Matrix Advises Penn Tank Lines, Inc. on the Successful Acquisition of Stardust Transportation, LLC
RICHMOND, VA/BALTIMORE, MD – January 7, 2021 – 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 Stardust Transportation, LLC (“Stardust”), a leading aviation gasoline and jet fuel transportation company based in Fishers, Indiana.
Penn Tank Lines, headquartered in Chester Springs, Pennsylvania, is a bulk petroleum and flatbed transportation company. The Company has been delivering fuel and providing superior customer service since 1974, when it was founded by current Chairman and CEO, Jack McSherry. 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.
Stardust Transportation, LLC was founded in 2000 by its President, Thomas Harris. Stardust has grown into one of the largest and most reliable specialty fuel transportation providers of aviation fuels in the country. Stardust serves primarily airline, airport, and government customers throughout the Midwest, Texas, and Florida. Mr. Harris will assume a new management position at Penn Tank Lines, where he will manage and expand the combined aviation fuels transportation business.
Steve McSherry, President of Penn Tank Lines, commented, “We are thrilled to partner with Stardust. Tom and his people are terrific additions to our team here at Penn Tank Lines. We are excited as well for our customers as we can now offer a more diverse group of services. Cedric, Mike and the Matrix team did a fantastic job of helping us evaluate the opportunity and structure a deal that allowed us to be successful on this acquisition.”
Matrix provided merger and acquisition advisory services to Penn Tank Lines, which included advising on valuation, deal structure, and other transaction terms. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group and Michael Tucker, Analyst.
Mr. Fortemps commented, “We were eager to work with Steve and the rest of the Penn Tank Lines team on this unique acquisition opportunity, and are very pleased to have advised them on the transaction. Mr. Harris has built an extremely successful business with very loyal customers through Stardust’s focus on customer satisfaction. It will be exciting to watch the business continue to grow as it leverages Penn Tank Lines’ relationships, geographic footprint, and resources.”
Tami Diehm and Benjamin Klassen of Winthrop & Weinstine served as legal counsel to Penn Tank Lines, Inc.