Situation
E.J. Pope & Son, Inc. d/b/a Pope Transport 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 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.

Prior to the sale, Pope Transport operated a fleet of nearly 50 tractors and 90 trailers and served as a common carrier for customers throughout Virginia, North Carolina, South Carolina, and Georgia.

Matrix was engaged to perform a valuation of the Company and advise on a sale process. The shareholders ultimately decided to exit the fuels industry to diversify family wealth and focus on other ventures.

Objective
To customize, execute, and complete a confidential sale process that would allow the shareholders of Pope Transport to realize maximum after-tax value from the sale of the Company.

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

Multiple competitive offers were received for the Company, and Petroleum Transport Company, Inc. (“PTC”) was ultimately selected as the acquirer.

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

The transaction with PTC closed in June 2025.