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Matrix Announces the Successful Sale of Quarles Petroleum, Inc.’s Propane Rail Terminal

RICHMOND, VA / BALTIMORE, MD – February 3, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Quarles Petroleum, Inc., (“Quarles” or the “Company”) on the sale of its propane rail terminal to an undisclosed buyer. The state-of-the-art rail terminal provides wholesale distribution and throughput via 480,000 gallons of liquid gas storage capacity. Based in West Point, Virginia, the terminal is strategically located on the Norfolk Southern rail line along the York and Pamunkey Rivers.

Quarles Petroleum, Inc. is a growing regional provider of residential propane, heating oil, commercial delivered fuels and unattended fleet fueling locations. The family-owned firm, headquartered in Fredericksburg, serves customers in Virginia, Maryland, Delaware, West Virginia, Pennsylvania and North Carolina. Quarles continues to seek the right opportunities to accelerate their growth through strategic acquisitions.

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

Paul Giambra, President and CEO of Quarles, commented, “With the sale of this propane rail terminal, Matrix helped us divest a non-core asset. We will continue to focus on our core business areas as well as accelerate the search for acquisitions that support our strategic growth targets.”

Mr. Cavalier added, “We greatly appreciate the opportunity to work with Quarles’ talented management team on this divestment. We look forward to watching the Company’s continued growth in its core competencies.”

Laurence Parker and Trevor Wind of Williams Mullen served as legal counsel for Quarles.