Situation
Engineer’s Associates, Inc. d/b/a National Petroleum (“National” or the “Company”) was a leading petroleum marketer and wholesale fuels distributor in California.

The Company operated eleven convenience stores and retail fuels outlets along with a wholesale fuels distribution business that supplies over 100 dealers.

The Company was founded in 2004, when Sanjiv Patel and Nick Patel acquired a 76 branded gas station a with three-bay repair shop. Over the next several years, the Company expanded its retail footprint throughout the greater San Fransico Bay region. In 2013, National expanded into wholesale fuels distribution and launched its proprietary National fuel brand at both company operated and dealer sites.

At the time of the sale, National had grown to nearly 100 million gallons of fuel sales across its portfolio, the vast majority of which was unbranded.

Ultimately, National’s owners wanted to exit the business to diversify wealth and focus on other ventures.

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

Solution
Matrix provided merger and acquisition advisory services, 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 Poppy’s Market, Inc. (“Poppy’s Market”) 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 Poppy’s Market closed in May 2025.