Matrix Announces the Successful Sale of Mystic Oil Company, Inc.

RICHMOND, VA / BALTIMORE, MD – August 23, 2023 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Mystic Oil Company, Inc. and its affiliates (“Mystic Oil” or the “Company”) on its sale to Petroleum Marketing Group, Inc.  The Company sells fuels on a consignment and wholesale basis to approximately 150 Gulf, Citgo, ExxonMobil, Shell and unbranded customers in Connecticut, Massachusetts, Rhode Island, New York and Vermont.

Mystic Oil was founded in 1956 by Aaron Agrin and is a fourth-generation, family-owned and operated business with deep roots in Mystic, Connecticut. During its first few decades, the Company expanded its fuels offerings by becoming a top distributor of leading fuels brands such as ExxonMobil and Gulf while also developing a chain of company operated convenience stores. In 2008, Mystic Oil divested its company operated convenience store business and transitioned its focus to the wholesale fuels business. Peter Zelken became President of Mystic Oil in 2017 and acquired the Company from his father, Scott Zelken, that same year.  Since that time, under Peter’s leadership, Mystic has grown significantly and has become one of the leading fuels distributors in New England.

Matrix provided merger and acquisition advisory services to Mystic Oil, 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; and Michael Tucker, CFA, Associate.

Peter Zelken, President of Mystic Oil, stated, “Matrix demonstrated an extraordinary understanding of the downstream petroleum business. They were patient, diplomatic, intelligent and trustworthy. It’s not easy handing the keys to a multigenerational family business to just anyone. My sincere thanks to Cedric Fortemps and Mike Tucker on a job well executed from start to finish.”

Mr. Fortemps added, “Peter has done a tremendous job growing Mystic Oil and making it a very attractive wholesale fuels business for any fuels company trying to establish a presence or grow in New England. We were honored to have been chosen by him to advise on finding the best transaction partner and steward for his exceptional fourth-generation business.”

Otto Konrad and Kaitlin Cottle of Williams Mullen served as legal counsel for Mystic Oil Company, Inc.