In The News

ABF Journal - Matrix Advises on the Sale of Dana Safety Supply to AEA Investors

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Matrix Capital Markets Group, an independent investment bank, advised on the sale of Dana Safety Supply (DSS) to AEA Investors. Prior to the sale, DSS was a wholly-owned subsidiary of Scott McRae Automotive Group (SMAG).

“DSS has been growing steadily over the past 15 years, and as we continue on our path of future growth in all areas of the country, finding the right partner is crucial to our success. We were very fortunate to have many options in this regard, and after a long evaluation process, it was clear that AEA was the right partner for DSS. AEA’s pristine reputation, financial resources and 50-plus-year track record of success are some of the many reasons we chose AEA as our partner,” David Russo, CEO of DSS, said. “We have been unbelievably fortunate to have been part of SMAG and its 100-year history of remarkable stability and success. We are forever grateful to SMAG and will continue to operate on the principles that have made SMAG and DSS successful — transparency, accountability, first-rate facilities and people. Those attributes, combined with a burning desire to serve first responders and the public safety community, will guide our team into the future.”

Matrix provided merger and acquisition advisory services to DSS and SMAG, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by William O’Flaherty, managing director, Matt Oldhouser, vice president and David Shoulders, managing director.

“Matrix exceeded our expectations in every respect during this transaction. Their tactical expertise created a tremendous amount of value and I am thankful we chose them to guide us through this process,” Jeff Curry, CEO of SMAG, said. “We are very proud of the team at DSS and the company that they have built over the last 15 years. We will always consider them part of the SMAG family and look forward to watching them take the company to the next level!”

“We were honored to represent SMAG and DSS in this important transaction,” O’Flaherty said. “The company’s passion for providing outstanding service to the public safety market is commendable and we are pleased to have found a partner that shares the same enthusiasm for that industry and commitment to excellence.”

Smith Hulsey & Busey served as legal counsel for DSS and SMAG. CohnReznick provided accounting advisory services to the company.

October 17, 2024 Industry News | News

by Kelly Simons

CSP - Anabi Acquires Land O’Sun Management’s Fast Track

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Anabi Acquires Land O’Sun Management’s Fast Track

Rebel owner adds 17 convenience stores, quick-service restaurants in Florida

By Greg Lindenberg on Jun. 14, 2024

Anabi Real Estate Development LLC and its affiliates, doing business as Anabi/Rebel, has acquired the petroleum marketing, convenience retail and quick-service restaurant (QSR) businesses of Land O’Sun Management Corp., doing business as Fast Track. Based in Gainesville, Florida, Fast Track operates 17 convenience stores, 10 co-located QSRs and two standalone QSRs in northern Florida.

Alan Fogg, Richard Rentz and Stephen Fogg founded Land O’Sun Management in 1996 when they purchased 38 gas stations in northern Florida. In 2000, they purchased 13 additional stores, which provided access to the QSR business. Over the next 23 years, Land O’Sun began integrating national QSR brands into its stores, including Arby’s, Wendy’s, Dairy Queen and Subway. In 2022, Land O’Sun opened its latest new-to-industry (NTI) Fast Track convenience store in Gainesville, which includes a car wash, beer cave and made-to-order deli.

Sam Anabi founded Anabi/Rebel, Upland, California, in 1991 with one gas station. Anabi/Rebel has been working with independent retailers to provide fuel and service to communities throughout California. The company has grown by buying and selling stations, converting bays into convenience stores, adding car washes, partnering with fast-food brands and building ground-up NTI locations. This growth has provided Anabi/Rebel with experience from the perspective of a buyer, seller, lease dealer, open dealer, franchisee, owner, contract operator and wholesale distributor, it said.

Anabi/Rebel continues to operate as a family-owned and -operated business with more than 600 locations across 16 states, including multiple QSR brands.

• • Anabi/Rebel is No. 18 on CSP’s 2024 Top 202 ranking of U.S. c-store chains by total number of company-owned retail outlets.

Independent investment bank Matrix Capital Markets Group Inc. provided merger-and-acquisition (M&A) advisory services to Land O’Sun Management, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale. Cedric Fortemps, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, Nathan Wah, senior associate, and Reilly Erhardt, analyst, managed the transaction.

“As a family business, deciding to sell is both an economic and emotional decision. Our prior experience with Matrix, conducting periodic business evaluations of our company, gave us confidence that Matrix was the right partner for this transaction. The support they provided in presale planning and through the entire sale process proved our confidence was warranted,” said Alan Fogg, president of Fast Track.

