Matrix Advises C&J Cox Corporation on the Sale of Convenience Retail Assets to Anabi Oil Corporation
December 4, 2025 – Matrix Capital Markets Group, Inc. has advised C&J Cox Corporation and its affiliates (“Cox”) on the sale of select convenience retail assets to Anabi Oil Corporation. Headquartered in Pleasanton, California, Cox is a leading convenience retailer that operates high-quality convenience stores that serve the Tri-Valley and Lake Tahoe communities. The transaction closed on November 12th.
Cox Family Stores first opened its doors in 1976 when Carl Cox acquired his first convenience store in Dublin, California. For almost 50 years, Cox has been committed to providing excellent customer service, high quality motor fuels, well-stocked convenience stores, and extremely clean and well-maintained facilities. The transaction with Anabi included nine stores in the Tri-Valley region and three stores in the Lake Tahoe area. The convenience stores operate under the Cox Family Stores brand and sell motor fuels under the Shell, Chevron, and Valero brands. Cox will continue to own and operate two locations in the Tri-Valley region, which were not part of the transaction.
Anabi Oil Corporation is a family-owned fuel distribution and convenience retail company headquartered in Upland, California. Founded in 1991, the company operates a dynamic portfolio of gasoline, convenience retail, foodservice, and car wash locations across the United States. Anabi supplies major fuel brands, including Shell, Exxon, 76, and Sinclair, and oversees a broad network of company-operated and dealer-operated retail locations.
Anabi also owns and operates the Rebel convenience store brand, recognized for its contemporary store design, strong merchandising standards, and commitment to delivering an elevated customer experience.
“The Cox family built one of the most admired convenience store networks in Northern California, and we consider it a privilege to continue that legacy,” Sam Anabi said. “Our focus is to preserve the level of quality their customers have trusted for decades. Because these sites were already operated with such discipline and pride, the transition has been exceptionally smooth: strong teams remain in place and service continues uninterrupted. We are proud to welcome these stores into our family.”
Matrix provided merger and acquisition advisory services to Cox, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Vance Saunders, CPA, Managing Director; Andrew LoPresti, CFA, CPA, Director; Michael Tucker, CFA, Vice President; and William Dickinson, Analyst.
Mr. Saunders commented, “Carl and his team built an exceptional business over the years. These stores are some of the highest quality assets in their markets due to Cox’s unwavering commitment to providing customers with the best experience possible. We’re honored to have had the opportunity to assist Carl and his family with this transaction. We’re also very grateful for the efforts of Don Maday of Maday Consulting in his role as project manager for Cox.”
Otto Konrad of Williams Mullen served as legal counsel for Cox. Fred Whitaker and Ashley Bolduc of Cummins & White, LLP served as legal counsel for Anabi.
Matrix Advises Downs Energy on its Sale to Pilot Company
October 20, 2025 – Matrix Capital Markets Group, Inc. has advised Downs Energy and its affiliates (“Company”) on the sale of its cardlock, fleet card, delivered fuels, and lubricants distribution businesses to SC Fuels, a subsidiary of Pilot Travel Centers, LLC (“Pilot Company”). Headquartered in Corona, California, Downs Energy is a leading petroleum marketer that operates six high-performing cardlocks with a large fleet card customer base and a delivered fuels and lubricants distribution segment servicing commercial and municipal customers throughout Southern California.
The Company was founded in 1940 when Elvin Downs became a wholesale distributor for Standard Oil Co. in Corona, California. In 1975, Elvin’s son, John, and his wife Catherine, assumed leadership of the Company and introduced a “key lock” system for around-the-clock fuel sales at unattended sites, a precursor to today’s cardlock facilities. During the 1980s, their children, Mike and Sherry, joined the company, helping to cement the family legacy. In 1989, Downs Energy became a member of the then newly established nationwide Commercial Fueling Network (CFN), beginning a long-standing partnership that continues to this day.
