Convenience Store News - Redwood Oil Sells C-store Assets to Jacksons Food Stores
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By: Angela Hanson, 8/21/2025
The transaction includes 24 northern California stores and the proprietary Aztec Grill program.
ROHNERT PARK, Calif. — Redwood Oil Co. Inc. and its affiliates exited the convenience channel upon the sale of its c-store retail assets to Jacksons Food Stores Inc.
The deal includes 24 high-performing c-stores in northern California, most of which offer the Aztec Grill proprietary food offering, according to the company.
Peter Van Alyea founded Redwood in the early 1970s with the opening of his first gas station in Marin County, Calif., after starting his career at Standard Oil. The store's immediate success paved the way for two more locations later that year. In 1979, Val Alyea partnered with wholesale distributor Barbieri & Son to acquire HR Gantner's Beacon-branded stores and two Chevron jobberships, beginning the company's long-lasting relationship with Chevron.
In 1997, Redwood launched Aztec Grill, an in-house, authentic Mexican food offering providing fresh made-to-order options. The program now operates within 17 stores.
After Van Alyea's partner retired in the early 2000s and the wholesale business was divested, leaving Redwood as a retail-focused chain, Peter's daughter and current CEO Julie Van Alyea joined the company and spearheaded efforts to modernize the Redwood and Aztec brands, embrace new technology and expand Redwood's retail offerings to make the company one of the West Coast's most successful convenience retailers, according to Matrix Capital Markets Group Inc.
Matrix Capital Markets Group provided merger and acquisition advisory services to Redwood.
"For 53 years, the dedication of our people has been the foundation of our success," said Julie Van Alyea. "As a family business, finding the right steward for the company we built was our top priority, and we are confident that Jacksons Food Stores will carry that legacy forward."
Headquartered in Meridian, Idaho, Jacksons Food Stores has grown from a single service station to include multiple businesses, including including Jackson Energy, Capitol Distributing, Jackson Jet Center, Jackson BevCo and ExtraMile.
Convenience Store News - Pri Mar Petroleum Completes Sale to Two Buyers
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Blarney Castle Oil acquires its convenience store and gas station business.
By: Melissa Kress, 7/29/2025
ST. JOSEPH, Mich. — Pri Mar Petroleum closed on its sale to two buyers: Blarney Castle Oil Co. and Merle Boes Inc.
Blarney Castle Oil acquired Pri Mar's petroleum marketing and convenience retail business, while Merle Boes took its delivered fuels and lubricants business, according to Matrix Capital Markets Group Inc., which advised Pri Mar.
Blarney Castle Oil Co., headquartered in Bear Lake, operates 176 c-stores under the EZ Mart banner. It is ranked No. 41 on the 2025 Convenience Store News Top 100 report.
Merle Boes began in Holland, Mich., in 1929. The company focuses on the fuel and lubricant segment, and operates a chain of c-stores under the MB Markets banner.
Headquartered in St. Joseph, Pri Mar operated 13 Pri Mart branded convenience stores and supplied 12 wholesale dealers throughout southwestern Michigan, selling fuels under the bp, Amoco and CITGO brands. The company also delivered commercial fuels, heating oil and lubricants to more than 2,000 customers from its three bulk plant facilities.
A third-generation, family-owned and operated business, Pri Mar was founded by Harry Priebe and his brother in 1928 as a distributor of petroleum products to farm, industrial and home heating customers. In 1972, Harry Priebe's son-in-law, L. Richard Marzke, took over the company and merged the two surnames together to create Pri Mar Petroleum.
Pri Mar opened its first c-store in 1976 in Stevensville, Mich. It was one of the first convenience stores in the area, and the success of this store led to the conversion of other gasoline service stations into c-stores.
L. Richard Marzke's son, Kurt Marzke, joined Pri Mar as the general manager in 1984 and was soon followed by his brother Craig Marzke in 1989, his brother Chris Marzke in 1997 and his brother Kevin Marzke in 2006. Pri Mar grew to service all of southwestern Michigan through its retail stores and fuels distribution network, and employ approximately 120 team members. The company remained family-owned under the leadership of Kurt Marzke, CEO; Craig Marzke, executive vice president and chief operating officer; and Kevin Marzke, vice president and chief technology officer.
Matrix provided merger and acquisition advisory services to the company, which included valuation advisory, marketing the businesses through confidential, structured sale processes, and negotiation of the transactions. The transactions were managed by Vance Saunders, managing director, and Kyle Tipping, vice president.
"We're honored to have advised the Marzkes on these transactions, culminating three generations of their family's hard work building a truly outstanding company. We really enjoyed working with the Marzke brothers and wish them well in their next chapter," Saunders said.