“Our relationship with Richard, Alan and Steve began close to a decade ago and since then, they’ve done a tremendous job strategically growing their business to make it what it is today. We are honored to have advised them on the sale of the incredible company they’ve worked so hard to build,” said Fortemps.

Charles Muller II and Michael Schwartz of Muller Lebensburger & Schwartz served as legal counsel for Land O’ Sun Management. Fred Whitaker, Ashley Bolduc and Wendy Hsu of Cummins & White, LLP served as legal counsel for Anabi Real Estate Development.

Founded in 1988, Richmond, Virginia-based Matrix Capital Markets Group provides M&A and financial advisory services. Its Downstream Energy & Convenience Retail Investment Banking Group provides transactional advisory services to companies in the downstream energy and multisite retail sectors including convenience retailing, petroleum marketing and distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals, car washes and QSRs.

by Kelly Simons

JobbersWorld - Matrix Leads Capital Raise for G&M Oil Company

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Matrix Leads Capital Raise for G&M Oil Company

Matrix Capital Markets Group, Inc., a leading, independent investment bank, announces that it served as lead advisor on G&M Oil Company’s syndicated debt financing.

Established in 1969, G&M Oil is one of California’s largest independently owned fuel retailers with over 200 locations throughout Los Angeles, Orange, San Bernardino, Riverside, San Diego and Ventura Counties. The Company maintains successful partnerships with Chevron and ExtraMile and has been consistently lauded for its outstanding performance in their Retail Excellence programs.

Adam Sparks, General Manager of G&M commented, “We were fortunate to work with Matrix to structure and intermediate this important financing. Their experience, expertise, and objective approach were critical to securing capital on terms that were very attractive to the Company.”

Matrix provided capital advisory services to G&M, which included financial modeling, assessment of optimal financing strategy, selection of capital providers, and negotiation of the transaction. The financing was managed by John Whalen, Head of Matrix’s Capital Advisory Investment Banking Group; Ryan Weir, Director; and Garrett Novotny, CFA, CPA, Senior Analyst.

Scott Olson, Director of Strategy & Corporate Development of G&M stated, “The Matrix team delivered outstanding support and insight throughout the process. Their dedicated and adaptable approach, coupled with their robust execution, ensured a favorable result for all involved. Their expertise was critical to a successful outcome.”

Mr. Whalen added, “We deeply value the trust G&M placed in us to guide them through this capital raise. G&M is a best-in-class operator and this transaction is a testament to the Company’s strong profile. In addition to providing the Company with significant structural latitude, the new capital base will support G&M’s immediate and long-term growth initiatives. We couldn’t be more pleased to support G&M Oil – truly a privilege to work with them!”

About Matrix Capital Markets Group, Inc.

Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and New York, NY. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions.

Our industry focused, dedicated sector advisory groups serve clients in the automotive aftermarket, downstream energy & convenience retail, healthcare and outdoor recreation & marine markets. Our broad sector advisory groups serve clients in a wide range of industries including business services, consumer, diversified industrials, restaurants and transportation & logistics. For additional information or to contact our team members, please visit www.matrixcmg.com.

by Kelly Simons

Fuels Market News - Hicks Oils’ Lubricants Sold to Schaeffer Manufacturing Co.

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Hicks Oils & Hicksgas, Incorporated sold its Hicks Oils lubricants business to Schaeffer Manufacturing Company. Hicks Oils is a premier independent lubricant blending and packaging business in southern Illinois that produces automotive and industrial lubricants. Schaeffer, founded in 1839 and based in St. Louis, produces and sells a broad range of synthetic motor oils, industrial lubricants, hydraulic fluids, and other related products. Matrix Capital Markets Group, Inc., a leading, independent investment bank, announced that it advised the sale.

Based in Du Quoin, Illinois, Hicks Oils was formed in 1978 by C. W. Hicks as a further expansion of his integrated petroleum operations, with the initial goal of providing products and services to the local coal mining industry. In 1989 upon the passing of Mr. Hicks, his grandsons Todd and Shawn Coady joined the Company and took over running the lubricants business and the family’s multiple other companies. Shawn Coady currently serves as President of the business and Todd as Vice President. Throughout the 1980’s and 1990’s as markets changed, the business evolved and expanded to include contract packaging, private label, and company branded products. Today, Hicks Oils blends and packages motor oil, hydraulic fluid, gear lubes, transmission fluids and various specialty lubricants for distributors, major oil companies, OEMs, and after-market providers.

