Situation
Singer Energy Group, Inc. d/b/a Robison (“Robison” or the “Company”), headquartered in Port Chester, New York, is a leading distributor of heating oil and provider of home comfort solutions in and around Westchester and Putnam Counties, New York.

Daniel Singer, Robison’s current President and CEO, joined the Company in 1996 when it was still focused exclusively on residential heating oil distribution. In subsequent years and through a series of organic and inorganic growth initiatives, Robison also began distributing heating oil to commercial accounts and marketing HVAC and other related home services to customers throughout its marketing territory

Matrix was retained to perform a valuation of the Company and to advise on a sale process. Ultimately, the shareholders decided to sell the business to diversify their wealth and focus on other ventures.
Objective
To customize, execute, and complete a confidential sale process in a way that would allow the shareholders to realize maximum after-tax value upon the sale of the Company.
Solution
Matrix provided Robison with merger and acquisition advisory services, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.

The sale process included a diverse universe of prospective buyers that included distributors of heating oil, refined fuels, and propane as well as operators of pure-play HVAC and home services platforms. These prospective buyers also ranged from privately held businesses, publicly traded corporations, and financial sponsors

Multiple competitive offers were received for Robison, and Star Group, L.P. (NYSE: SGU) (“Star Group”) was selected as the acquirer.

Matrix assisted in the negotiation of the asset purchase agreement and coordinated the due diligence and closing process.

The transaction with Star Group closed in September 2024.