Otto Konrad and Kaitlin Cottle of Williams Mullen served as legal counsel for Pri Mar on both transactions.
CSP - Giant Eagle sells wholesale motor fuels distribution business
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Cary Oil picks up 80 dealer supply accounts in Indiana
By Greg Lindenberg, Jul. 08, 2025
Giant Eagle has sold its wholesale motor fuels distribution business to Cary Oil.
Supermarket company Giant Eagle Inc. has sold its wholesale motor fuels distribution business to Cary Oil Co. Inc. in a transaction separate from the $1.57 billion sale of its Get Go Café + Markets convenience stores to Alimentation Couche-Tard Inc., a deal that closed on June 29.
The wholesale motor fuels business distributes bp, Amoco, Phillips 66, Conoco and Marathon motor fuels to more than 80 contract dealer supply accounts in Indiana, Illinois and Kentucky. Pittsburgh-based Giant Eagle began distributing branded wholesale motor fuels in December 2018 when it acquired Anderson, Indiana-based Ricker Oil Co. Inc., and most of dealer supply accounts are concentrated in and around the greater Indianapolis metropolitan area.
Cary Oil’s current wholesale fuels distribution business supplies approximately 1,000 dealers across more than 20 states and delivers almost 1 billion gallons of fuel annually.
In June, Cary, North Carolina-based Cary Oil sold 15 Breeze Thru Markets to Clinton, North Carolina-based Sampson-Bladen Oil Co. Inc., which operates the Han-Dee Hugo’s c-stores.
Cary Oil was founded in 1959 by Harry Stephenson, operating a single tank wagon delivering home heating oil. Over the next several decades, it began offering branded motor fuels and further expanded its geographic reach across the southeastern United States. As its wholesale distribution network continued to extend into the Southwest and parts of the Midwest, Cary Oil also began operating c-stores in North Carolina, branding these locations with its proprietary Breeze Thru Markets brand. The Breeze Thru network consisted of 15 stores selling bp, 76 and Amoco fuels.
The Cary Oil deal comes as Giant Eagle has sold its portfolio of approximately 270 GetGo locations and WetGo car washes in Pennsylvania, Maryland, Ohio, West Virginia and Indiana to Laval, Quebec-based Couche-Tard, the parent company of the Circle K c-store chain.
- GetGo is No. 31 on CSP’s 2025 Top 202 ranking of U.S. c-store chains by store count.
Matrix Capital Markets Group Inc., Richmond, Virginia, advised Giant Eagle on the sale of the GetGo convenience retail and WetGo Car Wash businesses, and on its wholesale motor fuels distribution businesses, to two separate buyers. Together, these two transactions represent a complete exit for the company from these operations, allowing Giant Eagle to focus on its core supermarket and pharmacy businesses.
“Over the years, it has been exciting to not only watch Giant Eagle grow its GetGo, WetGo and wholesale motor fuels distribution businesses but to also be part of the story by advising Giant Eagle on multiple occasions,” said Matrix Managing Director Stephen Lynch. “We have always admired Giant Eagle’s incredible operating prowess across all of its business lines.”
Matrix’s merger and acquisition advisory services for Giant Eagle included valuation advisory, conducting a confidential, structured sale process and negotiation of the transactions.
Matrix also provided merger and acquisition advisory services to Giant Eagle for the Ricker Oil deal and Cary Oil in the transaction with Sampson-Bladen Oil.
Weil, Gotshal & Manges and Winthrop & Weinstine served as legal counsel for Giant Eagle with respect to the transactions with Couche-Tard and Cary Oil, respectively.
ABF Journal - Matrix Advises on the Sale of Pope Transport to Petroleum Transport Company
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By Brianna Wilson, July 2, 2025
Matrix Capital Markets Group advised E.J. Pope & Son, dba Pope Transport, on the sale of its fuels transportation business to Petroleum Transport Company. Matrix provided merger and acquisition advisory services to Pope.
Matrix Capital Markets Group advised E.J. Pope & Son, dba Pope Transport, on the sale of its fuels transportation business to Petroleum Transport Company. Matrix provided merger and acquisition advisory services to Pope, which included valuation advisory, marketing the businesses through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail investment banking group, and Michael Tucker, senior associate.
“It is a truly bittersweet day for me after a lifetime in our family’s petroleum business. We started the common carrier business in the early 80s with three trucks and three drivers and ended our run with over 50 trucks and 90 drivers. Over the years, our family has been fortunate to work with many wonderful long-term employees and business friends. It is their friendship and those relationships that I am going to miss the most,” Judson Pope, president of Pope Transport, said. “Spencer Cavalier, the Matrix team and Lee Hodge have been great advisors on both of our business transactions. They worked tirelessly representing our company. I think PTC will continue the family tradition established by the Pope team for many years to come.”