Matrix provided merger and acquisition advisory services to the Company, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by John Underwood, Managing Director; Vance Saunders, CPA, Managing Director; Andrew LoPresti, CPA, CFA, Vice President; Jared de Perio, Analyst.

Dr. Shawn Coady, President of Hicks said, “When I decided to sell the business, I had significant experience with Matrix from various propane market transactions and was confident they were the right company to handle the transaction. Hicks Oils is a unique business, and they did an exceptional job handling the sale. I am very pleased with Schaeffer as the buyer. I believe the strategic and cultural fit of the two companies will provide significant growth opportunities, as well as a great work environment for Hicks’ employees.”

Mr. Underwood added, “We have valued our relationship with Dr. Coady for many years and we were honored when he chose Matrix to sell the Hicks’ lubricants blending and packaging business. We very much appreciate the trust that Shawn placed in the Matrix team and the contributions from him and his operating team during the sales process.”

Bill Scott of Allen & Korkowski & Associates served as legal counsel for Hicks.

by Kelly Simons

LPGas - Ferrellgas purchases Eastern Sierra Propane

Overland Park, Kansas-based Ferrellgas Partners LP has purchased Eastern Sierra Propane, based in Bishop, California.

Founded in 1993 by Tom Sigler and Rudy Forster, Eastern Sierra is a propane retailer serving residential and commercial customers in the Eastern Sierra Nevada Mountain range.

Sigler’s house served initially as company headquarters, and for its propane storage Eastern Sierra used a 12,000-gallon tank at a customer location in exchange for installing vapor meters on its gas dryers. Eastern Sierra expanded to a leased property nearby and installed its first 30,000-gallon tank.

Sigler acquired Forster’s 50 percent ownership and has grown Eastern Sierra alongside his son Jason, who joined in 1998.

“When I decided to sell my business, I researched companies who had the best transaction closing results, and I found that Matrix Capital was the top firm,” Sigler says. “They were helpful by first providing me with a valuation of my business and then finding a buyer who was the best fit for my employees and customers.”

Matrix Capital Markets Group provided merger and acquisition advisory services to Eastern Sierra Propane, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Sean Dooley, managing director; Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; and Nate Wah, senior associate. Stephen Kappos served as legal counsel for Eastern Sierra.

“We very much appreciate the trust that Tom placed in us to advise him on the sale of the company that he and his family worked so hard to build,” Dooley says. “It was a pleasure working with him and the Ferrellgas team on this transaction, and we wish Tom and Jason all the best in their future endeavors.”

Ferrellgas, the nation’s second-largest propane retailer, serves propane customers in all 50 states, the District of Columbia and Puerto Rico. Its Blue Rhino exchange brand is sold at 60,000 locations nationwide. LP Gas inducted Blue Rhino founder Billy Prim into the LP Gas Hall of Fame during a black-tie dinner last year in Nashville, Tennessee.

View original article here.

by Kelly Simons

Tech and Science News - Matrix Advises on the Sale of Shape LLC

RICHMOND, Va. and BALTIMORE, Md., Jan. 26, 2024 (SEND2PRESS NEWSWIRE) — Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Shape LLC (“Shape” or the “Company”) to an undisclosed buyer. Prior to the sale, Shape was owned by funds managed by Gen Cap America, Inc. (“Gen Cap”), a private investment firm headquartered in Nashville, Tennessee.

For over half a century, Shape has operated as the premier manufacturer and designer of custom electrical transformer equipment, with its products utilized to regulate output current and ensure constant power across multiple end-uses. From its 40,000 square foot facility in Addison, Illinois, the Company supports the mission-critical needs of its international customer base. Shape’s engineers and management team possess over a century of collective experience and were the architects of the ferroresonant transformer, a power supply that uses nonlinear magnetic properties and a resonant circuit to provide a stable output. This technology is particularly applicable to airport lighting, semiconductors, power supplies, and ultraviolet curing. Shape has become an integral piece of its customers’ supply chains, as evidenced by numerous decades-long relationships. Following the transaction, all three of Shape’s management-owners, Greg Babecki (CEO), Doug Hickey (COO), and David Lanes (CFO), will retain all existing day-to-day responsibilities.

