Matrix Advises Tri Gas & Oil on the Successful Acquisition of A Leading Refined Fuels Distributor and HVAC Services Business
RICHMOND, VA/BALTIMORE, MD – December 21, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces that Tri Gas & Oil Co., Inc. (“Tri Gas & Oil”) and Comfort Plus Services, LLC (“Comfort Plus Services” or “CPS”) or (collectively, the “Company”) has acquired a leading Delmarva Peninsula based refined fuels distributor and HVAC services business.
Tri Gas & Oil, and its predecessor entities, have been delivering fuel and providing high levels of customer service throughout the Delmarva Peninsula since the late 1950’s. In 1946, Lee D. McMahan started the McMahan Poultry Company, and several years later he acquired a used oil truck to deliver fuel to his own poultry houses. Soon thereafter, he started delivering fuel to neighboring poultry farmers who wanted the benefit of oil delivery. Tri Gas & Oil was officially incorporated in 1963, delivering heating oil throughout the Delmarva Peninsula. At the time of incorporation, Tri Gas & Oil primarily offered propane and heating oil delivery to commercial customers. As the business grew, offerings were expanded to include residential customers, and also additional product lines, such as custom oil blends, biodiesel, and a range of other cutting edge and environmentally friendly products. For more than three generations, customers have relied on Tri Gas & Oil as a locally owned, family-run business that specializes in making area homes and businesses more comfortable, and in helping customers lower their energy costs. Today, Tri Gas & Oil serves customers throughout Maryland and Delaware, with a core density on Delmarva.
Comfort Plus Services, “Your Trusted Source for HVAC”, has years of experience providing superior installation and repair of heating and air conditioning systems as well as indoor air quality (IAQ) solutions. CPS is a Carrier® Factory Authorized Dealer with an extremely well trained staff that services all heating and cooling equipment brands.
Keith McMahan, Chairman & CEO and Nash McMahan, President, Tri Gas & Oil, commented, “This acquisition is very complementary to our existing business divisions, and we look forward to welcoming both the customers and employees of the seller into the greater Tri Gas family of businesses. We are especially excited for the expansion opportunity that this presents to Comfort Plus Services. We would also like to thank the team at Matrix for their leadership throughout the transaction. Their attention to detail and proficiency led to a mutually beneficial closing for both parties.”
Matrix provided merger and acquisition advisory services to the Company, which included advisory on valuation, deal structuring, and financing options. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, Director; and Nathan Wah, Senior Analyst.
Mr. Dooley commented, “We have had the pleasure of knowing the McMahan family for many years and watching them grow the Company over the decades. Keith, Nash, and their team are extremely successful entrepreneurs, and we are excited for them to acquire significant, additional market share in their marketing footprint. We were honored to have the opportunity to advise the Company on this exceptional acquisition and we look forward to continued growth by Tri Gas in the future.”