Mike Downs became President of the Company in 1992, and he and Sherry continued to expand the business by opening three additional cardlock sites in the 1990s and acquired and built two additional cardlocks over the last ten years. Under their leadership, the Company also focused on further developing its delivered fuels and lubricants distribution businesses, which deliver fuels along with Phillips 66 and Petro-Canada branded lubricants across Southern California.
Matrix provided merger and acquisition advisory services to Downs Energy, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale of the Company and lease of the facilities to Pilot Company. The transaction was managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; David Corbett, CFA, Director; and Michael Corliss, Analyst.
Mr. Fortemps commented, “Over three generations, the Downs family has built one of the leading cardlock, fleet card and fuels and lubricants distribution businesses in the industry by focusing on continuous investment in their state-of-the-art cardlock facilities and best-in-class customer service. We were honored to have advised them on the sale of the Company.”
Gary Fitzpatrick and Sam Reep of Brown & Streza, LLP served as legal counsel for the Company. Matthew Jann of Glaser Weil Fink Howard Jordan & Shapiro, LLP served as legal counsel for Pilot Company.
Matrix Advises Redwood Oil Company, Inc. on its Sale to Jacksons Food Stores, Inc.
August 20, 2025 – Matrix Capital Markets Group, Inc. has advised Redwood Oil Company, Inc. and its affiliates (the “Company”) on the sale of its convenience retail assets to Jacksons Food Stores, Inc. Headquartered in Rohnert Park, California, Redwood is a leading convenience retailer that operates 24 high-performing convenience stores throughout Northern California that offer their exceptionally successful Aztec Grill proprietary food offering.
After beginning his career at Standard Oil, Peter Van Alyea founded Redwood Oil Company in the early 1970s when he opened his first gas station in Marin County, California. The initial store’s immediate success paved the way for Peter to add two more stores later that year. In 1979, Peter partnered with Barbieri & Son, a wholesale distributor, to acquire HR Gantner’s Beacon-branded stores and two Chevron jobberships, marking the beginning of 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 for customers, which now operates within 17 of the stores. Peter’s partner retired in the early 2000s and the wholesale business was divested, leaving Redwood as a retail-focused chain. Julie Van Alyea, Peter’s daughter and Redwood’s current CEO, joined the Company in 2004 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.
Matrix provided merger and acquisition advisory services to Redwood, 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, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Andrew LoPresti, CFA, CPA, Director; and Michael Corliss, Analyst.
Julie Van Alyea, CEO of Redwood commented, “For 53 years, the dedication of our people has been the foundation of our success. 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. We also want to thank the Matrix and Faegre teams for their invaluable support and guidance throughout this journey.”
Mr. Fortemps added, “Over its more than 50 year history, the Van Alyea family built an incredible convenience retail business with a very unique and successful prepared food program in Aztec Grill. We were honored to advise the family on the sale.”
Jeff Brown of Faegre Drinker Biddle & Reath LLP served as legal counsel for the Company.
Matrix Advises on the Sale of Pri Mar’s Petroleum Marketing and Convenience Retail Business to Blarney Castle and its Delivered Fuels and Lubricants Business to Merle Boes
July 29, 2025 – Matrix Capital Markets Group, Inc. announces that it has advised Pri Mar Petroleum, Inc. on the sale of its petroleum marketing and convenience retail business to Blarney Castle Oil Co. and its delivered fuels and lubricants business to Merle Boes, Inc. Headquartered in St. Joseph, Michigan, Pri Mar operates 13 Pri Mart branded convenience stores and supplies 12 wholesale dealers throughout southwestern Michigan, selling fuels under the BP, Amoco, and Citgo brands. The company also delivers commercial fuels, heating oil, and lubricants to over 2,000 customers from its three bulk plant facilities.
