Situation
Jolley Associates, LLC and S.B. Collins, Inc. (“SBC” or the “Company”) is a leading petroleum marketing, convenience retailing, and residential heating oil distributor in New England and NY.

Founded in the early 1920s by St. Albans businessman, Stephen Brooks Collins, S.B. Collins, Inc. has been serving the local community and surrounding area in Vermont for over 100 years.

In 1963, Emanuel (Pete) Jolley purchased SBC from Stephen Collins and continued to grow its operations. In 1976, Pete’s sons, Bob and Bruce expanded the family business by converting company-owned full-service locations into convenience stores. They established a new partnership, Jolley Associates, to operate the stores under the c-store brand name “Short Stop” and in 2001, the Company underwent a store-wide branding initiative that incorporated the “Jolley” logo. In 2011, SBC diversified their portfolio even further and purchased Clarence Brown, Inc., the oldest family-owned heating oil delivery business in the region.

The late Robert (Bob) Jolley and his wife Mary Ellen were instrumental in growing the retail side of the business, and over the last decade-plus, under the leadership of Bruce Jolley (President), Samantha Peake (CFO), Shawn Bartlett (General Manager, Jolley Associates, LLC) and Steve Smith (General Manager, S.B. Collins, Inc.), SBC has flourished and maintained a premier status in all markets and customer segments from which it operates.

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 SBC and to secure post-closing employment for as many (non-shareholder) employees of the Company as possible.

Solution
Matrix provided merger and acquisition advisory services to SBC, 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 Stewart’s Shops Corp. was selected as the acquirer.

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

The transaction with Stewart’s Shops Corp closed in December 2024.