Matrix Announces the Successful Sale of Gas Station and Convenience Store Wholesale Sites for Mutual Oil Co., Inc.

RICHMOND, VA – January 3, 2013 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of nineteen (19) gas station and convenience store wholesale assets for Mutual Oil Co., Inc. (“Mutual” or “Company”). The wholesale assets have been sold to multiple buyers including Alliance Energy LLC, a wholly-owned subsidiary of Global Partners LP (NYSE:GLP), and various regional jobbers and individual store operators. Mutual conveyed fee simple interests in seventeen (17) of the sites and leasehold interests in two (2) of the sites. The Company has entered into long-term contracts to supply fuel to many of the buyers, primarily under its proprietary Mutual fuel brand.

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. In 2003, the Company exited the directly operated retail business to focus solely on the wholesale distribution and transportation of fuels. As part of this conversion, Mutual leased its retail assets to Getty Petroleum Marketing Group, Inc. (“GPMI”) in January 2003. On December 5, 2011, GPMI filed for Chapter 11 bankruptcy reorganization, and on March 27, 2012 GPMI rejected the master lease that contained Mutual’s sites. Since then, Mutual has leased the sites to individual licensees and rebranded and supplied fuel to all of the sites primarily under the Mutual brand.

Mutual is owned and operated by Ed Rachins and Steve Shaer. The primary reason for the divestments is for Mutual to focus exclusively on its wholesale business as it is no longer in the business of managing retail assets. Steve Shaer commented on the transaction, “We have been very pleased with the professional and thorough manner in which Matrix has managed the entire process. They have been a pleasure to work with.”

Matrix provided merger and acquisition advisory services to Mutual, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was managed by Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group; Spencer Cavalier, Director; Sean Dooley, Associate; and, Andrew LoPresti, Senior Analyst. Mr. Cavalier commented, “Our relationship with Mutual began back in 2006, and it has been our privilege to serve as their financial advisor over the years. We were delighted to have the opportunity to work closely with the Mutual team to monetize the value of the assets that Steve and Ed have held for many years.”

Phillip Lapatin of Holland & Knight served as legal counsel for Mutual.