Matrix Announces the Successful Sale of Rusher Oil Company and Rushco Food Stores, Inc.
RICHMOND, VA/BALTIMORE, MD – November 22, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of the assets of Rusher Oil Company and Rushco Food Stores, Inc. to Sampson-Bladen Oil Co., Inc. and its affiliates. Rusher Oil Company distributed Amoco and BP fuels to 19 branded convenience stores and one commissioned marketer location within a 20-mile radius of its Salisbury, North Carolina headquarters. Rushco Food Stores, Inc. operated 19 branded convenience stores under the name Rushco Markets.
W.H. Rusher and Son, and later Rusher Oil Company, was founded in 1963 by W.H. Rusher after many years as a commission marketing agent with Amoco Oil Company. Rusher Oil Company, under the leadership of Bob L. Rusher reoriented the company towards retail fuel sales, purchasing some of the most desirable real estate in its marketing territory for service stations, and expanded the gasoline marketing side of the business. Bobby Rusher and Joey Rusher joined the business in the 1980s and over the next several years continued to grow by building new-to-industry stores and remodeling older locations into larger facilities. During this time, Rushco Food Stores Inc. was organized and became a successful chain of retail convenience stores and car washes. Today, Rushco Food Stores, Inc., known as Rushco Markets, is one of the leading brands in its marketing territory which includes a network of high-quality convenience stores offering BP and Amoco branded motor fuels.
Sampson-Bladen Oil Company, Inc. was founded in 1936 and now, as a fourth-generation, family-owned enterprise, has grown into a business operating convenience stores, quick serve restaurants, car washes, a wholesale fuel division and a lubricants division. With the purchase of the Rushco Markets, Sampson-Bladen Oil Company’s store count has increased to 109 stores. Haddon M. Clark, president, saw a natural fit with the opportunity to add the Rushco Markets to the footprint. Sampson-Bladen Oil Company operates their stores under the name of Han-Dee Hugo’s.
Matrix provided merger and acquisition advisory services to Rusher, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, Managing Director; John Duni, Vice President; and James Mickelinc, Analyst.
The Rusher’s commented, “Selling a business is a difficult decision. Matrix was able to lead us through the process and provide timely advice to help us make the best decision possible.”
Mr. Clark noted, “The Rusher family operated quality stores, and we are honored they selected us to carry on in their communities. I thank all the people that contributed to the smooth transition of the changeover.”
Mr. Saunders added, “Three generations of the Rusher Family have worked hard to create the exceptional business that exists today. We’re honored to have been selected to advise the Rushers on such an important transaction for their family. We wish them all the best in their future endeavors.”
Will Smoak and Wells Hall of Nelson Mullins Riley & Scarborough, LLP served as legal counsel to Rusher. James Oliver of Hatch, Little, and Bunn served as legal counsel to Sampson-Bladen Oil Company.