Petroleum Equipment Company Sold to Local Investor Group
Gasoline Equipment Service Co., Inc.-a provider of sales, service, and installation of equipment for the petroleum industry-was sold to The GESCO Group, LLC, led by David Faust. Gasoline Equipment is headquartered in Fort Wayne with an additional location in Indianapolis. With a current team of 23 employees, Gasoline Equipment has served the states of Michigan, Ohio, and Indiana for over seventy years. Former owners, Jack and Rich Dunifon, will help in the transition of the Company and serve in an advisory role.
David Faust and his group bring vast experience to GESCO. David has a background in warehousing and distribution and has led several successful growth initiatives for various businesses. Others involved in the new ownership group possess backgrounds in construction, petroleum and ethanol, and a variety of service-based organizations. Individually, they have owned a number of other businesses in the Fort Wayne area and understand what it takes to lead profitable and growth-oriented businesses. Tim Hartigan, who has assumed the duties of General Manager, has 37 years of Senior Executive experience in manufacturing, warehousing and distribution, and service industries. He has also served in advisory and consultative roles for a variety of businesses providing direction and leadership with strategy and organizational development.
“As an ownership team, we’re very excited about being part of GESCO’s past, present, and future,” said David Faust. “We see great opportunities for this business, especially considering the strong foundation that has been built by the previous owners over so many years. It is our desire to build on the principles of hard work, integrity, and an intense focus on customer service that have already been established in order to grow the business and maximize its ultimate potential. We have a marvelous team in place at GESCO already and are anxious to add more jobs and opportunities as we develop our organization.”
The Principals of True North, acting in their capacity as registered agents of Burch & Company, Inc. ("Burch"), were the lead strategic and financial advisors to Gasoline Equipment on the sale of the business. In order to assist True North with securities related transactions, its principals are registered investment banking agents of Burch & Company, Inc., member FINRA/SiPC. Burch and True North are not affiliated entities.