Regarding the transaction, Mr. Babecki commented, “We are excited to have found a partner that both appreciates and complements our Company’s unique offerings. We believe there are numerous benefits to this acquisition for our valued employees, customers, and vendors.” He added, “We are grateful for Gen Cap’s stewardship and partnership over the past nine years and are thrilled for what the next chapter alongside our new partners will bring us.”

Matrix provided merger and acquisition advisory services to Gen Cap and Shape, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by William O’Flaherty, Managing Director; David Shoulders, Managing Director; and Matt Oldhouser, CPA, Vice President.

Regarding Matrix’s services, Gen Cap Director, James Byrd added, “The Matrix team took a thoughtful and hands-on approach to all aspects of the transaction. At every juncture, they provided us with sound explanations underlying their advice. We believe we achieved the optimal outcome based on their experience and counsel.”

“It was a pleasure to represent Gen Cap on another divestiture from their portfolio. This is yet another example of a successful investment by their talented team,” Mr. O’Flaherty noted. “Shape is a fantastic business managed by exceptional people. I have no doubt that Greg, Doug, and Dave will find success alongside their new partners.”

Edward Burrell, Stuart Campbell, and Thomas Dozeman of Stites & Harbison, PLLC served as legal counsel for Shape. Mark Patterson and Chris Hight of KraftCPAs PLLC provided tax and accounting advisory services to the Company.

View original article here.

by Kelly Simons

LPGas - Parker Oil acquires Bobby Taylor Oil

Parker Oil Co., based in South Hill, Virginia, acquired Bobby Taylor Oil Co. and T&S Transport, based in Fayetteville, North Carolina.

Bobby Taylor Oil was founded in August 1963 by Bobby Taylor, and it operated at the time out of Taylor’s home in Fayetteville. During its first years of business, the company sold fuel oil, kerosene and gasoline to its local customer base with one tank wagon. The company added propane and racing fuels to its product mix and further expanded its customer base throughout central North Carolina. Following his father’s retirement in the early 2000s, Johnny Taylor Jr. assumed the role of president and, with his brothers David and Mark, led the company through several decades of continued growth.

Today, the company operates two refined fuels and propane bulk plants in Fayetteville and Elizabethtown, North Carolina, and employs more than 30 associates. It supplies retail propane, commercial refined fuels and racing gas to a diverse customer base of residential and commercial accounts throughout North Carolina.

Parker Oil serves businesses and residences in southern Virginia and northeastern North Carolina with a range of energy-related products and services. It delivers oil, propane and other petroleum products, including renewable biodiesel, and services heating and cooling systems.

Matrix Capital Markets Group provided merger and acquisition advisory services to Bobby Taylor Oil, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by John Duni, vice president; Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; and Jared de Perio, analyst.

View original article here.

by Kelly Simons

C-Store Dive - Par Mar Oil acquires 14 c-stores in Ohio

All locations operate under the Red Rover banner formerly owned by Santmyer Companies.

Dive Brief:
Par Mar Oil has acquired 14 convenience stores from convenience and fuel retailer Santmyer Companies, Inc., according to a Monday announcement from Matrix Capital Markets Group, which coordinated the deal.

All 14 locations are based in Ohio and operate under Santmyer’s Red Rover c-store banner. In another part of the deal, Santmyer has sold its branded dealer wholesale business to fuel distributor Countywide Petroleum Company.

For Par Mar, this expands its footprint throughout its home state of Ohio, where it already operates around 60 convenience stores, according to its website.

Dive Insight:
While Par Mar is no stranger to Ohio, many of the Red Rover stores it’s acquiring are located in cities where Par Mar has yet to establish its footprint. Those regions include Marengo, Mount Vernon, Canton, Dalton, Millersburg and Sugarcreek.

Some of the Red Rover stores are located in Wooster, Howard and Dundee, where Par Mar already operates several locations.

Most of the locations allow 24-hour access to both the convenience store and fuel pumps, according to Santmyer’s website. Some offer Santmyer’s own fuel, while others provide gasoline from Exxon Mobil or Marathon Petroleum.

Red Rover convenience stores also offer an in-store deli, featuring hot and cold handmade sandwiches, fruit cups and more.

Santmyer, which was founded in 1952, undertook a strategic review in 2021 to assess its capital allocation and return on investment throughout its business, according to the announcement. The company then decided to solely focus on its commercial fuels, propane and lubricants segments and divest its c-store and branded wholesale division.

“Based on our strategic goals, we decided to divest our convenience retail and branded dealer wholesale businesses to narrow our strategic focus on commercial fuels, propane, lubricants, automated cardlocks and car washes,” Zach Santmyer, president of Santmyer, said in the announcement.

