Situation
Jernigan Oil Company, Inc. is a fifth-generation, family-owned energy business headquartered in Ahoskie, NC, with operations spanning convenience retail, propane distribution, fuels distribution, fuels transportation, and marina operations.

Jernigan was founded in 1948 as a farm machinery sales business. Over the years, the Company expanded into the fuels business, and in 1983, opened its first convenience store in Murfreesboro, NC. In 2006, Michael Harrell succeeded his father, Duck, as President of Jernigan. Michael, alongside his wife and children, expanded the Company significantly, including growing the convenience retail division to 56 stores located across Eastern NC and Southeastern VA.

Matrix was initially engaged by Jernigan in 2019 to provide strategic advisory services, including recommendations on how to enhance the marketability of the convenience retail division. Matrix was subsequently reengaged on multiple occasions to provide further strategic guidance and to help position the Company for a potential transaction.

In 2024, Jernigan engaged Matrix to conduct a marketing process to sell its convenience retail assets.

Objective
To design and execute a tailored, confidential sale process that maximized after-tax proceeds for the Company’s shareholders.

To structure and negotiate post-closing commercial agreements between a buyer and Jernigan that would generate stable, recurring income streams for the Company’s fuels transportation, fuels distribution, and propane distribution businesses.

Solution
Matrix provided valuation analysis and designed and executed a confidential sale process, leveraging its industry expertise to drive broad buyer interest and generate competition.

Multiple competitive offers were received and Sunoco Retail, LLC (an affiliate of Sunoco LP – NYSE: SUN) was ultimately selected as the acquirer.

Matrix led the negotiation of the purchase agreement and all related transaction documents, including a post-closing lease for 21 stores, a fuels transportation agreement, and a propane supply agreement. Each agreement was structured to support and enhance Jernigan’s remaining business lines following the closing of the transaction with Sunoco.

The transaction with Sunoco Retail, LLC closed in September 2025.