“It has been an honor to work with Judson and his talented management team over the years, with Pope Transport being the final exit for the family’s petroleum marketing, convenience retailing and fuels hauling enterprise,” Cavalier said. “It was a remarkable run by a very successful and well-respected family business in this industry, and we wish Judson continued success with his future entrepreneurial endeavors.”
Lee Hodge and Olivia Lewis of Ward and Smith, P.A. served as legal counsel for E.J. Pope & Son.
CSP - Sampson-Bladen Oil Acquires 15 Convenience Stores from Cary Oil
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Breeze Thru Markets are located in North Carolina, bring chain’s store count to 125
By Rachel Gignac on Jun. 23, 2025
Clinton, North Carolina-based Sampson-Bladen Oil Co. Inc., which operates Han-Dee Hugo's stores, has acquired 15 Breeze Thru Markets convenience stores from Cary, North Carolina-based Cary Oil Co.
With the purchase of the Breeze Thru stores, Sampson-Bladen Oil Co.’s store count has increased to 125 stores in North Carolina, Matrix Capital Markets Group announced Monday.
Sampson-Bladen Oil Co. Inc., which operates Han-Dee Hugo's, is No. 63 on CSP’s 2025 Top 202 ranking of U.S. convenience-store chains by store count.
Cary will continue to operate its extensive wholesale fuels distribution business that supplies approximately 1,000 dealers across more than 20 states and delivers almost 1 billion gallons of fuel annually.
“The Stephenson family has built a very well-known and successful family business, and we are honored that they now trust our family to carry on this one small part of their legacy,” said John Litton Clark, Sampson-Bladen Oil Co. president.
- Sampson-Bladen Oil Co. was founded in 1936 and now, as a fourth-generation, family-owned enterprise, has expanded into convenience-store operations, quick-service restaurants, car washes, a wholesale fuel division and a lubricants division.
Matrix Capital Markets Group provided merger and acquisition advisory services to Cary. The price of the deal was not disclosed.
Cary Oil Co. was founded in 1959 by Harry Stephenson, operating a single tank wagon delivering home heating oil throughout the town of Cary, North Carolina. Over the next several decades, Cary began offering branded motor fuels and further expanded its geographic reach across the southeastern United States. As its wholesale distribution network continued to extend into the southwest and parts of the midwestern U.S., Cary also began operating convenience stores in its home state of North Carolina, branding these locations with its proprietary Breeze Thru Markets imaging. The Breeze Thru network consisted of 15 stores, selling bp-, 76- and Amoco-branded fuels.
ABF Journal - Matrix Advises TBC on the Sale of Midas International to Mavis Tire
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Matrix Capital Markets Group has advised TBC on the sale of Midas International, a franchisor of automotive repair and maintenance services, to Mavis Tire Express Services, a provider of automotive repair and maintenance services.
by Brianna Wilson June 17, 2025
The transaction marks a milestone for TBC, a joint venture between Sumitomo Corporation of Americas and Michelin North America, as it continues to focus on innovation and growth in its core wholesale and distribution business and expand its Big O Tires franchise operations.
Midas will continue to operate as a standalone brand under the Mavis platform and maintain its headquarters in Palm Beach Gardens, Florida.
Matrix provided merger and acquisition advisory services to TBC, which included valuation advisory, conducting a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Stephen Lynch, managing director; Kyle Tipping, vice president; James Mickelinc, senior associate; and Ethan Sannes, analyst.
“We greatly appreciate the professionalism, responsiveness and attention to detail that the Matrix team demonstrated throughout every phase of the transaction,” Don Byrd, CEO of TBC, said. “Their team played a critical role in not only expertly executing the sale process but also in providing thoughtful guidance that helped us navigate the transaction with clarity and confidence.”
“We are honored to have advised TBC on this transformative transaction,” Lynch said. “Midas has a storied legacy and continues to be a trusted brand within the automotive services industry. We are grateful to have been a part of this story, and we believe Mavis is well-positioned to support the continued success of the Midas franchise network.”
Bradley Edmister of Venable served as legal counsel for TBC.
CSP - Poppy Market Is Growing With Its Acquisition of National Petroleum
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Poppy Markets to rebrand National Petroleum stores following acquisition.
Vintners Distributors CEO Varish Goyal shares growth strategy.
By Hannah Hammond on Jun. 04, 2025
Poppy Markets LLC has acquired 11 convenience stores from Engineer’s Associates Inc. and its affiliates, doing business as National Petroleum, and will be rebranding them all to Poppy Market, Varish Goyal told CSP Daily News.
