Situation
Polsinello Fuels, Inc. (the “Company” or “PFI”) was founded in 1952 by Louis Polsinello Sr. as an oil burner repair services company. Over the years, Mr. Polsinello and his wife, Suzanne, grew the Company’s operations to include oil delivery trucks, followed by gas and diesel delivery, as well as a wide range of other products and services.

Louis Polsinello Jr., President, who began his career in the mid-1970s, now leads the Company along with his two sons, Lou Polsinello, III and Matthew Polsinello.

Matrix was retained to perform a valuation of PFI’s propane, heating oil, commercial fuels, and HVAC businesses and advise on a possible sale process.

Thereafter, the shareholders of PFI decided it was time to divest its propane, heating oil, commercial fuels, and HVAC businesses, to focus capital on the continued growth of its motor oil and lubricants business.

Objective
To customize, execute and complete a confidential sales process that would allow the Company’s shareholders to realize maximum after-tax value for its propane, heating oil, commercial fuels, and HVAC businesses.

Solution
Matrix provided merger and acquisition advisory services to the PFI, which included valuation advisory, marketing of its propane, heating oil, commercial fuels, and HVAC businesses through a customized, confidential, structured sale process, and negotiation of the transaction.

Multiple offers were received and after further negotiations with various potential buyers, Mirabito Holdings, Inc. (d/b/a Mirabito Fuel Group) was selected as the purchaser.

Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with Mirabito Holdings, Inc. closed in March of 2018.