Matrix Announces the Successful Sale of Wadsworth Oil Company of Clanton, Inc.
RICHMOND, VA / BALTIMORE, MD – August 27, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Wadsworth Oil Company of Clanton, Inc. (“Wadsworth” or the “Company”) on the sale of the Company to Circle K Stores Inc.
Wadsworth was founded in Tuskegee, Alabama, by William (Tamp) T. Wadsworth in the late 1920s as a PAN-AM fuel wholesaler. Jim Wadsworth, Tamp’s son, joined the family business in 1972, and shortly thereafter, purchased a small Amoco distributor in Clanton, AL. Throughout the 1980s and 1990s, Jim led the Company’s expansion from being primarily a wholesale supplier to a convenience retailer after building six additional retail locations. Throughout the 2000s, the Company continued to build and acquire new stores throughout central Alabama that now all operate under “The Store” brand name.
Matrix provided merger and acquisition advisory services to Wadsworth, 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; Andrew LoPresti, Vice President; and Nate Wah, Senior Analyst.
Jim Wadsworth, President of Wadsworth, commented, “I would like to thank Matrix for handling the sale of my business. They gave my company the same attention and quality of service that they would give to a thousand-store chain. They communicated effectively with me and my leadership team and advised us in a timely and open manner. The sale process was a learning experience for us, but Matrix made it a smooth transition. Their expertise is second to none, and I give special thanks to Spencer Cavalier, Andrew LoPresti, and Nate Wah.”
Mr. Cavalier added, “Jim built one of the highest performing niche marketing chains that we have seen in the market. We greatly appreciate the opportunity to advise him and his talented management team, led by Terry Carroll, through this successful sale process.”
Roy Crawford and Herbert H. West of Cabaniss, Johnston, Gardner, Dumas & O’Neal LLP served as legal counsel for Wadsworth.