Matrix Announces the Successful Sale of R.M. Parks, Inc.’s U.S. Wholesale Petroleum Distribution Assets
RICHMOND, VA/BALTIMORE, MD – January 26, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised R.M. Parks, Inc. (“R.M. Parks” or the “Company”) on the sale of its U.S. wholesale petroleum distribution assets to PacWest Energy, LLC, a joint venture between Jackson Energy and Shell Oil Products US.
R.M. Parks, Inc. was founded in 1969 when R.M. Parks sold his family’s ranch and purchased a small Texaco distributorship that sold fuel to 12 Texaco stations and approximately 35 agricultural accounts. R.M., along with Tim Callison, President & CEO, expanded the business to sell gasoline, diesel fuel, motor oil, lubricants, and automotive products. Tim and his son Jason, Chief Operating Officer, further expanded the business in 1996 with the addition of the Shell brand and quickly became one of the largest Shell wholesalers on the West Coast. The Company supplied more than 160 Shell, Phillips, Valero, Sinclair and Spirit branded customers, as well as unbranded fuel to a sizable non-contract customer base with its proprietary transportation fleet. In 2018, the Company expanded wholesale operations into Mexico, where it will focus its wholesale petroleum distribution operations moving forward.
Matrix provided merger and acquisition advisory services to R.M. Parks which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the purchase agreement. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group and Andrew LoPresti, Vice President.
Jason Callison, commented, “It was not an easy decision for us to sell the business that our family and employees have spent over 50 years building. It was very important to us that our employees and customers were taken care of with this transaction. We needed to find a firm that could help us with this major decision and we found that with the Matrix team. Spencer and Andrew led us through the entire sales process from beginning to end. Their expertise in this process helped alleviate a lot of the additional stress that comes with selling your business. We are extremely pleased with the outcome. We chose PacWest Energy, which is also a family business and values their employees and customers the same way we do. We can’t thank Spencer, Andrew and the Matrix team enough for everything they have done for our family, employees and loyal customers.”
Mr. Cavalier added, “Tim and Jason built one of the West Coast’s largest fuel distributorships based on R.M. Parks’ legacy of integrity. Matrix is honored to have advised the Company on this significant transaction.”
Tammera Diehm, Noreen Sedgeman, and Kristy Lieblein of Winthrop & Weinstine, P.A. served as legal counsel for R.M. Parks.