Matrix Advises Penn Tank Lines, Inc. on the Successful Acquisition of Jet Star, Inc.
RICHMOND, VA / BALTIMORE, MD – July 13, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that Penn Tank Lines, Inc. (“Penn Tank Lines” or the “Company”) has acquired Jet Star, Inc. (“Jet Star”), a leading aviation fuels, food grade products, ethanol, and other petroleum products transportation company headquartered in Zionsville, Indiana.
Penn Tank Lines, headquartered in Chester Springs, PA, is a bulk petroleum and flatbed transportation company. The Company has been delivering fuel and providing superior customer service since 1974, when Penn Tank Lines was founded by its current Chairman and CEO, Jack McSherry. Jack’s son, Steve, currently serves as President. The Company has grown over the years through numerous acquisitions and affiliate relationships and currently serves customers throughout the eastern half of the United States.
Founded in 1982 by CEO Darryl Guiducci, Jet Star, Inc. serves airline, airport, military, and other commercial and industrial customers throughout the Southeastern and Midwestern U.S. Over its forty-year history, Jet Star’s strong record of safety and reliable service has earned it many, long-term, trusted relationships with its customers and a reputation for excellence throughout its territories.
Steve McSherry, the President of Penn Tank Lines, commented, “To add the people and assets of a storied company such as Jet Star is a great accomplishment for us. Working with Darryl & Brian Guiducci and the rest of the Jet Star team through the acquisition was a delight. To add the talented administrative, dispatch, maintenance and driving personnel of Jet Star to Penn Tank Lines is a real coup for us. Cedric, John and the Matrix team were instrumental in helping us evaluate, negotiate and ultimately get to the finish line on this deal. Matrix is a trusted partner adding great value to Penn Tank Lines and we can’t thank them enough for their efforts in getting this deal done.”
Matrix provided merger and acquisition advisory services to the Company, which included advisory on valuation and other transaction terms. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group and John Mickelinc, Associate.
Mr. Fortemps added, “Less than fifteen months after having advised Penn Tank Lines on their successful acquisition of Stardust, we were eager to help when Steve reached out about another transaction opportunity for the growing aviation fuels portion of their business. The Jet Star acquisition is really a win for everyone involved as the culture of both organizations includes a deep commitment to their customers and employees. Jet Star’s customers and employees will be able to benefit from Penn Tank Lines’ greater scale and plans to reinvest and grow the business.”
Tami Diehm, Krista Bengston Cook, and Beth Harper of Winthrop & Weinstine served as legal counsel to Penn Tank Lines, Inc.