Bruce Oakley, Inc. announced today it has signed a definitive agreement to purchase Johnston's Port 33, Inc., a wholly owned subsidiary of W.B. Johnston Grain Company of Enid, OK. The companies expect to close the sale on or about 8 February 2014. Terms of the transaction were not disclosed.
Johnston's Port 33, Inc. was founded by Mr. Lew Meibergen in the early 1980's. Mr. Meibergen along with his son Butch and grandson Joey, have expanded the company's scope and size of business tremendously over the years to include storage and handling of dry bulk commodities such as fertilizer, pig iron, coal and petroleum products. JP33 operates 4 ports (two owned and two managed) on the Arkansas and Lower Mississippi Rivers.
Johnston has gained a strong reputation for its efficient port operations and management including its General Manager Mr. Steve Taylor, and his family members Fred, Larry and Josh, all who will be remaining with the business. Mr. Lew Meibergen will remain as consultant. Bruce Oakley, Inc. was founded by Mr. Bruce Oakley in 1968 in El Paso, Arkansas. The Company is now headquartered in North Little Rock. Today, Bruce Oakley, Inc. led by Mr. Dennis Oakley and his family has grown the Company into a diversified bulk commodity sales and transportation company serving customers domestically and abroad. Brenen Hofstadter & Chris Heckert with Generational Capital Markets, Inc., Member FINRA/SIPC, represented JP33 as Merger & Acquisition advisor.
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