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Matrix Announces the Successful Sale of Boulden Brothers Propane

RICHMOND, VA/BALTIMORE, MD – December 16, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces the successful closing on the sale of Boulden, Inc.’s (“Boulden” or the “Company”) propane distribution business to Sharp Energy, Inc., a Dover, Delaware based subsidiary of Chesapeake Utilities Corporation (NYSE:CPK). Operating as Boulden Brothers Propane, the Company is one of the largest independent propane retailers in its region, serving over 5,000 residential and commercial customers throughout Delaware, Maryland, and Pennsylvania.

Founded in 1946, Boulden is a third-generation company whose operations have included a broad spectrum of businesses throughout its 73 year history, including motor oil distribution, propane distribution, heating oil distribution, septic services, HVAC sales and service, plumbing services, and electrical services. Based in Newark, Delaware, the Company is currently owned and operated by Tim Boulden, President, and Mike Boulden, Vice President. Its current operations consist of the propane business, which launched in 1968, and the HVAC, plumbing, and electrical businesses. Over the years, Boulden has built an exceptional brand and loyal customer base, known for its exemplary customer service and technical expertise. The Boulden Brothers HVAC, plumbing, and electrical businesses were not included in the transaction and will continue to be owned and operated by the family post-closing.

Messrs. Tim and Mike Boulden commented, “It was a difficult decision to sell our family-run propane business after over 50 years of operation. We wanted to make sure we found a buyer that would continue the same level of dedication to our employees, customers, and the communities we serve. Matrix’s professional guidance and support throughout the entire process proved invaluable in achieving a very successful outcome.”

Matrix provided merger and acquisition advisory services to Boulden, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, Managing Director; Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; John Duni, Senior Associate, and John Mickelinc, Senior Analyst.

Mr. Saunders added, “The Boulden family has built one of the most successful and highly regarded propane companies in the region, and we are honored to have advised them on the divestment of such a quality asset. We enjoyed working with Mike and Tim and wish them all the best as they continue to grow their HVAC, plumbing, and electrical businesses.”

John Kuffel of Young Conaway Stargatt & Taylor, LLP served as legal counsel for Boulden.