Asphalt and Fuel Transport LLC
How we got $44.0M
Based on its 33 employees and its payroll, both reported for PPP in 2020 and brought up to date.
What we know
Signs of a sale Some signs of a sale
- In business 23 years (since 2003)
- Founder still runs it after 23 years
From public records and the company's website, not a statement that it's for sale.
What they do
Asphalt & Fuel Supply, founded in 2003, supplies liquid asphalt and refined petroleum products, blending custom asphalt grades at its terminals for its customers.
From the company's website. Industry: Asphalt Paving Mixture and Block Manufacturing.
Customers & suppliers
Possible customers nearby
The largest businesses within about 60 miles in the markets its website says it serves.
- INSULATION SPECIALISTS OF TULSA INC · Tulsa, 8 mi · $346.3M
- INDUSTRIAL PIPING SPECIALISTS INC. · Tulsa, 8 mi · $199.3M
- MID AMERICA PIPELINE CONSTRUCTION, INC · Tulsa, 7 mi · $112.1M
- FORREST GROUP LTD · Tulsa, 8 mi · $77.9M
- PARFAB FIELD SERVICES LLC · Inola, 21 mi · $77.5M
- TURNER ROOFING AND SHEET METAL INC · Broken Arrow, 9 mi · $32.8M
- PERFORMANCE.ROOFING INCORPORATE · Tulsa, 5 mi · $29.6M
- COATES ROOFING COMPANY, INC. · Seminole, 72 mi · $19.0M
- HIGGINS & SONS ROOF TRUSS COMPANY INC · Tecumseh, 77 mi · $10.9M
- ALLWINE ROOFING & CONSTRUCTION, INC. · Tulsa, 3 mi · $10.4M
Estimated value over time
▲ 23% since 2020Today's estimate scaled by the headcount reported each year and that year's prices. A trend, not a record of past sale values.
Employees over time
▲ 358% since 2020Show as table
| Year | Source | Employees | Est. revenue |
|---|---|---|---|
| 2020 | PPP loan | 33 | $37.9M |
| 2020 | Form 5500 | 105 | $120.7M |
| 2021 | Form 5500 | 111 | $127.6M |
| 2022 | Form 5500 | 128 | $147.1M |
| 2023 | Form 5500 | 134 | $154.0M |
| 2024 | Form 5500 | 152 | $174.7M |
| 2025 | Form 5500 | 151 | $173.5M |
Participants are employees in the company's retirement plan at year end, from its Form 5500 filing with the Department of Labor. They usually run a little under total headcount (part-timers and new hires may not be eligible). Revenue and EBITDA apply this industry's revenue per employee and margin to each year's count.
Compared with similar businesses nearby
| Business | Est. revenue | Distance |
|---|---|---|
| ASPHALT AND FUEL TRANSPORT LLC this business | $65.0M | — |
| ASPHALT AND FUEL SUPPLY, LLC Tulsa · 23 employees | $47.2M | 0.0 mi |
| CARRERA GAS COMPANIES LLC Tulsa | $25.6M | 2.5 mi |
| NU-TIER BRANDS, INC Tulsa · 14 employees | $21.3M | 4.0 mi |
| WILNAT, INC. Tulsa | $166.5M | 4.2 mi |
| Hf Sinclair Refinery Offices Tulsa | $19.7M | 4.7 mi |
| WELDRIL HOLDINGS LLC Tulsa · 8 employees | $32.6M | 5.0 mi |
The full calculation
| Employees reported to the SBA | 33 |
| Revenue from headcount (employees × revenue per employee for companies this size) | $52.7M |
| Revenue from PPP payroll (payroll ÷ payroll's share of revenue for companies this size) | $61.6M |
| Estimate: the two combined (geometric mean) | $65.0M |
| EBITDA margin (industry, adjusted for size) | 10% |
| EBITDA = revenue × margin | $6.8M |
Figures are shown toward the upper part of their range rather than at its middle.
Brought up to date assuming revenue has grown 8% a year since 2020, when the PPP figures were reported; included above.
| Estimated value = EBITDA × typical sale multiple | $44.0M |
| Multiple for this size and industry | 6.5× |
| Value range | $23.1M – $60.1M |
| Revenue range | $42.7M – $74.1M |
| EBITDA range | $4.4M – $7.7M |
| Industry (NAICS) | Asphalt Paving Mixture and Block Manufacturing (324121) |
EBITDA margin: from IRS tax returns of S corporations in this industry (2019–2022), adjusted for company size: smaller companies typically run higher margins. EBITDA here is after owners' salaries.
Benchmarks: US Economic Census 2022. PPP loans were sized on 2019–2020 payroll, so figures reflect that period. These are statistical estimates, not reported financials. Full methodology
People & advisors
Leadership
- RHRick HoffmanSigned for the company · 2020 retirement-plan filing (Form 5500)
Advisors
- AccountingEide Bailly LLPAudits its 401(k) plan (2025 filing)
- BankingCommerce BankPPP / SBA lender
From the company's own website and public filings (DOL Form 5500, IRS Form 990, SBA). Roles are as stated there and may be out of date.
Banking relationships
| Commerce Bank PPP 2020 | All 113 borrowers → |
From PPP and SBA loan records, which name the bank but not the individual banker.
PPP loans
| Approved | Draw | Amount | Jobs |
|---|---|---|---|
| 4/7/2020 | first | $637K | 33 |
Public records
Matched to this business by name and address from public government data; a match can occasionally be wrong.
About Asphalt and Fuel Transport LLC
Asphalt and Fuel Transport LLC is an asphalt paving mixture and block manufacturing company in Tulsa, Oklahoma, in business since 2003. It is owned by John Reaves (Founder). Its estimated annual revenue is about $65.0M, with roughly $6.8M of EBITDA. It has about 151 employees. Its estimated business value is $44.0M (likely range $23.1M–$60.1M).
Common questions
- Who owns Asphalt and Fuel Transport LLC?
- Asphalt and Fuel Transport LLC is owned by John Reaves (Founder), according to public sources such as the company's website or filings.
- How much revenue does Asphalt and Fuel Transport LLC make?
- SeeBITDA estimates Asphalt and Fuel Transport LLC's annual revenue at about $65.0M (likely between $42.7M and $74.1M), based on public records such as its PPP loan and retirement-plan filings, brought up to 2026.
- What is Asphalt and Fuel Transport LLC worth?
- About $44.0M, roughly 6.5× its estimated EBITDA of $6.8M, typical for a asphalt paving mixture and block manufacturing company its size. Likely range: $23.1M–$60.1M.
- How many employees does Asphalt and Fuel Transport LLC have?
- About 151, from its 2025 retirement-plan filing.
- When was Asphalt and Fuel Transport LLC founded?
- Asphalt and Fuel Transport LLC has been in business since 2003.