Situation
Cary Oil Company (“Cary” or the “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.

Prior to sale, The Breeze Thru network consisted of 15 stores, selling BP, 76, and Amoco branded fuels and served many local communities throughout North Carolina.

Matrix was engaged to perform a valuation of the Company and advise on a sale process. The shareholders ultimately decided to exit the retail convenience business so that the Company could focus on growing its wholesale fuels distribution business.

Following the divestment, 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.

Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of the Breeze Thru Markets convenience stores.

Solution
Matrix provided merger and acquisition advisory services to Cary, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.

Multiple competitive offers were received, and Sampson-Bladen Oil Company, Inc. was ultimately selected as the acquirer.

Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.

The transaction with Sampson-Bladen Oil Company, Inc. closed in June 2025.