industry-leading customer service,” said Rick Palmore, Vice President of Sales at Universal Lubricants. “Importantly, our cultures, values and missions are very much aligned, and together, we will be better able to deliver the complex solutions, technical expertise and deep industry knowledge that our customers demand.”

Andrew Cooper, CEO of Universal Lubricants and Partner at Pegasus Capital Advisors, commented, “We are pleased to sell Universal Lubricants’ new oil business to PetroChoice. Universal Lubricants has been a leader in developing the closed loop solution, from used oil collection to branded lubricant sales, and this transaction recognizes the value of that business model, allowing PetroChoice to extend its technical leadership and customer relationships across a broader footprint.”

Founded in 1929, Universal Lubricants is a recognized leader in the distribution of high-quality lubricants, leveraging innovation to meet U.S. demand for oil, including creating customer-specific blends that perform in some of the most extreme environments in North America. Universal Lubricants’ proprietary product lines include their signature Universal® line for automotive and heavy-duty diesel engines; their Dyna-Plex 21C® premium heavy-duty line; and their sustainable Eco Ultra® line. The Company’s new oil business is based in Wichita, Kansas and employs approximately 215 people across their 15 distribution locations.

Mr. Palmore, an industry veteran with over 30 years of experience, will join PetroChoice as Regional Vice President. Going forward, Universal Lubricants’ environmental services companies will operate as RS Used Oil Services, Inc. and Midstate Environmental Services, LP.

About PetroChoice:

PetroChoice is a leading value-added provider of petroleum based lubrication products and services, providing its customers with complete Lubrication Solutions to meet their Safety, Savings, and Sustainability goals. PetroChoice distributes an extensive product offering of lubricants, coolants, metalworking fluids, equipment, auto-lube and filtration systems, and contamination control devices backed by unmatched technical expertise and services. This is the 14^thacquisition PetroChoice has made since 2008. For more information about PetroChoice, visit www.petrochoice.com.

About Universal Lubricants:

Universal Lubricants® is a recognized leader in distribution of high-quality proprietary lubricants serving the areas of industry, agriculture, heavy construction, trucking, mass transit and passenger cars throughout the country for more than 85 years. They are trusted providers of lubricants, oil analysis, technical assistance and preventative maintenance consultation. They deliver a wide variety of products, technical services and efficient distribution with brands that represent quality and dependability. For more information about Universal Lubricants, visit www.universallubes.com. For more information about Environmental Services, please visit www.rsusedoil.com and www.midstateenv.com.

About Golden Gate Capital:

Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Other notable mining and industrials investments sponsored by Golden Gate Capital include US Silica, EP Minerals, ArrMaz, Humanetics Innovative Solutions, Springs Window Fashions, Canada Fluorspar Inc. and Atrium Windows. For more information, visit www.goldengatecap.com.

About Pegasus Capital Advisors, L.P.:

Pegasus is a private equity firm founded and led by Craig Cogut. Since inception in 1996, Pegasus has invested across five private equity funds and currently manages approximately $1.8 billion in assets. The Firm’s principal investment theme is providing strategic growth capital to companies within the middle-market focused on global resource scarcity, particularly energy, waste, food, water and health & wellness.