Matrix Announces the Successful Sale of Triton Marketing, Inc.
BALTIMORE, MD – January 13, 2011 – Matrix Capital Markets Group, Inc. (“Matrix”) announced today the successful closing on the sale of the wholesale distribution assets of Atlanta, GA based Triton Marketing, Inc. (“Triton”) to Cary Oil Company, Inc. (“Cary”) of Cary, NC. The asset portfolio is comprised of over one-hundred and twenty-five (125) gasoline and diesel customers including branded-contract, unbranded contract, and non-contract dealers, carrying the Chevron, Texaco, CITGO, Phillips 66, Exxon, Mobil, and Shell flags.
Matrix provided merger and acquisition advisory services to Triton, which included valuation advisory, asset marketing through a structured sale process, and negotiation of the transaction. Matrix executed a customized marketing process for the assets that successfully balanced Triton’s desire to market the assets while retaining the principals’ need for confidentiality in a highly competitive business environment. Triton was presented with twelve potential suitors for the Company. They ultimately entered into a deal with Cary who emerged as the best suitor in regard to both consideration and as the future employer of Triton’s key personnel.
Jimmy Patton, President of Triton, commented on the transaction, “We appreciate the advice, hard work and creativity Matrix provided in marketing our Company.”
The transaction was managed by Tom Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Group, Spencer Cavalier, Director and Matt Murphy, Senior Associate. Mr. Kelso commented, “We greatly appreciate the opportunity to have worked with Mr. Patton and his management team on the successful sale to Cary. The quality and positioning of Triton’s assets combined with their exceptional management team made the business a very attractive opportunity and were the driving factors in achieving a successful result.”
The acquisition significantly expands Cary’s market presence in Georgia, and provides a solid platform for future growth in the Southeast. Mark Bevill, Executive Vice President and CFO of Triton, along with Mark Barron, Vice President of Marketing of Triton, have joined Cary and will spearhead future growth in the greater Georgia markets.
Gregory A. Randall of Holt Ney Zatcoff & Wasserman, LLP served as legal counsel for Triton, while Rick Stephenson of Stephenson, Stephenson & Gray, LLP served as legal counsel for Cary Oil.