Leahy-Wolf Co. is a leading Midwest lubricants distributor providing commercial, industrial, and automotive lubricants, diesel exhaust fluid, antifreeze, coolants, and related products to customers throughout Illinois, Indiana, Wisconsin, and Michigan.
Founded in 1946 by James Leahy and Herbert Wolf as a fuel distributor serving the Chicago metropolitan area, the company evolved significantly over the decades.
In 1978, Ken Leahy, James’ son, joined the business and expanded manufacturing capabilities positioning Leahy-Wolf as an early leader in vegetable-based lubricants products. Keanan Leahy, Ken’s son, joined the Company in 2000 and became President following his father’s untimely passing six months later.
In 2005, Keanan made the strategic decision to pivot from small-batch lubricants blending to product distribution, which led him to partner with Terry Long, a veteran lubricants marketer. Over the next 20 years Leahy-Wolf grew revenues by more than 21% annually, becoming one of Petro-Canada’s largest distributors.
With Terry approaching retirement and Keanan eager to continue building his career and the business, Matrix was retained to perform a valuation of the Company and advise on a sale process that would address the owners’ objectives: liquidity and identifying a partner capable of supporting Leahy-Wolf’s continued growth under Keanan’s leadership.
Matrix developed and executed a confidential, structured sale process targeting regional and national lubricants distributors, as well as a select number of private equity-backed industry participants. This competitive process generated multiple attractive offers and after evaluating the alternatives, ACE Solutions was selected as the preferred partner based on the strength of its strategic fit and competitive offer.
Matrix assisted in negotiating the purchase agreement and the rollover equity investment in the acquirer, while also coordinating the due diligence and closing processes. The transaction with ACE Solutions closed in March 2026.
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“Citizens” is the marketing name for the business of Citizens Financial Group, Inc. (“CFG”) and its subsidiaries. “Citizens Capital Markets & Advisory” is the marketing name for the investment banking, research, sales and trading activities of our institutional broker-dealer, Citizens JMP Securities, LLC (“CJMPS”), Member FINRA and SIPC (See FINRA BrokerCheck and SIPC.org). “Matrix Capital Markets Group” is a brand name of CJMPS. Securities products and services are offered to institutional clients through CJMPS. (CJMPS disclosures and CJMP Form CRS). Banking products and services are offered through Citizens Bank, N.A., Member FDIC.
Securities and investment products are subject to risk, including principal amount invested and are: NOT FDIC INSURED · NOT BANK GUARANTEED · MAY LOSE VALUE
