James W. McGlothlin
Founder, Chairman | The United Co.
In 1970, Jim purchased a Buchanan County coal company at auction for $25,000 and that’s how United Coal Co. started. “I took a leave of absence for six months from the law firm…and never went back.”
A wildcatter at heart, Jim led United through the acquisition of several coal companies and mines in Appalachia. Ultimately, United bought 25 wells from a partner in Texas who was retiring, “and that’s how the oil and gas thing was born,” Jim says.
In the 1980s, United acquired a large Canadian oil and gas company, vastly expanding its portfolio. Then came sand and gravel holdings and even a gold mine in Tanzania.
In 2009 Five years later, United divested its coal mine holdings to Ukrainian billionaire Rinat Akhmetov, whose mining and steel company, Metinvest Group, bought United Coal Co. for an undisclosed price, although news reports from that time pegged the deal at between $800 million and $1.4 billion. Metinvest still owns United Coal, which is now based in Johnson City, Tennessee.
McGlothlin remains chairman and sole owner of the remaining business, The United Co., which today has diversified into a hospitality and wealth management company, with other activities including real estate development and coal, oil and gas exploration services. Its holdings include golf courses, RV parks and a stake in the Bristol casino.