RICHMOND, VA / BALTIMORE, MD – May 11, 2023 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Modesto, CA-based Boyett Petroleum (“Boyett” or the “Company”) on the sale of its ten company-operated petroleum marketing and convenience retail stores to Apro, LLC d/b/a United Pacific. United Pacific will lease nine of the stores it acquired from Boyett and related-party landlords under long-term lease agreements. In a separate transaction, Boyett has acquired United Pacific’s wholesale fuels distribution business, which consists of approximately 200 fuel supply accounts.
Stan and Carol Boyett founded Boyett Petroleum in 1940 as an operator of gas stations in and around Modesto, CA. Carol and Stan were joined in the business by their son, Carl, in 1970. Carl dramatically expanded the Company’s wholesale distribution division and added to the Company’s growing stable of fuel brands. In 1993, Carl’s son Dale joined the family business. Under Dale’s leadership, the third-generation family-owned company has become one of the largest independent fuel distributors in the United States, supplying fuel to more than 500 service stations and operating ten Cruisers convenience stores.
Boyett’s ten Cruisers-branded convenience stores are high-performing stores that sell 76 branded fuels. The divestment of these stores allows the Company to focus on its growing wholesale fuels distribution business.
Boyett also acquired United Pacific’s wholesale fuels distribution business, which consists of Shell, Marathon, Phillips 66 and Valero branded, as well as unbranded, dealer accounts across California, Oregon, and Washington. As part of this transaction, Boyett acquired United Pacific’s distribution rights in and to the
Shell brand, which will allow the Company to provide another premium brand offering to its existing and new dealer accounts.
Matrix provided merger and acquisition advisory services to Boyett, which included valuation advisory, marketing the business through a confidential, structured sale process, buy-side advisory, and negotiation of the transactions and lease agreements. The transactions were managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Kyle Tipping, CFA, Senior Associate; and Alexander Rakos, Senior Analyst.
Scott Castle, President of Boyett Petroleum, stated, “It was a pleasure working with the team at Matrix throughout this process. They exceeded our expectations and displayed an extremely impressive depth of knowledge not only of our business but the entire industry. We believe that United Pacific will take the stores to the next level. They have a fantastic retail team and have welcomed our employees with open arms. It was important to us to find a company that valued our team as much as we did, and United Pacific did just that. We’re also very excited to bring United’s wholesale customers and team into the Boyett Family and look forward to growing the network of dealers.”
Mr. Fortemps added, “We greatly enjoyed working with the entire Boyett team on these transformational transactions for them. They accomplished their near-term goal of exiting retail and retaining the convenience retail real estate, and longer-term goal of significantly growing their wholesale business. These transactions really are a win-win for Boyett and United Pacific and all the employees involved.”