Pri Mar is a third-generation, family-owned and operated business that 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's first convenience store opened in Stevensville, Michigan in 1976. 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 convenience 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 in 1989, his brother Chris in 1997, and his brother Kevin in 2006. Today, Pri Mar has grown to service all of southwestern Michigan through its retail stores and fuels distribution network and employs approximately 120 team members. The company remains family-owned under the leadership of Kurt Marzke, Chief Executive Officer; 
Craig Marzke, Executive Vice President & Chief Operating Officer; and Kevin Marzke, Vice President & 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, CPA, Managing Director; and Kyle Tipping, CFA, Vice President.
Kurt Marzke, CEO of Pri Mar, commented, “On behalf of our employees with Pri Mar Petroleum and the Marzke Family, we are very pleased with the Matrix team and how they handled everything for us on the sale of our business. We would highly recommend their services to anyone pursuing merger and acquisition options. They were very professional and a pleasure to work with.”
Mr. Saunders added, “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.”
Otto Konrad and Kaitlin Cottle of Williams Mullen served as legal counsel for Pri Mar on both transactions.
Matrix Advises Giant Eagle, Inc. on the Sale of its GetGo Café + Market Convenience Retail, WetGo Car Wash, & Wholesale Motor Fuels Distribution Businesses
July 8, 2025 – Matrix Capital Markets Group, Inc. has advised Giant Eagle, Inc. and its affiliates (the “Company”) on the sale of its GetGo Café + Market convenience retail, WetGo Car Wash, and wholesale motor fuels distribution businesses to two separate buyers. Collectively, 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.
As per previous announcements, Giant Eagle has sold its portfolio of nearly 270 GetGo Café + Market convenience stores and WetGo car washes located across Pennsylvania, Maryland, Ohio, West Virginia, and Indiana to Alimentation Couche-Tard, Inc., the parent company of Circle K.
Giant Eagle opened the first GetGo location in 2003, and over the next two decades grew the banner into an innovative, food-first convenience store experience. As part of the GetGo transaction, Giant Eagle and Couche-Tard have agreed to maintain and partner on the Company’s widely popular myPerks loyalty program.
In a separate transaction, Giant Eagle has also sold its wholesale motor fuels distribution business to Cary Oil Company, Inc. The Company’s wholesale motor fuels business 
distributes BP, Amoco, Phillips 66, Conoco, and Marathon branded motor fuels to more than 80 contract dealer supply accounts in Indiana, Illinois, and Kentucky. Giant Eagle began distributing branded wholesale motor fuels in December 2018 when it acquired Ricker Oil Company, Inc., and given the legacy of this business, the majority of the Company’s dealer supply accounts are concentrated in and around the greater Indianapolis, Indiana metropolitan area.
Matrix provided merger and acquisition advisory services to Giant Eagle, which included valuation advisory, conducting a confidential, structured sale process, and negotiation of the transactions. The transactions were managed by Stephen Lynch, CPA, CFA, Managing Director; Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Kyle Tipping, CFA, Vice President; and James Mickelinc, CPA, Senior Associate.
David Burnworth, CFO of Giant Eagle, commented, “This was a highly complex transaction, and the team from Matrix proved to be an exceptional advisor every step of the way. Their ability to manage a dynamic and fluid process while providing thoughtful, strategic guidance was key to achieving a successful result for Giant Eagle.”
“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 Mr. Lynch. “We have always admired Giant Eagle’s incredible operating prowess across all of its business lines and are very grateful to have been given the opportunity to advise them on this series of transactions.”
Weil, Gotshal & Manges LLP and Winthrop & Weinstine, P.A. served as legal counsel for Giant Eagle with respect to the transactions with Couche-Tard and Cary Oil, respectively.
Matrix Advises on the Sale of Pope Transport to Petroleum Transport Company, Inc.
July 1, 2025 – Matrix Capital Markets Group, Inc. announces that it has advised E.J. Pope & Son, Inc. d/b/a Pope Transport on the sale of its fuels transportation business to Petroleum Transport Company, Inc. Pope Transport operates a fleet of nearly 50 tractors and 90 trailers, serving as a common carrier for customers throughout Virginia, North Carolina, South Carolina, and Georgia.