Founded in 1967, Marietta, Ohio-based Par Mar Oil operates about 250 convenience stores across Ohio, West Virginia, Pennsylvania, Kentucky, Virginia and Maryland. The retailer also operates several Dairy Queen and Arby’s restaurants, as well as one IHOP location.

View original article here.

by Kelly Simons

CSP Daily News - Coborn’s Sells Franchised C-Stores to Holiday Stationstores

Retailer focusing on growth efforts in grocery channel

Coborn’s Inc. has sold its 14 Holiday franchised fuel and convenience stores to Holiday Stationstores LLC. The deal also includes one site under development.

St. Cloud, Minnesota-based Coborn’s is a 102-year-old, employee-owned grocery retailer with nearly 10,000 employees and 77 grocery stores across Minnesota, North Dakota, South Dakota, Wisconsin, Michigan and Illinois under the banners Coborn’s, Cash Wise Foods, Hornbacher’s, Tadych’s Marketplace Foods and Sullivan’s Foods.

Coborn’s entered the convenience store business in 1986 with its Little Dukes-branded c-stores and converted 14 locations to Holiday franchised stores in 2006. Coborn’s operates several fuel, liquor and pharmacy locations as well. To support its 200 various retail business units, Coborn’s also operates its own central bakery, dry cleaning facility and grocery distribution center.

Coborn’s is No. 158 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by number of company-owned retail outlets.

Coborn’s was founded in 1921 by Chester A. Coborn who opened a one-room produce store in Sauk Rapids, Minnesota. Chris Coborn, a fourth-generation family member, is the current CEO and Chairman of the Board and his daughter Emily Coborn Wright, vice president of retail support services, and his son Peter Coborn, director of liquor operations, are fifth-generation family members in leaderships roles.

Holiday Stationstores—which Alimentation Couche-Tard Inc. acquired in mid-2017—operates about 375 stores and franchisees operate about 150 stores. It is based in Bloomington, Minnesota and has a presence in 10 states: Minnesota, Wisconsin, Washington, Idaho, Montana, Wyoming, North Dakota, South Dakota, Michigan and Alaska. Laval, Quebec-based Couche-Tard has kept the Holiday brand rather than convert the stores to its otherwise global Circle K brand.

Independent investment bank Matrix Capital Markets Group Inc., Richmond, Virginia, provided merger-and-acquisition (M&A) advisory services to Coborn’s, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale. Spencer Cavalier, co-head of Matrix’s Downstream Energy and Convenience Retail Investment Banking Group; John Underwood, managing director; Nate Wah, senior associate; and G. Reilly Erhardt, analyst, managed the transaction.

“This is part of Coborn’s overall strategy to focus our growth efforts on the grocery store market,” said Chris Coborn, CEO of Coborn’s. “Matrix’s efforts have led to the successful sale of our Holiday franchise stores to our long-term franchisor partner, Holiday. The transaction provides continuity to our store employees and customers, as the stores will remain Holiday branded and continue to accept the Coborn’s MORE Rewards program. Matrix did an excellent job at meeting our strategic objectives in the sale.”

“Chris and his team have done a tremendous job growing the Coborn’s family business. The family legacy is incredibly impressive with what they have achieved over the last century since the company’s founding,” Underwood said. “I am very pleased that Matrix was able to contribute to Coborn’s future growth by selling the Holiday franchised stores to allow for more capital deployment for Coborn’s strategic growth initiatives.”

Robert Rosenbaum and Morgan Helme of Dorsey & Whitney LLP served as external legal counsel for Coborn’s Inc.

View original article here.

by Kelly Simons

Convenience Store News - Petroleum Marketing Group Acquires Assets of Phoenix Mart Parent Company

Nine convenience stores and one travel center are part of the transaction.

WILMINGTON, N.C. — An affiliate of Petroleum Marketing Group Inc. (PMG) acquired the assets of Springer Eubank Co. Inc., which include retail and fuels operations.

According to Matrix Capital Markets Group Inc., the transaction is comprised of Springer Eubank's travel center and convenience and gas division (TC&G Division), as well as its delivered fuels and fuel transport divisions.

Springer Eubank dates back to the 1800s when Springer Coal and Eubank Oil began marketing petroleum products in the coastal Carolinas. In 1976, the two companies merged to form Springer Eubank Oil Co. It became Springer Eubank Co. Inc. following its 2004 acquisition by W. Cecil Worsley III, who retained Springer Eubank after selling Worsley Cos., parent of Scotchman Stores, in 2008.

