Carroll Independent Fuel Company Acquires BP Assets in the Baltimore and Washington DC Metro Markets
RICHMOND, VA – January 11, 2006 – Matrix Capital Markets Group, Inc. announced today the successful closing of Carroll Independent Fuel Company’s acquisition of 70 BP retail and wholesale fuel assets in the Baltimore and Washington, DC metropolitan markets. Matrix provided acquisition and capital raising advisory services to consummate the transaction. Tom Kelso, Managing Director and Head of the Energy and Multi-Site Retail Group at Matrix, and Spencer Cavalier, Vice President, managed this transaction.
Founded in 1907 and headquartered in Baltimore, Carroll is a highly diversified distributor of premium fuel products to residential and commercial customers in the greater Baltimore and Washington, DC region. With the addition of the BP fuel assets, Carroll’s sales will exceed 300 million gallons annually of heating and motor fuels, and Carroll Branded Fuels, a division of Carroll, becomes the leading distributor of branded and unbranded motor fuels in the greater Baltimore region. John Phelps, Executive Vice President of Carroll commented, “We are really excited about representing the BP brand and welcome the Baltimore Area BP dealers into our retail family.”
With this transaction, Carroll will supply 70 BP-branded retail sites – Carroll acquired 9 company owned, dealer operated sites and will supply 61 sites that are dealer owned and operated. Under the terms of the agreement, all sites will remain branded BP.
Matrix’s Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the energy and multisite retail sectors. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuation and long term planning engagements.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.