E.J. Pope & Son is a third-generation, family-owned and operated business with a rich history in Mt. Olive, North Carolina. The Company was founded in 1919 by Emmett Pope as a coal hauling business, and in 1938 home heating oil distribution was added to their service offerings. Pope opened its first Handy Mart branded convenience store in 1975 and successfully grew the brand into a highly recognized regional chain serving communities across eastern North Carolina. In the early 1980s, the Company established Pope Transport to provide fuel hauling services to its company-operated stores and third-party customers in the region. Under the current leadership of E.J. “Judson” Pope III, both businesses experienced significant growth, culminating in the sale of 36 Handy Mart branded convenience stores to GPM Investments, LLC in 2021. With the sale of Pope Transport to Petroleum Transport Company, Inc., the Pope family marks its full exit from the fuels industry, concluding a long and distinguished chapter as one of North Carolina’s leading petroleum marketers, convenience retail operators, and fuel haulers.
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, CFA, ASA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; and Michael Tucker, CFA, 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,” said Judson Pope, President of Pope Transport. “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.”
Mr. Cavalier added, “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. 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, Inc.
Matrix Advises on the Sale of Cary Oil Company’s Breeze Thru Markets to Sampson-Bladen Oil Co., Inc.
June 23, 2025 – Matrix Capital Markets Group, Inc. announces that it has advised Cary Oil Co., Inc. and its affiliates on the sale of its Breeze Thru Markets convenience retail business to Sampson-Bladen Oil Co., Inc. Following the divestment of its chain of 15 Breeze Thru branded convenience stores, Cary will continue to operate its extensive wholesale fuels distribution business that supplies approximately 1,000 dealers across 20+ states and delivers almost 1 billion gallons of fuel annually.
Cary Oil Company was founded in 1959 by Harry Stephenson, operating a single tankwagon delivering home heating oil throughout the town of Cary, North Carolina. Over the next several decades, Cary began offering a full slate of 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 and served many local communities throughout North Carolina.
Matrix provided merger and acquisition advisory services to Cary, which included valuation advisory, marketing the businesses through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by John Duni, CFA, CPA, Director; Spencer Cavalier, CFA, ASA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; and Michael Tucker, CFA, Senior Associate.
Craig Stephenson, CEO of Cary’s holding company, COC Properties, Inc., commented, “The Matrix team demonstrated exceptional professionalism and expertise throughout our business unit divestiture process. Their thorough market analysis and deep understanding of buyer expectations helped us position our business effectively, resulting in strong interest from qualified buyers. The team's commitment to process excellence, clear communication, and expert management of all transaction aspects made them invaluable partners in achieving our strategic objectives.”
Messrs. Cavalier and Duni added, “We are grateful for our long-term relationship with Cary Oil and the Stephenson family, and we are honored to have worked with their talented management team to consummate this important transaction.”
“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. We have engaged with Matrix in several acquisitions, and their knowledge of our industry really streamlines the process,” commented Sampson-Bladen Oil Co. President, John Litton Clark.
Sampson-Bladen Oil Company, Inc. was founded in 1936 and now, as a fourth-generation, family-owned enterprise, has expanded into convenience store operations, quick serve restaurants, car washes, a wholesale fuel division, and a lubricants division. With the purchase of the Breeze Thru stores, Sampson-Bladen Oil Company’s store count has increased to 125 stores covering North Carolina from Duck to Blowing Rock.
Chad McCullen, Stephen Brown, and Lisa Leeaphorn of Young Moore and Henderson, P.A. served as legal counsel for Cary.
Matrix Advises TBC Corporation on the Sale of Midas International to Mavis Tire
June 16, 2025 – Matrix Capital Markets Group, Inc. has advised TBC Corporation on the sale of Midas International, LLC, a franchisor of automotive repair and maintenance services, to Mavis Tire Express Services Corp., a leading provider of automotive repair and maintenance services and one of the largest independent tire and service providers in North America.