Goyal is CEO of Union City, California-based Vintners Distributors Inc., which runs the Loop Neighborhood Market and Poppy Market convenience stores. The National Petroleum acquisition, which also includes its wholesale fuels distribution business that supplies more than 100 dealers, will bring Poppy’s store count to 15 locations once the rebrands are complete. Goyal said he was approached by Matrix Capital Markets Group Inc., which provided merger and acquisition advisory services to National, about the deal.
“We've always known they ran a great organization,” Goyal said of National Petroleum founders and business partners Sanjiv and Nick Patel. “And they're very entrepreneurial, and they've built a really good business. And so, when we had the opportunity to look at it, we're like, ‘Let's go for it.’”
Vintners’ growth strategy is usually through new-to-industry (NTI) stores—it hasn’t made an acquisition since 2010, Goyal said, when it acquired some stores from Shell Oil Co., which was selling off its retail assets at the time. It was at that time that Vintners formed a joint venture with Shell, he said. Vintners’ Loop Neighborhood c-store brand, which has about 140 stores, is primarily used with Shell-branded fuel, he said. The Poppy Market brand will be used for everything else, and it could have Chevron or private-label forecourts.
NTIs will still be its focus moving forward, Goyal said, but if there is an opportunity like with National Petroleum that is right for the business and the geographies they operate in, they will look at that. They’re slated to open six or seven new-builds this year, he said.
Vintners Distributors, which owns Loop Neighborhood Market, is No. 54 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by store count.
The stores Poppy acquired from National Petroleum varied a lot in size—some are about 2,000 square feet and fairly new locations, and some have three fuel bays with a small snack shop next door, Goyal said. Over the next year or so, Poppy will rebrand the stores.
“We’re going to start off with a soft branding, put up the signs, put the loyalty program in, those kinds of things, and then we’re going to start to work on more significant upgrades and branding to them," he said.
The upgrades will be site specific, as some will require more work than others, Goyal said. But evaluating how to best use each property is Poppy’s specialty.
“We really like to take sites and then look at how to remodel them or reconfigure them to optimize,” Goyal said.
Goyal said he hopes to learn from National Petroleum more about the unbranded fuel business. Vintners uses the Shell and Chevron fuel brands, and started to build out its Poppy brand about a year and a half ago, he said.
“How do we learn more about unbranded? How do we become a better unbranded retailer? How do we become a better unbranded wholesaler?” he said. “That’s what we’re really hoping to learn and get better at through this acquisition is to become the supplier of choice for unbranded operators and also to be able to make our Poppy stores, operate them more efficiently.”
Vintners operates Loop Neighborhood Market and Poppy Market c-stores, and the rest of its stores are Shell- or Chevron-branded gas stations. The brand is supported by more than 20 fuel tankers that are visible on the highways throughout the Bay Area, where more than 140 company-operated stores are located. The company also operates gas stations and car washes and develops real estate. Vintners has a wholesale division that delivers fuel to about 60 dealer locations in the market. In 2023, Vintners opened its first Poppy Market.
CSP - Good Oil Co. Buys Big Mike’s Gas N Go
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With 5-location acquisition, chain now operates 22 convenience stores
By Chuck Ulie, May 12, 2025
Good Oil Co., Winamac, Indiana, which operates Good To Go convenience stores, has acquired Lebanon, Ohio-based Big Mike’s Gas N Go, a niche convenience retailer in and around Dayton and Cincinnati, the company announced last week.
Big Mike’s was founded in 2008 when Mike Schueler, president and CEO of the Schueler Group, a real estate development and construction firm, bought his first two convenience stores in Troy and Tipp City, Ohio.
Good to Go owns or operates 17 retail locations and supplies more than 100 dealer locations, according to its website. These sites are under the bp, Citgo, Marathon and Phillips 66 brands.
Big Mike’s has five locations, according to its website.
With a background in commercial development, Schueler leveraged his development experience to build a chain of stores that focused on customer service, according to Richmond, Virginia-based Matrix Capital Markets Group, which provided merger and acquisition services to Big Mike’s.
“Matrix was an invaluable resource in identifying potential buyers of Big Mike’s and an attentive and effective partner in finalizing the sale to Good Oil Company,” Schueler said. “We welcome Good Oil to southwest Ohio”
“Over time, Mike Schueler built one of the more successful niche convenience retail companies in southwest Ohio through a strong commitment to friendly staff, expansive retail offerings, and clean, modern stores,” Matrix said.
Andrew LoPresti, director at Matrix, who helped manage the transaction said, “Mike’s dedication to his company and care for his employees were inspiring. It was a privilege to be selected to advise Big Mike’s on this transaction. We wish them the best of luck in their future endeavors.”
