Matrix Announces the Successful Sale of Southern Counties Oil Co., L.P. d/b/a SC Fuels
RICHMOND, VA / BALTIMORE, MD – December 10, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Southern Counties Oil Co., L.P. d/b/a SC Fuels (“SC Fuels” or the “Company”) on its sale to Pilot Company (“Pilot”). In addition to operating 47 proprietary cardlock locations, SC Fuels delivers branded and unbranded gasoline, diesel fuel, alternative fuels, lubricants, and other petroleum products, as well as offering fleet card programs. The Company serves more than 11,000 customers annually, ranging from small family-owned businesses to Fortune 500 companies, spanning ten states.
SC Fuels has a very rich history of growth and evolution. Originally founded in 1930 as a Signal Oil distributorship, the Company has grown into one of the oldest and largest, family-owned petroleum distributors in the U.S. In 1965, Frank H. Greinke (Frank H.), who had worked for Standard Oil of California (now Chevron) acquired the original distributorship and renamed it Greinke Petroleum. In 1972, the Company opened its first “fleet card” site that evolved into the modern day cardlock location. Following a path of rapid growth, Frank H. changed the name of the Company to Southern Counties Oil Company in 1976.
In 1987, Frank H.’s son, Frank P. Greinke (Frank P.) became president, and acquired full ownership of the Company in 1991. Frank P. grew the Company well beyond southern California and into several western states, prompting the adoption of the SC Fuels name in 2003. SC Fuels, powered by Frank P.’s entrepreneurial spirit, launched a period of exciting unparalleled growth, both organically and through strategic acquisitions. While growing SC Fuels, Frank P. also made significant contributions to the industry on a national level. He was former President of SIGMA, and past recipient of the SIGMA Distinguished Marketer Award, a prestigious and rare recognition given only to a very select few in the industry, by their peers. His valuable contributions to the various boards and committees upon which he served are too numerous to even count, and he is highly respected by many in his community and the industry as a whole for his commitment and leadership. In 2009, Frank P.’s son, Steven Greinke, was promoted to COO and subsequently rose to CEO. In addition to significantly enhancing operational performance, Steven continued the Company’s significant growth.
Matrix provided merger and acquisition advisory services to SC Fuels, including valuation, transaction execution, and assistance with the negotiation of the sale. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, Managing Director; Andrew LoPresti, Vice President; and Nate Wah, Associate.
Steven Greinke said, “After much consideration, the Greinke family made the difficult decision to sell SC Fuels. The SC Fuels team has done an impeccable job building and strengthening our geographic footprint within our core markets. We look forward to the continued opportunities and growth under Pilot.”
Founded in 1958, Pilot is ranked by Forbes as the 7th largest private company in America. As one of the leading suppliers of fuel and the largest operator of travel centers, Pilot has more than 800 locations across North America and supplies more than 12 billion gallons of fuel per year.
“We welcome the entire SC Fuels team to the Pilot Company family and look forward to working alongside the SC Fuels executive leadership, which will remain in place,” said Brad Jenkins, senior vice president of supply and distribution for Pilot Company. “This move strengthens Pilot Company’s supply infrastructure and fueling network across the West coast.”
Spencer Cavalier added, “We have had the honor of working with Steve and his extremely talented executive management team over the last several years on various projects. Matrix has always admired the Greinke family’s legacy of entrepreneurship, commitment to its employees, and charitable endeavors. We wish the Greinke family great success with their future endeavors.”
John Williams III, Darren Kerstien, Andrew Cline and Michael Perry of Gibson, Dunn & Crutcher LLP served as legal counsel for Southern Counties Oil Co., L.P.