Midas is a globally recognized automotive service brand with more than 2,000 franchised and licensed stores in roughly 20 countries, including nearly 1,200 franchised locations across the United States and Canada. For over six decades, Midas and its franchisees have provided comprehensive auto care services ranging from brake and exhaust repair to tires, oil changes, and other vehicle maintenance.
The transaction marks a significant milestone for TBC, a joint venture between Sumitomo Corporation of Americas and Michelin North America, Inc., as it continues to focus on innovation and growth in its core wholesale and distribution business and expand its Big O Tires franchise operations.
With the close of this transaction, Mavis’s retail footprint across its brands will span more than 3,500 stores in the United States and Canada, including nearly 1,300 franchised locations. 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, CPA, CFA, Managing Director; Kyle Tipping, CFA, Vice President; James Mickelinc, CPA, Senior Associate; and Ethan Sannes, Analyst.
Don Byrd, Chief Executive Officer of TBC Corporation, commented, “We greatly appreciate the professionalism, responsiveness, and attention to detail that the Matrix team demonstrated throughout every phase of the transaction. 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,” said Mr. Lynch. “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 LLP served as legal counsel for TBC.
Matrix Advises on the Sale of National Petroleum to Poppy Markets, LLC
May 22, 2025 – Matrix Capital Markets Group, Inc. announces that it has advised Engineer’s Associates, Inc. and its affiliates, d/b/a National Petroleum, on the sale of its petroleum marketing and convenience retail business to Poppy Markets, LLC, based in Union City, California. Headquartered in Newark, California, National operates a chain of 11 convenience stores and retail fuels outlets and a wholesale fuels distribution business that supplies over 100 dealers.
National Petroleum was founded when partners Sanjiv Patel and Nick Patel acquired a 76 branded gas station with a three-bay repair shop in Berkeley, California in 2004. Over the next several years, the company continued to build its portfolio of company operated gas stations with convenience stores in the San Franciso Bay area. In 2013, National expanded into wholesale fuels distribution and launched its proprietary National fuel brand at both company operated and dealer sites. The National brand provides an attractive forecourt imaging package to compete with major brands while offering a significant price advantage over branded fuels. National also markets fuels under the Valero, Chevron, Shell, Exxon, and Mobil brands. At the time of the sale, National had grown to nearly 100 million gallons of fuel sales across its company operated and wholesale network, the vast majority of which was unbranded.
Matrix provided merger and acquisition advisory services to National, which included valuation advisory, marketing the businesses through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, CPA, Managing Director; James Mickelinc, Senior Associate; and Michael Corliss, Analyst.
Sanjiv Patel, CEO of National, commented, “I truly couldn’t have found a better advisor to guide us through this process. As this was our first time navigating a transaction of this scale, their support, and genuine handholding, every step of the way made a world of difference. Their attention to detail, particularly in the early stages of data gathering, felt intense at times, but as we moved forward, it became clear why they were so thorough. Both Vance and James are absolute experts at what they do.”
Mr. Saunders added, “Nick and Sanjiv have built an exceptional business over the last 20 years. We are grateful to have been selected to advise them on this transaction, and we wish them all the best in their future endeavors.”
Fred Whitaker and Ashley Bolduc of Cummins & White, LLP served as legal counsel for National.
Matrix Advises Big Mike’s Gas N Go, LLC on its Sale to Good Oil Company, Inc.
May 8, 2025 – Matrix Capital Markets Group, Inc. has advised Big Mike’s Gas N Go, LLC (“Big Mike’s”) on the sale of its convenience retail assets to Good Oil Company, Inc. Headquartered in Lebanon, Ohio, Big Mike’s is a niche convenience retailer that operates high-performing convenience stores in and around Dayton and Cincinnati.
