Situation
Alta East, Inc. (“Alta East” or the “Company”), with roots dating back to 1929, operated a fuels distribution and transportation business that was located primarily in the Hudson Valley of New York, from the greater New York City metropolitan area to just north of Lake George, New York

After substantially growing the business through an acquisition in 2013, the Company’s sole shareholder, D.W. Porto, contacted Matrix regarding his desire to sell the Company’s fuels distribution and transportation businesses in order to redeploy capital to other non-petroleum related business segments

Objective
To create, manage, and execute on a confidential sale process that would allow Alta East to realize maximum value for its fuels distribution and transportation assets

Solution
Matrix provided merger and acquisition advisory services to Alta East, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction

Several competing offers were received and after further negotiations with the various potential buyers, definitive purchase agreements were finalized with Susser Petroleum Operating Company, LLC, a wholly owned subsidiary of Sunoco LP (NYSE: SUN)

The transaction was structured with two purchase agreements that separately covered the Company’s fuels distribution and fuels transportation assets

Matrix advised Alta throughout the negotiation of the purchase agreement and coordinated the due diligence and closing process

Both components of the transaction closed on the same day in December 2015