RICHMOND, VA / BALTIMORE, MD – June 27, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Apache Oil Company, Inc. and its affiliates (“Apache” or the “Company”) on the sale of its petroleum marketing and retail fuels distribution business to an undisclosed buyer. Apache’s petroleum marketing assets and dealer customers are primarily concentrated around the New York City and Boston metropolitan areas and include 27 commission marketers, 12 lessee dealers, and 56 wholesale supply accounts. Due to the two distinct geographic markets that the Company serves, the assets were offered as two separate packages and sold in two distinct transactions, albeit to the same buyer. As part of the sale, Apache also entered into long-term leases with the buyer on 22 of the properties. Both transactions closed separately on June 25, 2019.

Apache, headquartered in New London, CT, was founded in 1992 by Christopher Ohl and James Castle to distribute motor fuels to retail gas stations and service centers in and around the New York City metropolitan area. Apache later expanded into Massachusetts and other states after acquiring multiple Shell-branded fuels distribution packages from Motiva Enterprises, LLC. Under the direction of Christopher Ohl and William Castle, Apache now distributes Shell, Sunoco, Exxon, Mobil, Citgo, and Gulf branded fuels across five states in the Northeastern United States. A related entity, Willy’s Fuels LLC, which markets fuels to commercial customers in the heavy construction, pipeline and oil field service industries, was not included in the sale.

Matrix provided merger and acquisition advisory services to Apache, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale and lease transactions. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Stephen Lynch, Vice President; John Duni, Senior Associate; and Kyle Tipping, Analyst. Thomas Kelso, President of Matrix, also advised on the transaction.

Christopher Ohl, President & Managing Partner of Apache Oil Company, Inc., commented “Selling one’s life work is a very challenging and emotional decision. Cedric and the Matrix team were extremely helpful in navigating this process. Their support and help, blending together the desires of us and the buyer, were invaluable. We thank them immensely. I would also like to thank the entire Apache team, our employees, customers, and suppliers.  Your dedication was our success. Additional thanks goes to Jim Castle for having the faith and foresight to become partners with a 23-year-old over 27 years ago. Finally, a special thanks goes out to my lifelong friend, teammate, and brother, Willie Castle, whose decision to join us 12 years ago enabled us to take Apache to a new level. I wish my late father was around to see this.”

Mr. Fortemps added, “We have known Messrs. Ohl and Castle for many years and are honored that they chose us as their trusted advisor to help them exit the business that they built and nurtured over 25+ years. We’re very pleased that we were able to find a buyer that they’re confident will be able to continue to serve their loyal customers, who they consider friends, with the same tremendous customer service that Apache provided.”

Erica Bigelow and Robert Tedesco of Rich May, P.C. and Timothy Bloomfield served as legal counsel for Apache.