Big Mike’s was founded in 2008 when Mike Schueler, President and CEO of The Schueler Group, a leading real estate development and construction firm, purchased his first two convenience stores in Troy and Tipp City, Ohio. With a background in commercial development and a keen eye for strategic real estate, Mike Schueler leveraged his development expertise to build a high-performing chain of stores that focused on exceptional customer service. 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 provided merger and acquisition advisory services to Big Mike’s, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. 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; Nathan Wah, CPA, Senior Associate; and Michael Corliss, Analyst.
Mike Schueler, President of Big Mike’s commented, “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. We welcome Good Oil to southwest Ohio!”
Mr. LoPresti added, “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.”
Robert D. Ballinger and Patrick Martin of Coolidge Wall Co., L.P.A. served as legal counsel for Big Mike’s.
Matrix Advises on the Sale of Cato, Inc.’s Home Heat and Commercial Fuels Division to Star Group, L.P.
March 24, 2025 – Matrix Capital Markets Group, Inc. announces the successful closing on the sale of the home heat and commercial fuels division of Cato, Inc. (“Cato” or the “Company”) to an affiliate of Star Group, L.P. (NYSE: SGU). Based in Salisbury, Maryland, Cato is a leading supplier of retail propane, heating oil, and commercial refined fuels to a customer base of over 5,000 residential and commercial accounts throughout Maryland, Delaware, and Virginia.
The Company 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 Elliot’s son-in-law, Michael Abercrombie, and subsequently Michael (Mike) Abercrombie, Jr., the Company expanded into retail convenience stores, wholesale fuels distribution, propane, and QSRs. Cato has since grown to become one of the Delmarva Peninsula’s largest petroleum marketers, operating 19 convenience stores, and 26 Arby’s, Popeye’s, and Subway QSRs while supplying motor fuels to wholesale accounts in MD, DE, PA, and VA. The Company’s home heat division experienced significant growth in recent years, expanding to a customer base of over 5,000 residential and commercial accounts. For nearly 65 years, the Cato family and its over 700 dedicated employees and loyal associates have provided best-in-class service to local communities throughout the Delmarva Peninsula.
Matrix 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. The transaction was managed by Sean Dooley, CFA, ASA, Managing Director; Spencer Cavalier, CFA, ASA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Nate Wah, CPA, Senior Associate; and Reilly Erhardt, CPA, Senior Analyst.
Mike Abercrombie, Jr., the Company’s President & CEO commented, “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.”
Anthony Silecchia Jr., Vice President of Star Group, L.P, stated, “We are thrilled to welcome Cato’s home heat and commercial fuels’ customers and employees to the Star Group family. 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, MD, ensuring a smooth transition and ongoing commitment to excellence.”
Messrs. Cavalier and Dooley added, “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.”
J. Garrett Sheller, of J. Garrett Sheller, LLC served as legal counsel to the Company.
About Star Group, L.P.
Star Group, L.P. is a full-service provider specializing in the sale of home heating products and services to residential and commercial customers to heat their homes and buildings. The Company also sells and services heating and air conditioning equipment to its home heating oil and propane customers and, to a lesser extent, provides these offerings to customers outside of its home heating oil and propane customer base.
Matrix 2024 Year In Review
Thank you to our clients for making 2024 an exceptional year!
We are very grateful to our clients who entrusted us to advise them on M&A, capital raising, and valuation engagements in 2024. We take the privilege of advising on these incredibly meaningful transactions very seriously, and our bankers embrace the focus, determination, creativity and integrity that is required to achieve superior results. As you will see below, 2024 was another very successful year for both Matrix and our clients.
While 2024 began with much uncertainty regarding the election, conflicts in the Middle East and Ukraine, and confusion surrounding Federal Reserve policies, the M&A and capital markets enjoyed a better year than many expected. As we begin 2025, we are bullish for an even stronger year in our industry as we believe many of the legislative initiatives of the current administration and 119th Congress will create tailwinds for the economy and be specifically helpful for corporate finance activity.
