June 1, 2026 – Matrix Capital Markets Group, a division of Citizens, has advised Leahy-Wolf Co. (the “Company”) on its sale to ACE Solutions, LLC, a portfolio company of Plexus Capital. Headquartered outside of Chicago, Illinois, Leahy-Wolf Co. is a leading Midwest lubricants distributor offering commercial, industrial, and automotive lubricants, diesel exhaust fluid, antifreeze, coolants, and related products to customers primarily in Illinois, Indiana, Wisconsin, and Michigan.
In 1946, James Leahy and Herbert Wolf established Leahy-Wolf Co. with a vision to provide fuel to homes and businesses in and around Chicago. With expertise in petroleum products, they quickly diversified into the lubricant industry, using their extensive knowledge of fuels, machinery, and extreme climate conditions to become leading innovators in the volatile road construction sector. Ken Leahy, James’ son, joined the business in 1978 and expanded its manufacturing capabilities, helping position the Company as an early leader in vegetable-based products. In 2000, Keanan Leahy joined the Company and assumed the role of President following his father’s untimely passing just six months later. Keanan quickly made the decision to pivot from small-batch lubricants blending to focus on lubricants distribution. In 2005, Keanan partnered with Terry Long, a veteran lubricants marketer, beginning a 20-year journey during which the Company grew revenues by more than 21% annually and became one of Petro-Canada’s largest distributors. Going forward, Keanan will remain actively involved in ACE’s operations, leading its Midwest region.
Matrix provided merger and acquisition advisory services to Leahy-Wolf Co., which included valuation advisory and marketing the business through a confidential, structured sale process. The transaction was managed by Andrew LoPresti, CFA, CPA, Director; Spencer Cavalier, CFA, ASA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Matt Paniccia, CFA, Associate; and Yehuda Dachs, Analyst.
Keanan Leahy, President of Leahy-Wolf Co. commented, “I am very excited about the opportunities that the partnership with ACE provides – namely, allowing the Leahy-Wolf team to continue that legacy and enhance our customer offering to an unmatched level. It was very obvious from the beginning that the Matrix team had a deep knowledge of this market, and their guidance was critical to helping us find the right partner and streamline the process.”
Mr. LoPresti added, “It was a pleasure working with Keanan and Terry and an honor to serve as their advisor on this important transaction for the continued growth of the Company. What they have built at Leahy-Wolf is extremely impressive, and we look forward to seeing the Company continue to excel with ACE.”
“With its 80+ year history of family ownership and stellar reputation as a regional market leader, Leahy-Wolf is a perfect fit for our partnership strategy,” said Rob Walker, CEO of ACE. “We are excited to work alongside Keanan and the rest of the Leahy-Wolf management team to continue building upon the Company’s strong foundation.”
Noreen Sedgeman and Sydney Courrier-Oaster of Winthrop & Weinstine, P.A. served as legal counsel for Leahy-Wolf Co.
About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group
Matrix’s Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum transportation & logistics, terminals, car washes and quick service restaurants. Group members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 400 engagements.
About Matrix Capital Markets Group
Founded in 1988, Matrix Capital Markets Group, a division of Citizens is a leading, advisory-focused investment bank headquartered in Richmond, VA, with an additional office in Baltimore, MD. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions.
Our industry focused, dedicated sector advisory groups serve clients in the automotive aftermarket, downstream energy & convenience retail, and outdoor recreation & marine markets. Our broad sector advisory groups serve clients in a wide range of industries including business services, consumer, and diversified industrials. For additional information or to contact our team members, please visit www.matrixcmg.com.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $227.9 billion in assets as of March 31, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.
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The testimonials presented are applicable to the individuals depicted and may not be representative of the experience of others. The testimonials are not paid and are not indicative of future performance or success.