Good Oil Company was founded by Don O. Good Sr. in 1941, according to the company’s website. The company was involved mainly in the sale and delivery of petroleum products to farm and home heat customers. Good Sr. became a Standard Oil/Amoco jobber and continued to grow the business until retiring in 1978. When he retired, his two sons, Don and Dean, took over operation of the company. They relocated the business from Monterey, Indiana, to its current offices in Winamac in 1980.
Convenience Store News - Cato Inc. Sells Home Heat & Commercial Fuels Division
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The company will concentrate on its retail and wholesale business after the divestiture.
By: Danielle Romano, 3/24/25
SALISBURY, Md. — Cato Inc. closed on the sale of its home heat and commercial fuels division to concentrate on its retail and wholesale business to an affiliate of Star Group LP
Cato is a supplier of retail propane, heating oil and commercial refined fuels to a customer base of more than 5,000 residential and commercial accounts throughout Maryland, Delaware and Virginia.
"We are thrilled to welcome Cato's home heat and commercial fuels' customers and employees to the Star Group family," said Anthony Silecchia, Jr., vice president of Star Group. "This addition presents an excellent opportunity for us to increase our presence and strengthen our position as a leader in providing the best energy, heating and home services to residential and commercial customers throughout Delaware, Maryland and Virginia.
"The Cato division will continue to operate from its facilities in Salisbury, ensuring a smooth transition and ongoing commitment to excellence," he added.
Cato was founded in 1960 by Elliot "Buck" Cato and provided refined fuels distribution service to local families, businesses and farms. Throughout several decades of growth led by Cato's son-in-law, Michael Abercrombie, and subsequently Michael (Mike) Abercrombie, Jr., the company has grown to become one of the Delmarva Peninsula's largest petroleum marketers, operating 19 convenience stores and 26 Arby's, Popeye's and Subway quick-service restaurants while supplying motor fuels to wholesale accounts in Maryland, Delaware, Pennsylvania and Virginia.
The company's home heat division experienced significant growth in recent years, expanding to a customer base of more than 5,000 residential and commercial accounts, the company stated.
Matrix Capital Markets Group provided merger-and-acquisition advisory services to Cato, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction.
"While divesting of the home heat side of our business was a difficult decision, the change will allow Cato to concentrate and continue to grow our retail and wholesale company. The Matrix team was fantastic to work with from the beginning to the end of the transaction," said Mike Abercrombie, Jr., the company's president and CEO.
The transaction was managed by Sean Dooley, managing director; Spencer Cavalier, co-head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group; Nate Wah, senior associate; and Reilly Erhardt, CPA, senior analyst.
"Matrix is honored to have had the opportunity to advise Mike and the Cato enterprise on the successful divestment of its home heat and commercial fuels division to SGU. We wish Mike and Cato all the best with their future plans, including the continued growth of their very successful convenience retailing and restaurant business units," the Matrix team said.
J. Garrett Sheller LLC served as legal counsel to Cato Inc.
Star Group LP is a full-service provider specializing in the sale of home heating products and services to residential and commercial customers.
Convenience Store News - Circle K Picks Up Hutch's C-store Chain
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Pump N' Pantry Sells to United Refining Co.
Fourteen stores will be rebranded and integrated into the Kwik Fill/Red Apple chain.
By: Angela Hanson, 2/12/2025
ELK CITY, Okla. — Circle K Stores Inc. acquired the convenience and retail gas assets of Hutchinson Oil Co. Inc. In all, the transaction added 20 Hutch's convenience stores and travel centers in western Oklahoma and southern Kansas to Circle K's network.
Hutchinson is a third-generation, family-owned and operated business that was founded by Ross Hutchinson in 1969. His son, David Hutchinson, assumed the role of president in the 1990s and focused the company's efforts on expanding the Hutch's brand by building large c-stores and travel centers with amenities that catered to both the passenger vehicle and professional driver customers, according to Matrix Capital Markets Group Inc.
The stores feature the Hutch's Deli proprietary food and beverage program with made-to-order foodservice and a selection of traditional convenience merchandise.
Circle K is a global banner of Laval, Quebec-based Alimentation Couche-Tard Inc.
The deal only includes Hutchinson Oil's petroleum marketing and convenience retail network. The Elk City-based company sold its delivered fuels business to Hampel Oil Distributors Inc. in the fourth quarter of 2024. The delivered fuels business sold commercial refined fuels products to a diverse commercial and industrial customer base throughout western Oklahoma.
With the closing of the convenience retail and travel centers transaction in January 2025, the Hutchinson family exited the fuels industry.
Matrix provided merger and acquisition advisory services to Hutchinson Oil, which included valuation advisory; marketing the businesses through confidential, structured sale processes; and negotiation of the transactions.
