Situation
Atlantic States Lubricants Corp. (“ASL”) is an authorized distributor of Mobil-branded lubricants and its proprietary SYSTM7 and Centurian-branded lubricants.

Founded in 1992 and based in Farmingdale, NY, ASL serves commercial, industrial, and municipal customers in the New York City metropolitan area as well as parts of New Jersey and Connecticut by distributing lubricants, diesel exhaust fluid, and ancillary products.

In 2002, ASL acquired the assets of Thermoil Corp, a lubricants business focused on the automotive and manufacturing sectors in New York City.

In 2004, ASL acquired Amity Oil, an automotive lubricants distributor on Long Island to further expand their local customer base.

The company continued to grow through the 2000s by expanding its facilities and investing in increased bulk storage capacity.

The SYSTM7 proprietary brand was introduced in 2017 and in 2019 the Company acquired Bi-Lo Industries, strengthening the customer base and driving growth.

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 merger and acquisition advisory services to ASL, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction. The sale process included a buyer pool of regional and national lubricants distributors & a select pool of private equity-backed lubricants distributors.

Multiple offers were received, and Moove was selected as the acquirer based on its competitive offer.

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

The transaction with Moove closed in November 2024.