Situation
Tevis Oil, Inc. (“Tevis” or the “Company”) was founded in 1932 by Stanley H. Tevis Sr. as a local fuels distributor in Westminster, MD.  In 1981, the Company opened its first convenience store originally called Tevco, which was primarily a self-service truck stop featuring unbranded gasoline, along with hot food, drinks, and other convenience items.  In 1987, the Jiffy Mart brand was born, and by 2001 all of the Company’s Tevco stores had been rebranded Jiffy Mart.  The Company is currently led by Mr. Jack Tevis, who represents the 3rd generation of the Tevis family.

The Company owned and operated 5 Jiffy Mart branded convenience stores, as well as 4 locations that were leased to commission agents and a dealer.  The greater Tevis enterprise also spans home comfort solutions, commercial fuels, and HVAC businesses, consisting of: Tevis Energy (heating oil, diesel, and gasoline sales to residential and commercial customers); Tevis Propane (propane sales to residential and commercial customers); and, Modern Comfort Systems (HVAC installation, repair & maintenance).

Jack Tevis decided to exit the retail convenience store and petroleum marketing business to focus on the other businesses and diversify family wealth.

Objective
To customize, execute, and complete a confidential sale process that would allow the Tevis to realize maximum after-tax value upon the sale of its convenience retailing and wholesale motor fuel assets.

Solution
Matrix provided merger and acquisition advisory services to Tevis, which included valuation advisory, marketing of the convenience retailing and wholesale motor fuel assets through a confidential, structured sale process, and negotiation of the transaction.

Multiple competitive offers were received, and SMO, Incorporated (d/b/a SMO Motor Fuels and Dash In®), a subsidiary of The Wills Group, Inc., was ultimately 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 SMO closed in September 2018.