Matrix Announces the Successful Sale of Haywood Oil Company, Inc.’s (d/b/a Peak Energy) Heating Oil and Commercial Fuels Businesses
RICHMOND, VA / BALTIMORE, MD – June 6, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Haywood Oil Company, Inc. d/b/a Peak Energy (“Peak” or the “Company”) on the sale of its heating oil and commercial fuels businesses to Colonial Oil Industries, Inc. The Company is headquartered in Waynesville, NC and distributes heating oil and commercial fuels throughout western North Carolina.
Incorporated in 1952, Haywood Oil Company has grown from a local home heating oil delivery company into a leading petroleum marketer, fuels distributor and foodservice business. In 1973, David Blevins left Exxon to become President of Haywood Oil Company. The Company grew through multiple acquisitions that brought additional convenience stores, bulk plants, and fuel brands to the business.
David Blevins’ son, Todd, became President of Haywood Oil Company, Inc. in 1999 and continued the Company’s legacy of growth by making seven acquisitions over the next ten years and added a complementary branded foods division. The Company expanded its heating oil and commercial fuels businesses through its acquisition of Petroleum World in 2015 and serviced more than 3,200 customers by leveraging its fleet of tank wagons and bulk plant facilities. After successfully divesting the Company’s retail and wholesale fuels business in December of 2021, Mr. Blevins decided to make a full exit from petroleum distribution.
Matrix provided merger and acquisition advisory services to Peak, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Andrew LoPresti, CFA, CPA, Vice President; and Michael Tucker, CFA, Associate.
Todd Blevins commented, “It was a difficult decision to sell the business. I am very thankful for the talented people that helped us build the Company over the years. I enjoyed working with Cedric and his team at Matrix. They managed the sale from valuation to closing with an organized and professional process and I am very pleased with the outcome. In addition, Otto Konrad and his legal team at Williams Mullen were excellent to work with and helped make this transaction a success.”
“Both companies are family-based businesses, and we want customers to know that they will continue to receive the same great service they have come to expect,” said Chris Ingram, vice president of Colonial Oil Industries. “They will still work with the same people in our organization as they have in the past, and all the products and services they have received previously will remain unchanged.”
Mr. Fortemps added, “I don’t think we could have found a better steward for these businesses as Colonial’s culture is to take care of its employees and customers, much like Haywood Oil did for many years. We’re pleased that we were able to achieve a very successful outcome for the Blevins family on the sale of their convenience retail, and petroleum distribution businesses and are excited for what lies ahead for them.”
Otto Konrad and Amber Duncan of Williams Mullen served as legal counsel for Peak.