Springer Eubank Company, Inc.

Springer Eubanks Tombstone

Transaction Details


Springer Eubank Company, Inc.


Wilmington, NC



An affiliate of Petroleum Marketing Group, Inc.

Transaction Type:

M&A Advisory

Close Date:

Springer Eubank Company, Inc. (“Springer Eubank” or the “Company”) was a leading Wilmington, NC-based convenience store operator and fuels distributor, with nine company-operated convenience stores (Phoenix Marts), one travel center, six dealer/agent operated sites, and one greenfield landbank site, concentrated in the greater Wilmington, NC area as well as eastern South Carolina.

Additionally, the company operated a refined fuels distribution segment out of the Company’s bulk plant located near the port of Wilmington that included nine fuel transports and eight short trucks.

In 1976, Springer Coal and Eubank Oil merged to form Springer Eubank Oil Company, which in 2004 was acquired by W. Cecil Worsley, III and became Springer Eubank Company, Inc.

Matrix was engaged to perform a valuation of both the travel center, convenience & gas division and the delivered fuels division.

The decision was made to exit the business as part of a diversification strategy and to allow Mr. Worsley to focus additional time on other ventures.

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 Springer Eubank, while minimizing the number of transactions required to divest the Company’s assets, and retaining certain key real estate.

Matrix provided merger and acquisition advisory services to Springer Eubank, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction. Matrix executed a customized sale process to solicit offers for the entire company and for discrete operating divisions to determine how value would best be created.

Multiple offers were received, and Petroleum Marketing Group, Inc. (“PMG’) was selected as the acquirer based on their competitive offer on all assets.

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

The transaction with PMG closed in November 2023.

Back to all transactions