HF Sinclair Corporation’s Lubricants & Specialties division announced the purchase of Industrial Oils Unlimited, LLC for $38 million, including roughly $15 million of working capital. The deal is expected to close in the first quarter of 2026 and values Industrial Oils Unlimited at an anticipated 2027 EBITDA multiple of about 3.5× after synergies.
The acquisition broadens HF Sinclair’s product portfolio in the industrial lubricants market. Industrial Oils Unlimited’s specialty fluids and “DX” brand complement HF Sinclair’s existing base‑oil and specialty‑lubricant lines, while the company’s Tulsa refinery location offers potential for integrated base‑oil production and cost efficiencies.
HF Sinclair’s Lubricants & Specialties segment has shown steady growth in recent quarters. In Q3 2025 the segment reported EBITDA of $78 million, up from $76 million in Q3 2024, while Q2 2025 EBITDA of $55 million fell from $97 million in Q2 2024. The new acquisition is positioned to smooth out this variability and accelerate the segment’s earnings trajectory.
The $38 million purchase price, coupled with the expected 3.5× EBITDA multiple, indicates that the transaction is likely accretive to HF Sinclair’s earnings in the long term. The valuation reflects the strategic fit and the anticipated synergies from combining the two companies’ product lines and customer bases.
Matthew Joyce, president of HF Sinclair’s Lubricants & Specialties division, said the deal “represents a strategic step forward for our lubricants portfolio, allowing us to combine our strengths and deliver greater value to customers.” The acquisition is part of HF Sinclair’s broader strategy to strengthen its position in the industrial lubricants market and support its overall financial health, which includes a market capitalization of about $9.2 billion and strong earnings growth in recent quarters.
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