In addition to advising on 20 M&A and capital advisory transactions and completing numerous valuations for the purposes of strategic planning and estate planning, we published three Capital Markets Perspectives and launched our first publications of our Capital Markets Update, Outdoor Recreation and Marine Sector Update, and our Automotive Aftermarket Sector Update. We hope that you found these publications to be informative and meaningful, and we welcome any feedback and ideas to enhance future content.
Thanks again for a very productive and successful 2024, and we look forward to serving our clients in 2025.
Matrix Advises on the Sale of Hutchinson Oil Company’s Convenience Retail & Travel Centers Business to Circle K Stores and its Delivered Fuels Business to Hampel Oil Distributors
February 11, 2025 – Matrix Capital Markets Group, Inc. announces that it has advised Hutchinson Oil Company, Inc. on the sale of its petroleum marketing and convenience retail business to Circle K Stores Inc. Headquartered in Elk City, Oklahoma, Hutchinson is a leading petroleum marketer and convenience retailer, operating 20 high-performing Hutch’s branded convenience stores and travel centers in western Oklahoma and southern Kansas.
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, attractive convenience stores and travel centers with best-in-class amenities that catered to both the passenger vehicle and professional driver customer. The stores offer a top-tier “Hutch’s Deli” proprietary food and beverage program with made-to-order (MTO) foodservice and an extensive selection of traditional convenience merchandise.
In the fourth quarter of 2024, Hutchinson sold its delivered fuels business to Hampel Oil Distributors, Inc. Hutchinson’s 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 has now exited the fuels industry after a long and successful period as one of Oklahoma’s premier petroleum marketers, fuels distributors and convenience retail operators.
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 Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, CFA, CPA, Vice President; Mike Tucker, CFA, Senior Associate; and Matthew Paniccia, Associate.
David Hutchinson, President of Hutchinson, commented, “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. 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.”
Mr. Fortemps added, “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. 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.
Matrix Advises on the Sale of PMI Lubricants to Wallis Lubricants, LLC
February 6, 2025 – Matrix Capital Markets Group, Inc. announces the successful sale of PMI Lubricants (“PMI” or the “Company”), 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.”
Matrix Advises on the Sale of Clearfield MMG, LLC to VLS Environmental Solutions, LLC
December 30, 2024 – Matrix Capital Markets Group, Inc. is pleased to announce the sale of Clearfield MMG, LLC, a Virginia-based company renowned for its expertise in innovative, specialized treatment and waste disposal solutions, to VLS Environmental Solutions, LLC, a leader in sustainable waste management and environmental solutions and a portfolio company of I Squared Capital.
With over three decades of experience, Clearfield MMG operates three waste management facilities in Virginia with a suite of waste processing and disposal solutions, bulk and drum transportation, and various field services such as soil excavation and compliance monitoring. The addition of Clearfield MMG to the VLS family expands the geographic footprint to provide sustainable solutions in the mid-Atlantic region.
John Magee, CEO of VLS Environmental Solutions, commented, “The acquisition of Clearfield MMG aligns perfectly with our mission to expand VLS’ innovative and sustainable solutions. By adding their expertise and facilities to our operations, we enhance our ability to provide comprehensive environmental solutions to a broader client base.”
Matrix provided merger and acquisition advisory services to Clearfield, which included valuation advisory, managing a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by William O’Flaherty, Managing Director, Matt Oldhouser, CPA, Vice President, and David Shoulders, Managing Director.
“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,” Mr. O’Flaherty commented. “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.
Matrix Advises on the Sale of Atlantic States Lubricants Corp. to Moove
December 19, 2024 – 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.”
About Moove - A Global Lubricants Solutions Company
Moove produces, sells, and distributes lubricant solutions for industrial, consumer, and commercial segments through efficient, high-performance services and products that keep people, industries, and businesses continuously moving and growing.
Moove is a multinational company operating in 10 countries across South America (Brazil, Argentina, Bolivia, Uruguay, and Paraguay), North America (United States), and Europe (United Kingdom, Spain, France, and Portugal). Our global footprint includes six production plants and over 100 distribution centers, providing us with a scalable manufacturing base and an optimized distribution network to access and serve our customers effectively. To learn more, visit: www.moovelub.com.
