Trive Capital and two of its portfolio companies, Seneca Companies and OWL Services, are facing a lawsuit in federal court in Iowa. The plaintiff, JF Petroleum Group, alleges that these companies restricted competition in the Midwest for gas pump distribution and servicing, leading to higher fuel prices.
The lawsuit claims that Trive and its affiliates used acquisitions to consolidate the U.S. pump distribution market over several years. They allegedly conspired to exclude JF Petroleum from Iowa and southern Illinois, violating U.S. antitrust laws.
The defendants also allegedly attempted to prevent Casey’s, a major convenience store chain, from partnering with JF Petroleum.
Trive, managing over $8 billion in investments, has stated that the claims are without merit and will vigorously contest the lawsuit.
JF Petroleum, based in North Carolina, provides fueling solutions nationwide. The lawsuit escalates an ongoing feud with Seneca, which is also suing JF Petroleum for interfering with contracts.
JF Petroleum has invested millions in expanding into Iowa and southern Illinois but claims to have faced unlawful barriers. The lawsuit seeks financial restitution and a halt to the alleged anticompetitive practices.
The case is filed as JF Acquisition LLC v. Seneca Companies Inc et al in the U.S. District Court for the Southern District of Iowa.
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