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The portfolio of c-stores, fuel distribution and more is expected to add significant synergies.
Over the next 25 years, the company expanded to become one of the largest convenience retail and fuels distribution businesses in the West through both organic growth and a series of acquisitions.
Prior to the deal with H&S Energy, Andretti Petroleum Group consisted of nearly 170 convenience retail and fuels distribution assets in California, Oregon and Washington.
“We are delighted to transact with H&S Energy as the new steward of our enterprise. Our companies share similar stories, starting with single sites, then growing into formidable players in our industry,” said Castelo, CEO and managing member of Andretti Petroleum Group. “This transaction will be a win for all stakeholders. We especially appreciate the great work of Matrix in assisting us with finding the perfect buyer and perfect transaction.”
Matrix’s merger and acquisition advisory services included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale.
“M.J. and the Andretti team have built an incredible business through thoughtful, strategic growth, meticulous execution, and unparalleled passion to be the best across the entire organization,” said Cedric Fortemps, CFA, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group. “We are honored to have been chosen to advise them on the sale of the exceptionally successful business that they built and know that their successes will continue in their future endeavors — both on and off the racetrack.”
Orange-based H&S Energy has more than 160 convenience stores under the Chevron, Texaco, Shell and 76 fuel brands. It operates its stores under the ExtraMile banner and under its own proprietary brand, Power Market.