Matrix Announces the Successful Sale of Alta East, Inc.’s Fuels Distribution Business
RICHMOND, VA – December 16, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of Alta East, Inc. and certain related entities’ (collectively the “Company”) fuels distribution business to a wholly owned subsidiary of Sunoco LP (NYSE: SUN). The Company, headquartered in Middletown, NY, owns or leases 30 convenience stores that it leases to dealers and supplies fuels to and also supplies fuels to additional dealer owned and operated stores primarily in New York from the greater New York City metropolitan area to just north of Lake George. The Company distributes approximately 55 million gallons of Sunoco, Mobil, Valero, and unbranded motor fuels annually. The Company’s two non-operating surplus properties were also included as part of the transaction.
Alta East, Inc. is 100% owned by D.W. Porto. After taking the reins of the Company in 1990, Mr. Porto grew the business, through both acquisitions and organic growth, into an established, large distribution business with long-standing dealer relationships. Over just the last five years, the Company added twenty-three dealer sites to its portfolio, including five stores in upstate New York from a Nice N Easy franchisee in 2013.
Matrix provided merger and acquisition advisory services to the Company, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Cedric Fortemps, Managing Director and Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Team. Stephen Lynch, Senior Associate also advised on the transaction.
Mr. Porto commented, “I greatly appreciate the service that Matrix provided finding the best purchaser for the motor fuel portion of my business. I chose Matrix because of their expertise in completing transactions in the fuels distribution space. I would recommend Tom, Cedric and Matrix to anyone ready to sell their business.”
Mr. Fortemps commented, “Mr. Porto has built a sizeable and attractive distribution business in New York and it was a pleasure working with him and his team on a successful sale.” Mr. Kelso added, “I have known D.W. for nearly twenty-five years and it is an honor to have been able to advise him in exiting the business.”
Al Alfano and Doug Mitchell of Bassman, Mitchell & Alfano, Chtd. served as legal counsel for the Company.