Press Releases


Matrix Announces the Successful Sale of Campbell Oil Company’s Heating Oil & Commercial Fuels Business to Lykins Energy Solutions

RICHMOND, VA – December 27, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of Campbell Oil Company’s (the “Company” or “Campbell Oil”) residential heating oil and commercial fuels business to Lykins Energy Solutions. Campbell’s heating oil and commercial fuels business is one of the leading wholesale distributors of fuel oil, gasoline, and diesel to residential, agricultural, commercial and industrial customers in central and eastern Ohio.

Headquartered in Massillon, Ohio, Campbell Oil was founded in 1939 by Chester Campbell as a distributor of gasoline, kerosene and fuel oil. The Company experienced significant growth organically and through acquisitions in the 1980s and 1990s, when it made a serious commitment to being a convenience retailer. Brian Burrow, who became President of Campbell Oil in 1997, has continued the Company’s growth by building a very talented management team and shaping a successful retail strategy to become a strong convenience brand in Ohio. Going forward, Campbell Oil will focus on the continued growth of its retail operation, BellStores Inc.

Matrix provided merger and acquisition advisory services to Campbell, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director. Sean Dooley, Vice President, Christian Klawunder, Associate, and Kyle Profilet, Analyst, also advised on the transaction.

Mr. Burrow commented, “Spencer Cavalier and the team from Matrix did an outstanding job of representing us in the sale of our Home Heat and Commercial Fuels Division. The process that they employed to move us through this carve out was very effective. We enjoyed working with their team and thank them all for their hard work.”

Mr. Cavalier added, “Matrix is honored to have had the opportunity to work with Brian and his management team to successfully divest its legacy fuel oil and commercial fuels business so that the Company can focus all of its human and financial capital on the continued growth of its extremely successful retail chain.”

Dustin Vrabel of Buckingham, Doolittle & Burroughs, LLC served as legal counsel for Campbell Oil.