Situation
PMI Lubricants (“PMI”) is a leading Mobil-branded lubricants distributor that serves retail, commercial, and industrial customers in VA, TN, WV and NC.

Based in Roanoke, Virginia, PMI was previously a division of Petroleum Marketers, Inc. and has operated since the mid-90s.

In 2014, PMI was acquired by Dunne Manning and in 2016 the Company began exclusively offering Mobil-branded products.

In 2021, Matrix valued the Company and provided guidance on how to best prepare for a sale and positioning the Company to be more attractive to prospective buyers.

During 2022, Kathy Draper was appointed General Manager of PMI and led the business through a series of acquisitions and also grew the Company organically.

In 2024, Matrix was retained again to value the Company and subsequently advise on a sale process. Ultimately, the shareholders decided to sell the business to diversify their wealth and focus on other ventures.

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

Solution
Matrix provided merger and acquisition advisory services to PMI, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction. The sale process included a buyer pool of regional and national lubricants distributors & a select pool of private equity-backed lubricants distributors.

Multiple offers were received and Wallis Lubricants, LLC (“Wallis”) was selected as the acquirer.

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

The transaction with Wallis closed in December 2024.