25-03-2025
Private equity firm Trive sued over alleged fuel infrastructure scheme
March 25 (Reuters) - A fuel station supplier sued Trive Capital and two of its portfolio companies in federal court in Iowa on Monday, claiming they restricted competition in the U.S. Midwest for gas pump distribution and servicing, driving up fuel prices.
The lawsuit, opens new tab from JF Petroleum Group said Trive, Seneca Companies and OWL Services used acquisitions to consolidate U.S. pump distribution and servicing for years and conspired to block JF from the market in Iowa and southern Illinois, in violation of U.S. antitrust law.
The defendants also tried to curtail Casey's, the third largest convenience store chain in the United States, from doing business with JF Petroleum, according to the complaint.
Dallas-based Trive, which boasts more than $8 billion in investments under management, in a statement said "the case and claims against Trive, OWL Services and Seneca Companies are without merit" and and said they would fight the lawsuit.
A lawyer for JF Petroleum at law firm McGuireWoods did not immediately respond to a similar request.
North Carolina-based JF Petroleum distributes and services pumps for gas and diesel at major retail stations across the country.
The lawsuit escalates a feud between Trive's Seneca, which provides fueling equipment and support services, and rival JF Petroleum.
Seneca is suing JF Petroleum in a separate lawsuit, accusing it of interfering with existing and potential agreements with customers and employees. JF Petroleum has denied the allegations.
JF Petroleum in its lawsuit said it had invested millions of dollars to expand into Iowa and Southern Illinois, but 'has faced unlawful obstacles at every turn.'
The lawsuit seeks unspecified monetary damages and a court order that would stop the alleged anticompetitive business practices.
The case is JF Acquisition LLC v Seneca Companies Inc et al, U.S. District Court for the Southern District of Iowa, No. 4:25-cv-00104-SHL-WPK.
For plaintiff: Nicholas Giles of McGuireWoods, and Samuel Jones of Shuttleworth & Ingersoll