"We have known the Matrix team for years through our involvement in SIGMA. They managed our transactions with the same knowledge and professionalism that we have come to know them for," said David Hutchinson, president of Hutchinson Oil. "From start to finish, they managed many of the details that helped us maximize the value of our company. As the Hutchinson family determines our next chapter, we cannot thank the Matrix team enough for their help to complete these transactions. We could not have done this without them."
The transactions were managed by Cedric Fortemps, co-head of Matrix's Downstream Energy and Convenience Retail Investment Banking Group; John Duni, vice president; Mike Tucker, senior associate; and Matthew Paniccia, associate.
"The Hutchinson family should be extremely proud of the best-in-class network of convenience stores and travel centers that they developed and operated with an incredible and successful focus on customer satisfaction" Fortemps said. "We are honored to have had the opportunity to advise them on the sales of their fuels, convenience retail and travel center businesses."
Jordan Field of Crowe & Dunlevy served as legal counsel for Hutchinson on both transactions.
JobbersWorld - Matrix Advises on the Sale of PMI Lubricants to Wallis Lubricants, LLC
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Matrix Capital Markets Group, Inc. announces the successful sale of PMI Lubricants, a portfolio company of Dunne Manning, to Wallis Lubricants, LLC. PMI is a leading Mid-Atlantic provider of lubricants, diesel exhaust fluid, and ancillary products to retail, commercial, and industrial customers throughout Virginia and parts of Tennessee, West Virginia, and North Carolina. The Company operates five facilities throughout Virginia and is the exclusive Mobil-branded lubricants distributor throughout most of Virginia and northeastern Tennessee.
PMI Lubricants has been operating since the mid-90s and was originally a division of Petroleum Marketers, Inc., which was a well-established Virginia-based company with diverse operations including retail, wholesale, quick service restaurants, lubricants, etc. In 2014, as part of the larger sale of Petroleum Marketers, Inc., Dunne Manning acquired PMI. In 2016, the Company divested its other major brands to build an exclusive partnership with ExxonMobil and refocused on growing Mobil and its private label volume. In 2020, PMI acquired Mobil Auto Parts Company of Winchester and then grew further when it assumed Carter Machinery’s industrial, Mobil-branded business in August of 2023. The acquisition of Carter’s industrial accounts paved the way for the Company to become a delivery agent for Carter’s Caterpillar-branded business, which PMI began servicing in June.
Matrix provided merger and acquisition advisory services to PMI Lubricants, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Andrew LoPresti, CFA, CPA, Director; Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; and Matthew Paniccia, Associate.
The Dunne Manning leadership team commented, “We greatly appreciated the guidance and expertise we experienced working alongside Spencer, Andrew and the entire team at Matrix throughout this process. They were excellent partners. We are greatly appreciative of Kathy Draper and her leadership team at PMI Lubricants for their efforts in building a best-in-class lubricants business across the Commonwealth of Virginia. The Wallis team shares many of the same values and goals we have focused on in building PMI Lubricants and know they will be focused on continuing that legacy.”
Mr. Cavalier of Matrix added, “We are honored to have advised Dunne Manning on the divestment of PMI Lubricants. PMI is a very well-managed lubricants distributor, led by the talented Kathy Draper. Lastly, we would like to thank the Dunne Manning leadership team, who are exceptional, long-term investors.”
ABF Journal - Matrix Advises on the Sale of Clearfield MMG to VLS Environmental Solutions
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By Brianna Wilson, December 31, 2024
“The acquisition of Clearfield MMG aligns perfectly with our mission to expand VLS’ innovative and sustainable solutions,” John Magee, CEO of VLS Environmental Solutions, said. “By adding their expertise and facilities to our operations, we enhance our ability to provide comprehensive environmental solutions to a broader client base.”
“We were grateful for the opportunity to represent Clearfield in this transaction and were thrilled to have achieved an outstanding result for such a wonderful southeastern Virginia business,” O’Flaherty said. “We look forward to following the future success of the combined organizations.”
John Paris, Pat Tomlinson and Nick Vretakis of Williams Mullen served as legal counsel for Clearfield.
JobbersWorld - Matrix Advises on the Sale of Atlantic States Lubricants Corp. to Moove
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Matrix Capital Markets Group, Inc. announces the successful sale of certain assets of Atlantic States Lubricants Corp. (“ASL”) to Moove, formerly known as PetroChoice.
Atlantic States Lubricants, based in Farmingdale, New York, is an authorized distributor of Mobil-branded lubricants and related products and also offers customers its proprietary SYSTM7 and Centurian-branded lubricants products. The Company distributes lubricants, diesel exhaust fluid, and ancillary products to a broad range of commercial, industrial, and municipal customers throughout the New York City metropolitan area, as well as parts of New Jersey and Connecticut. ASL was founded in 1992 and over the years under the leadership of co-owners Frank Rooney (President) and Cindy Tadler (COO), has grown both organically and through multiple acquisitions.