Matrix Advises Jolley Stores and S.B. Collins on its Sale to Stewart’s Shops
December 16, 2024 – Matrix Capital Markets Group, Inc. announces that it has advised Jolley Associates, LLC and S.B. Collins, Inc. (collectively, “SBC”) on the sale of its convenience retail, wholesale dealer, and residential heating oil (d/b/a as Clarence Brown) businesses to Stewart’s Shops Corp.
Founded in the early 1920s by St. Albans businessman, Stephen Brooks Collins, S.B. Collins, Inc. is a local, family-owned petroleum distributor that has been serving the local community and surrounding area in Vermont for over 100 years. In 1963, Emanuel (Pete) Jolley purchased SBC from Stephen Collins and continued to grow its operations. In 1976, Pete’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 store-wide branding initiative that incorporated the “Jolley” logo. In 2011, SBC diversified their portfolio even further and purchased Clarence Brown, Inc., the oldest family-owned heating oil delivery business in the region, which was headquartered in St. Albans, VT.
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, under the leadership of Bruce Jolley (President), Samantha Peake (CFO), Shawn Bartlett (General Manager, Jolley Associates, LLC) and Steve Smith (General Manager, S.B. Collins, Inc.), SBC has flourished and maintained a premier status in all markets and customer segments from which it operates.
Matrix provided merger and acquisition advisory services to SBC, which included valuation advisory, marketing the enterprise through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, CFA, Managing Director; and John Mickelinc, CFA, Senior Associate.
Bruce Jolley, President of SBC, and Mary Ellen Jolley, Vice President, stated, “Matrix has been an invaluable resource for many years, and we knew they were the right advisor when it came time to sell our business. Their deep industry knowledge and advisory expertise were instrumental in bringing us to a successful closing, and we feel we’ve found a great partner in Stewart’s.”
Mr. Cavalier added, “Our relationship with Bruce, Mary Ellen, and Sam began over 10 years ago, and we’ve watched the company grow into one of the premier, independent petroleum marketing and convenience retailers in New England. We are grateful for this long-term relationship, and we are honored to have advised the shareholders on this very meaningful transaction.”
Otto Konrad and Kaitlin Cottle of Williams Mullen and Diane McCarthy of Sheehey Furlong & Behm P.C. served as legal counsel for SBC.
Matrix Advises on the Sale of Dana Safety Supply, Inc. to AEA Investors
October 16, 2024 – Matrix Capital Markets Group, Inc., a leading independent investment bank, is pleased to announce the sale of Dana Safety Supply, Inc. (DSS) to AEA Investors. Prior to the sale, DSS was a wholly-owned subsidiary of Scott McRae Automotive Group, LLLP (SMAG).
DSS is the premiere provider of emergency vehicle equipment, installations, tactical gear and related accessories to the emergency services market. With 40 locations nationwide, they have grown into the go-to source for vehicle upfitting and tactical gear services for local, city, state, and federal departments, as well as fleet managers, dealerships, and non-department fleet operators. Founded in 2005 and acquired by SMAG in 2010 with just six locations, the company has grown to its present scale through both organic (greenfield) and acquisitive expansion. Leading the charge since the time of the acquisition has been David Russo, Chief Executive Officer of DSS. Mr. Russo is one of the most experienced and respected professionals in the emergency services marketplace and has guided the company to its current position as the largest vehicle upfitter in the industry, with over 500 valued employees supporting operations.
Regarding the transaction, Mr. Russo commented, “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.” He added, “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, CPA, Vice President, and David Shoulders, Managing Director.
Regarding Matrix’s services, Jeff Curry, Chief Executive Officer of SMAG, noted, “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.” He added, “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,” Mr. O’Flaherty noted. “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 LLP provided accounting advisory services to the company.