Matrix Announces the Successful Sale of Schmuckal Oil Company
RICHMOND, VA / BALTIMORE, MD – August 27, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Schmuckal Oil Company and its affiliates (“Schmuckal” or the “Company”) on the sale of its 25 convenience retailing and petroleum marketing assets to True North Energy LLC. The transaction also included Schmuckal’s small wholesale fuel and transportation businesses.
Schmuckal was founded in 1955 when Art Schmuckal and George Slane developed a partnership to supply fuel to service stations in and around Traverse City, MI. In the 1980s, Art’s son, Paul Schmuckal, took control of the Company and transitioned it from a wholesale supplier to a leading convenience retailer in northern Michigan. Schmuckal Oil became a multi-branded fuels company through the acquisition of several Marathon stores in 2000 and has been consistently recognized as one of the best Shell operators in the country.
Matrix provided merger and acquisition advisory services to Schmuckal, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale and lease transactions. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Andrew LoPresti, Vice President; and Martin McElroy, Senior Analyst.
Kevin Severt, CEO of Schmuckal Oil Company commented, “Our Board of Directors, executive management team, and Schmuckal family members explored many options before selecting Matrix to run a structured process and guide us through the sale of the family business. While it is emotional and challenging to sell a business, we felt the time was right for the family to find another company with the culture of a “family owned and operated” business to take our operation into the future. Matrix provided a high-level of professionalism and ran a very productive process that helped us accomplish our goal. We thoroughly enjoyed working with the Matrix team, including Spencer Cavalier, Andrew LoPresti, and Martin McElroy, and are genuinely excited for our customers, employees, and shareholders to be selling our business to True North Energy.”
Mr. Cavalier added, “The Schmuckal family, led by Paul Schmuckal, built one of Michigan’s most successful petroleum marketing and convenience retailing companies, with the core of its retail operation clustered in the highly coveted Traverse City area. Matrix is honored to have advised the shareholders and have enjoyed working closely with Paul and the Company’s CEO, Kevin Severt, to successfully close this transaction.”
Tammera Diehm of Winthrop & Weinstine, P.A. served as legal counsel for Schmuckal.