Matrix provided merger and acquisition advisory services to Atlantic States Lubricants, 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, CFA, Director; Matthew Paniccia, Associate; and Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group.
Frank Rooney, President of Atlantic States Lubricants, commented, “We want to thank the team at Matrix for simplifying what was otherwise an elaborate undertaking. Their team functioned with both efficiency and professionalism and managed the process from start to finish with an exceptional level of detail.”
Mr. Corbett of Matrix added, “Frank and Cindy have led Atlantic States Lubricants for more than 30 years and developed it into one of the leading Mobil lubricants distributors in the Northeast by providing industry-leading customer service and developing long-term relationships with their customer base. We appreciate the trust that they have placed in Matrix to serve as their advisor in the sale of ASL and wish them all the best in their future endeavors.”
CSP - Stewart’s Shops Completes Acquisition of Jolley Stores
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Transaction includes S.B. Collins wholesale and Clarence Brown fuel oil businesses
By Greg Lindenberg on Dec. 16, 2024
Stewart’s Shops Corp. has acquired the retail convenience store, wholesale dealer and residential heating oil businesses of Jolley Associates LLC and S.B. Collins Inc. Jolly Associates operates 45 convenience stores in Vermont, New Hampshire and New York. S.B. Collins delivers gasoline and diesel to dealers in those three states.
Stewart’s Shops first announced the deal in late September.
Founded in the early 1920s by St. Albans, Vermont, businessman Stephen Brooks Collins, S.B. Collins is a family-owned petroleum distributor that has been serving its community and surrounding area in Vermont for more than 100 years.
In 1963, Emanuel (Pete) Jolley purchased SBC from Stephen Collins and continued to grow its operations. In 1976, Pete Jolley’s sons, Bob and Bruce, expanded the family business by converting company-owned, full-service locations into convenience stores. They established a new partnership, Jolley Associates, to operate the stores under the c-store brand name, Short Stop, and in 2001, the company underwent a storewide branding initiative that incorporated the Jolley logo. In 2011, SBC diversified its portfolio further and purchased Clarence Brown Inc., a family-owned heating oil delivery business in the region based in St. Albans, Vermont.
The late Robert (Bob) Jolley and his wife Mary Ellen were instrumental in growing the retail side of the business, and over the last decade-plus, has operated under the leadership of Bruce Jolley as president, Samantha Peake as CFO, Shawn Bartlett as general manager of Jolley Associates, and Steve Smith as general manager of S.B. Collins Inc.
Matrix Capital Markets Group Inc., Richmond, Virginia, advised Jolley Associates and S.B. Collins on the sale. Matrix provided merger-and-acquisition (M&A) advisory services to SBC, which included valuation advisory, marketing the enterprise through a confidential, structured sale process and negotiation of the transaction. Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, managing director; and John Mickelinc, senior associate, managed the transaction.
Stewart's Shops is No. 23 on CSP’s 2024 Top 202 ranking of U.S. c-store chains by number of company-owned retail outlets. Jolley Stores is No. 148.
Founded in 1945, Ballston Spa, New York-based Stewart’s Shops is an employee- and family-owned convenience-store chain known for its milk, ice cream, coffee, Easy Food meals and other convenience items. There are 357 Stewart’s Shops in upstate New York and southern Vermont.
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
Fuels Market News - WTG Fuels Sells its Fuels and Lubricants Business to ThompsonGas
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Posted by Keith Reid | September 19, 2024
WTG Fuels sells its propane, commercial motor fuels, and lubricants business to ThompsonGas. WTG Fuels is a subsidiary of West Texas Gas, a leading provider of natural gas distribution services throughout Texas and Oklahoma.
WTG Fuels, based in Midland, Texas, distributes propane, refined products, and lubricants to residential, commercial, and oilfield customers throughout West Texas and extending into the Texas panhandle, central, and south Texas.
Erik Peterson, CEO of ThompsonGas, said “We are thrilled to welcome the more than 200 employees of WTG Fuels and look forward to making them feel right at home as they join the ThompsonGas family. This new area will operate as TG Fuels, based in Midland, Texas, under the continued local leadership of Casey King and Lane Worthington.” Peterson continued, “With the addition of this business in Texas and New Mexico, ThompsonGas now provides peace of mind for customers in 25 states.”
Matrix Capital Markets Group provided merger and acquisition advisory services to WTG Fuels, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, CPA, Managing Director; Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, CFA, CPA, Vice President; and Michael Tucker, CFA, Senior Associate.