Springer Eubank's TC&G Division is comprised of nine company-operated convenience stores, one travel center, one cardlock, six dealer/agent operated sites and one greenfield landbank site located in the greater Wilmington area, as well as eastern South Carolina. The convenience stores operate under the Phoenix Mart banner, while the travel center is branded Phoenix Travel Center.

The stores market major fuel brands including Amoco, Exxon and Sunoco, and three locations feature the company's proprietary Coastal Fuels gasoline and diesel. Three locations offer quick-service restaurant concepts, including two Subway and one Jimmy Johns eateries.

The delivered fuels segment operates out of the company's bulk plant located near the port of Wilmington and distributes diesel, gasoline and kerosene to a variety of commercial and marine customers. Springer Eubank's fuel transport division supports both the TC&G and delivered fuels divisions, and consists of a fleet of nine transports.

"I have known the Matrix team for many years and was aware of the outstanding reputation that they have in the industry. Their knowledge of the market and skill in executing a highly effective M&A process made them the clear choice when deciding who to hire as an advisor. Matrix was instrumental in achieving my goals for the sale of Springer Eubank," Worsley said.

Matrix provided merger and acquisition advisory services to Springer Eubank, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by David Corbett, director; Spencer Cavalier, cohead of Matrix's Downstream Energy & Convenience Retail Investment Banking Group; John Mickelinc, senior associate; and Alexander Rakos, senior analyst.

"Cecil and the Worsley family have been well respected in the industry for many years. Cecil has built Springer Eubank into one of the leading petroleum marketers in Wilmington and the surrounding areas. We were honored to represent him in the sale of the company as he transitions his focus to his other entrepreneurial ventures," Corbett added.

Stephen Diab, Berry Trice and Lauren Williams of Murchison, Taylor & Gibson PLLC served as legal counsel for Springer Eubank.

PMG has been busy on the M&A front this year. In August, the company entered into an agreement to purchase Mystic Oil Co. Inc. and its affiliates. The deal was its the third major acquisition in less than12 months. In April, it purchased 43 petroleum marketing and convenience retail stores from Li'l Thrift Food Marts Inc., and in November 2022, it took over the convenience store business of Holt Oil Co., precipitating Holt's exit from the channel.

View original article here.

by Kelly Simons

Convenience Store News - Mystic Oil Sells to Petroleum Marketing Group

The transaction expands the company's consignment and wholesale fuels business in New England and New York.

MYSTIC, Conn. — Petroleum Marketing Group Inc. (PMG) entered into an agreement to purchase Mystic Oil Co. Inc. and its affiliates.

This is the third major acquisition by PMG over the last year. In April, it purchased 43 petroleum marketing and convenience retail stores from Li'l Thrift Food Marts Inc., and in November 2022, it took over the convenience store business of Holt Oil Co., precipitating Holt's exit from the channel.

Mystic Oil sells fuels on a consignment and wholesale basis to approximately 150 Gulf, CITGO, ExxonMobil, Shell and unbranded customers in Connecticut, Massachusetts, Rhode Island, New York and Vermont.

The company was founded in 1956 by Aaron Agrin and is a fourth-generation, family-owned and operated business with deep roots in the Mystic area. During its first few decades, Mystic Oil expanded its fuels offerings by becoming a distributor of fuels brands such as ExxonMobil and Gulf while also developing a chain of company operated convenience stores.

In 2008, Mystic Oil divested its company operated c-store business and transitioned its focus to the wholesale fuels business. Peter Zelken became president of Mystic Oil in 2017 and acquired the company from his father, Scott Zelken, that same year. Since that time, Mystic has grown to become one of the leading fuels distributors in New England, according to the company.

As part of the sale, Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Mystic Oil, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Cedric Fortemps, co-head of Matrix's downstream energy and convenience retail investment banking group, and Michael Tucker, associate.

"Matrix demonstrated an extraordinary understanding of the downstream petroleum business. They were patient, diplomatic, intelligent and trustworthy," said Peter Zelken. "It's not easy handing the keys to a multigenerational family business to just anyone. My sincere thanks to Cedric Fortemps and Mike Tucker on a job well executed from start to finish."

Otto Konrad and Kaitlin Cottle of Williams Mullen provided legal counsel to Mystic Oil on the transaction.

View original article here.

by Kelly Simons