2025-12-08 DALLAS--(BUSINESS WIRE)-- HF Sinclair Corporation (NYSE: DINO) (HF Sinclair) today announced that its subsidiary has entered into a definitive agreement to acquire Industrial Oils Unlimited, LLC (“IOU”), a leader in industrial lubricants and specialty fluids for a purchase price of $38 million, inclusive of approximately $15 million of working capital.
This purchase price implies a 2027 expected EBITDA multiple of approximately 3.5x after synergies.
The addition of IOU and its rich history of value-added service and solutions, along with its respected DX brand, will strengthen HF Sinclair’s position as an innovative leader in lubricants and specialty fluids.
IOU’s expertise and diverse product lines, serving the manufacturing, energy, food and commercial heavy-duty transportation markets, will complement and expand HF Sinclair’s Lubricants & Specialties portfolio, enabling HF Sinclair to offer customers an even broader range of high-quality solutions for industrial market needs.
Based in Tulsa, Oklahoma, IOU provides strong regional production and distribution capabilities furthering HF Sinclair’s Lubricants & Specialties reach into the U.S. market; its proximity to HF Sinclair’s Tulsa refinery also provides synergy opportunities from its base oil production.
“This acquisition represents a strategic step forward for HF Sinclair’s Lubricants & Specialties segment, allowing us to combine our strengths and deliver even greater value to our customers,” said Matthew Joyce, President, Lubricants & Specialties.
“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.”
This transaction is subject to customary closing conditions and is expected to close in the first quarter of 2026.
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