John Steen, CEO of West Texas Gas, commented “Matrix has been a true partner to WTG over the last several years through the sale of multiple business lines in the WTG Fuels division. We are grateful for their sound advice and execution.” WTG Fuels formerly owned and operated the Uncle’s branded convenience store chain and the Gascard fleet fueling network which were divested in a separate transaction managed by Matrix.
Saunders of Matrix commented “We’ve had the pleasure of working with the WTG Fuels team since late 2021 when we began reviewing strategic alternatives for each of their businesses. We’ve really enjoyed working with them these last three years and wish them all the best in their future endeavors.”
Larry Parker of Williams Mullen served as lead legal counsel for WTG Fuels.
Carwash.com - Matrix Advises Watershed Carwash on Company Recapitalization
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Matrix served as the lead advisor on the recapitalization of Watershed's 30 express tunnel sites.
By Kyle Alexander
Kyle Alexander is the Multimedia Journalist of Professional Carwashing & Detailing magazine.
Published: August 12, 2024
RICHMOND, Va./BALTIMORE — Matrix Capital Markets Group Inc., an independent investment bank, announced in a press release it served as lead advisor on the recapitalization of Watershed Carwash’s portfolio comprised of 30 express tunnel carwash sites.
The McDowell family built its first express tunnel wash in 2009 under the Clean Freak brand.
The management team continued to scale the platform in the Arizona market, which was ultimately sold to True Blue Car Wash.
After selling the portfolio in 2020, the McDowells embarked on building the Watershed platform in both Texas and Oklahoma, where the Watershed portfolio has a significant presence.
Trevor McDowell, president and CEO, commented, “The Matrix team offered unparalleled support and deep insights during the entire process, from the initial valuation project to the execution of the recapitalization mandate. Their unwavering dedication and adaptability, along with their efficient execution, resulted in a positive outcome for all stakeholders. Their comprehensive expertise and experience in both valuation assignments and capital advisory mandates played a crucial role in us selecting Matrix and ensuring success in a complex recapitalization.”
In its role as sole intermediary, Matrix provided valuation and capital advisory services to Watershed including ASA valuations, financial modeling and sensitivity analysis, capital structure assessment, negotiation with counterparties and placement of debt capital.
The capital advisory assignment was managed by John Whalen, head of Matrix’s capital advisory investment banking group, Ryan Weir, director, and Garrett Novotny, CFA, CPA, senior analyst.
The valuation assignment was managed by Sean Dooley, CFA, ASA, managing director, Matrix’s downstream energy and convenience retail investment banking group, Stephen Lynch, CFA, CPA, managing director, and Nate Wah, CPA, senior associate.
Weir and Dooley added, “We very much appreciate the trust that Watershed placed in us to advise them on the valuation process and recapitalization. Watershed is a great operator, and the recapitalization represents a transformational moment for the company as it further scales its platform. Matrix was privileged to work with the Watershed Team.”
ABF Journal - Matrix Advises Robison on its Sale to an Affiliate of Star Group
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Matrix Capital Markets Group, an independent investment bank, advised Singer Energy Group and its affiliates, d/b/a Robison, on the sale of its integrated heating oil distribution and HVAC services business to an affiliate of Star Group.
Matrix provided merger and acquisition advisory services to Robison, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale. The transaction was managed by Stephen Lynch, managing director; Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail investment banking group; James Mickelinc, associate; and Reilly Erhardt, senior analyst.
“The anticipated anxiety of selecting the right stewards to help guide us through this turning point in our family and company’s history was immediately relieved once I met Spencer, Stephen and the rest of Matrix team,” Daniel Singer, president and CEO of Robison, said. “Matrix brought precisely the right balance of a true investment bank with deep knowledge and contacts within the financial markets, along with unsurpassed industry insights and personal attention that allowed us to reach all of our desired transaction goals. As I and the rest of the Robison leadership team turn our collective attention to our next chapter, we could not be happier with the warm welcome and experienced leadership we have all encountered with Star Group’s team of professionals.”
“We are grateful to have worked with Robison to honor the rich legacy created by both the Robison and Singer families,” Lynch said. “The company’s commitment to its customers in Westchester and Putnam counties is unwavering, and we fully believe that Star Group will continue to build upon what the company has already accomplished. We are very thankful to have been given the opportunity to serve as the advisor to Robison on this transaction.”
Joel Lever, Joel Goldschmidt, Caroline Keegan and Jillian Anzalone of Kurzman, Eisenberg, Corbin, & Lever served as legal counsel for Robison. Star Group was represented by Karen Murphy and Harrison Kaufman of Bressler, Amery, & Ross.