Matrix Advises Santmyer Companies, Inc. on the Successful Financing and Acquisition of Cole Distributing, Inc.

RICHMOND, VA / BALTIMORE, MD – April 20, 2023 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it served as lead advisor on Santmyer Companies, Inc.’s (“Santmyer” or the “Company”) financing and acquisition of Cole Distributing, Inc. located in Shelby, Ohio.

A privately-owned and family operated company established in 1952 in Wooster, OH, Santmyer is a leading full-service petroleum marketer in northeast and central Ohio. Santmyer’s primary offerings include diesel, gasoline, propane, lubricants, diesel exhaust fluid, and logistics services.

“We are proud to welcome Cole Distributing to the Santmyer family of companies,” said Zach Santmyer, President & Chief Executive Officer of Santmyer. “The Cole family has built a phenomenal business, and we are excited to build upon their legacy of propane and fuels distribution in north central Ohio. As we continue to expand our presence, we were fortunate to work with Matrix to structure and advise on this important acquisition. Their experience, expertise, and objective approach were critical to securing capital on terms that were attractive to the company in relatively challenging market conditions.”

Located in Shelby, OH, Cole Distributing is a distributor of propane, commercial fuels, and lubricants. The company was founded in 1980 by Rodney and Kathleen Cole and serves thousands of central Ohioans’ energy needs. “For over forty years, the Cole ownership and employees have built a strong, loyal customer base, and we look forward to continuing these relationships,” said Terry Santmyer, Chairman of Santmyer. “We are thoroughly impressed with the quality addition of Cole’s operations, equipment, and facilities to our existing infrastructure,” said Nate Santmyer, General Manager of Santmyer. “The synergies between our teams make it a natural partnership and we look forward to the opportunity for growth,” said Zach.

Matrix provided capital advisory services to Santmyer, which included financial modeling, assessment of optimal financing strategy, enhanced structural flexibility, and negotiation of the financing. The transaction was managed by John Whalen, Head of Matrix’s Capital Advisory Investment Banking Group, Ryan Weir, Director, and Garrett Novotny, Analyst.

Mr. Weir added, “We very much appreciate the trust that Santmyer placed in us to advise them on the capital raise. Santmyer is a great operator and the acquisition of Cole Distributing represents a transformational acquisition for the Company as it further scales and diversifies. Matrix is privileged to work with the Santmyer Team.”