Amelia

Company Overview

Amalie Oil is a family-owned and operated company based in Tampa, Florida. It has been in operation for several decades, with its roots tracing back to the late 1970s when the Barkett family acquired a small lube oil manufacturing company called Petroleum Packers at the Tampa port.

The company was initially part of the Barkett family's broader business ventures, which included owning gas stations and convenience stores across Florida. However, by 1996, the family shifted their focus from the gas station business to the Tampa operation.
In 1998, the Barkett family completed an all-cash deal to purchase Amalie Oil from Sun, after Sun acquired the Kendall-Amalie package from Witco but had no interest in revitalizing the Amalie brand.

The company is currently led by brothers Harry Barkett, who serves as the president, and Rick Barkett, who is the Chief Operating Officer (COO). Other siblings, Anthony and Ken Barkett, are also involved in the family business.

Amalie Oil operates from a 20-acre facility at the Tampa port, where it blends and sells motor oils and industrial lubricants. The company generates significant revenue, having sold more than $200 million worth of products in a single year.
The company's business is divided into two main segments:
- Private-label production: Amalie produces motor oil and lubricants for about 140 other oil companies, including major brands like Mobil, as well as automotive retailers and mass merchandisers like Walmart. This segment accounts for around half of the company's business but faces fierce competition, resulting in lower profit margins.
- Proprietary-label sales: The other half of the business involves selling products under labels owned by Amalie, such as the 136-year-old Wolf's Head line, which was acquired in 2006. These proprietary brands offer higher profit margins, up to 30%.

In September 2014, Amalie Oil entered into an agreement with Tampa Bay Lightning owner Jeff Vinik to secure the naming rights to the Tampa Bay Lightning’s arena, now known as the Amalie Arena. This deal, estimated to be around $20 million based on typical NHL arena naming rights, significantly increased the company's visibility.

Amalie Arena, previously known as the Ice Palace and later the Tampa Bay Times Forum, underwent a $62 million transformation from 2011 to 2013. The arena is a premier entertainment venue in Florida, hosting over 150 events annually, including hockey games, concerts, and other high-profile events.

Amalie Oil is ranked among Florida Trend's top 200 privately owned companies in the state, reflecting its substantial financial presence and influence in the region.

The company faces the challenge of changing how it sells its products to improve profit margins, particularly by increasing demand for its proprietary brands. This strategic shift is crucial for boosting the company's bottom line.