Matrix Serves as Financial Advisor to Guttman Energy, Inc. on the Successful Sale of its Columbus, OH Based Propane and Lubricants Division
RICHMOND, VA – July 22, 2014 – Matrix Capital Markets Group, Inc. (“Matrix”) announces that it has advised Guttman Energy, Inc. (“Guttman”) on the successful sale of its Columbus, Ohio based propane and lubricants division, doing business as Guttman Oil Company (“Guttman Oil-Columbus Division”). Guttman Oil-Columbus Division sells propane and lubricants to a variety of residential, commercial and industrial customers located throughout central Ohio. It was purchased by Chicago-based Energy Distribution Partners (“EDP”), a privately-held company led by propane industry veteran operator, Thomas E. Knauff.
Founded in 1931, Guttman is a leading provider of energy procurement solutions and logistics management services, for petroleum, natural gas and electricity, serving the commercial, industrial and retail markets, with customers located in fifteen (15) states.
Guttman chose to divest its propane and lubricants centric division to focus capital on the continued growth of its core business: the procurement and logistics management of refined fuels, natural gas and electricity. Alan Guttman, commented on the divestment, “We would like to express our thanks to our valued Columbus Division employees for the 32 years of business that Guttman Oil Company enjoyed in the Columbus market. You represented our company with true professionalism and a passionate concern for the customer.”
Matrix provided merger and acquisition advisory services to Guttman, which included valuation advisory, transaction structuring and negotiating. The transaction was managed by Thomas Kelso, Managing Director and Head of the Matrix Energy and Multi-Site Retail Group; Spencer Cavalier, Managing Director; Sean Dooley, Senior Associate; and Andrew LoPresti, Senior Analyst. Mr. Cavalier commented, “We are honored to have advised Guttman on this strategic divestment, and we enjoyed working with the Company’s management team to consummate the transaction. The acquisition by EDP is a logical fit as it continues to build its presence in the Ohio Valley.”
EDP, founded in 2011 when Mr. Knauff and Marlo Young, EVP Retail Propane teamed up to acquire, develop and manage companies and assets in the petroleum midstream and downstream sectors in which the firm has expertise, with an intense focus on retail propane and natural gas liquids (“NGL”) midstream assets such as pipelines, storage facilities and terminals. Guttman Oil’s Columbus Division, now operating as BrightStar Propane & Fuels, adds to EDP’s Ohio based operations of Linden’s Propane and Ludwig Propane. EDP’s acquisition efforts are led by Brett Krause, Corporate Development.