HF Sinclair announced that its Lubricants and Specialties subsidiary has entered into a definitive agreement to acquire Industrial Oils Unlimited, a Tulsa-based provider of industrial lubricants and specialty fluids.
The transaction carries a purchase price of $38 million, which includes approximately $15 million of working capital, and reflects an expected 2027 EBITDA multiple of about 3.5 times after synergies. The deal is expected to close in the first quarter of 2026 pending customary closing conditions.
The acquisition brings Industrial Oils Unlimited’s DX brand, product portfolio, and technical expertise into HF Sinclair’s expanding Lubricants and Specialties segment. The acquisition aims to enhance the company’s product breadth in manufacturing, energy, food, and commercial heavy-duty transportation markets. HF Sinclair stated that the addition of Industrial Oils Unlimited is expected to strengthen its ability to deliver high-quality industrial solutions while also widening its production and distribution reach throughout the United States.
Industrial Oils Unlimited, based in Tulsa, Oklahoma, gives HF Sinclair expanded regional production and distribution capacity. Its proximity to HF Sinclair’s Tulsa refinery creates opportunities for supply chain and base oil synergies. HF Sinclair noted that the transaction aligns with its broader strategy to expand its specialty products business, accelerate innovation, and enhance operational capabilities across its U.S. customer base.
HF Sinclair, headquartered in Dallas, produces and markets transportation fuels, renewable diesel, lubricants, and a range of specialty products. The company operates refineries in Kansas, Oklahoma, New Mexico, Wyoming, Washington, and Utah, along with petroleum logistics assets that support its refining network. HF Sinclair supplies fuel to more than 1,700 branded stations and licenses the Sinclair brand to over 300 additional locations across the country. Its subsidiaries market base oils and specialized lubricants in the U.S., Canada, and the Netherlands, with exports reaching more than 80 countries.
KEY QUOTES:
“This acquisition represents a strategic step forward for HF Sinclair’s Lubricants and Specialties segment, allowing us to combine our strengths and deliver even greater value to our customers. We are very pleased to welcome the team from IOU into the HF Sinclair family. IOU brings a wealth of knowledge and experience, and along with honoring its significant reputation in the local community and the marketplace they serve, we believe this transaction will further enhance our value proposition and go to market strategy in the U.S., accelerating innovation and driving operational excellence.”
Matthew Joyce, President, Lubricants and Specialties
