December 16, 2024 – Matrix Capital Markets Group, Inc. announces that it has advised Jolley Associates, LLC and S.B. Collins, Inc. (collectively, “SBC”) on the sale of its convenience retail, wholesale dealer, and residential heating oil (d/b/a as Clarence Brown) businesses to Stewart’s Shops Corp.
Founded in the early 1920s by St. Albans businessman, Stephen Brooks Collins, S.B. Collins, Inc. is a local, family-owned petroleum distributor that 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, which was headquartered in St. Albans, VT.
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.
Matrix provided merger and acquisition advisory services to SBC, which included valuation advisory, marketing the enterprise through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, CFA, Managing Director; and John Mickelinc, CFA, Senior Associate.
Bruce Jolley, President of SBC, and Mary Ellen Jolley, Vice President, stated, “Matrix has been an invaluable resource for many years, and we knew they were the right advisor when it came time to sell our business. Their deep industry knowledge and advisory expertise were instrumental in bringing us to a successful closing, and we feel we’ve found a great partner in Stewart’s.”
Mr. Cavalier added, “Our relationship with Bruce, Mary Ellen, and Sam began over 10 years ago, and we’ve watched the company grow into one of the premier, independent petroleum marketing and convenience retailers in New England. We are grateful for this long-term relationship, and we are honored to have advised the shareholders on this very meaningful transaction.”
Otto Konrad and Kaitlin Cottle of Williams Mullen and Diane McCarthy of Sheehey Furlong & Behm P.C. served as legal counsel for SBC.