We're Known By The Work We Do.
| Print | Follow us
| Join our email list

Press Releases

Download PDF »

Matrix Announces the Successful Sale of Mutual Oil Co., Inc.’s Unbranded Wholesale Fuels Distribution Business

RICHMOND, VA – June 1, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of Mutual Oil Co., Inc.’s (“Mutual” or “Company”) high volume unbranded wholesale refined fuels business to Truman Arnold Companies (“TAC Energy”), an independent national wholesale fuels distributor of refined petroleum products, headquartered in Dallas, Texas. Mutual distributes unbranded refined petroleum products to high volume retailers, resellers, commercial entities, governments and municipalities, and marinas in 17 states, with a focus on the Northeast and Mid-Atlantic regions.

Founded in 1937, Mutual has grown to become one of the largest and most diversified privately held petroleum distributors in the U.S. and enjoys a reputation of providing high quality products, service and logistics to its customers. The sale of the business to TAC Energy significantly expands the fuel supply, logistics capabilities, and support services that Mutual can provide to its current and future customers. Steve Shaer, Executive Vice President of Mutual Oil commented on the process, “As in the past, Matrix showed great professionalism in managing the process.”

Matrix provided merger and acquisition advisory services to Mutual, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was co-managed by Spencer Cavalier, Managing Director, and Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Group. Andrew LoPresti, Associate, also advised on the transaction. Mr. Cavalier commented, “This is a bittersweet end to a long-term advisory relationship with the Mutual shareholders and their extremely professional and talented management team. It’s been a relationship built on trust, allowing us to propose and execute on mandates to enhance shareholder value in a very deliberate manner. We greatly appreciate our relationship with Steve and Ed and their confidence in us.”

Jeffrey Leiter of Leiter & Cramer PLLC served as legal counsel for Mutual.