December 19, 2024 – Matrix Capital Markets Group, Inc. announces the successful sale of certain assets of Atlantic States Lubricants Corp. (“ASL”) to Moove, formerly known as PetroChoice.
Atlantic States Lubricants, based in Farmingdale, New York, is an authorized distributor of Mobil-branded lubricants and related products and also offers customers its proprietary SYSTM7 and Centurian-branded lubricants products. The Company distributes lubricants, diesel exhaust fluid, and ancillary products to a broad range of commercial, industrial, and municipal customers throughout the New York City metropolitan area, as well as parts of New Jersey and Connecticut. ASL was founded in 1992 and over the years under the leadership of co-owners Frank Rooney (President) and Cindy Tadler (COO), has grown both organically and through multiple acquisitions.
Matrix provided merger and acquisition advisory services to Atlantic States Lubricants, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by David Corbett, CFA, Director; Matthew Paniccia, Associate; and Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group.
Frank Rooney, President of Atlantic States Lubricants, commented, “We want to thank the team at Matrix for simplifying what was otherwise an elaborate undertaking. Their team functioned with both efficiency and professionalism and managed the process from start to finish with an exceptional level of detail.”
Mr. Corbett of Matrix added, “Frank and Cindy have led Atlantic States Lubricants for more than 30 years and developed it into one of the leading Mobil lubricants distributors in the Northeast by providing industry-leading customer service and developing long-term relationships with their customer base. We appreciate the trust that they have placed in Matrix to serve as their advisor in the sale of ASL and wish them all the best in their future endeavors.”
About Moove – A Global Lubricants Solutions Company
Moove produces, sells, and distributes lubricant solutions for industrial, consumer, and commercial segments through efficient, high-performance services and products that keep people, industries, and businesses continuously moving and growing.
Moove is a multinational company operating in 10 countries across South America (Brazil, Argentina, Bolivia, Uruguay, and Paraguay), North America (United States), and Europe (United Kingdom, Spain, France, and Portugal). Our global footprint includes six production plants and over 100 distribution centers, providing us with a scalable manufacturing base and an optimized distribution network to access and serve our customers effectively. To learn more, visit: www.moovelub.com.