Matrix Sells Certain MAPP Assets
Matrix Capital Markets Group announced the successful closing on the sale of certain assets of Mid-Atlantic Petroleum Properties to Petroleum Marketing Groupand affiliates.
MAPP’s owners started the business in 1979 as a single station in Montgomery County, Maryland, and grew the D.C. area Company by building new-to-industry locations, acquiring and improving existing locations, and expanding wholesale distribution to third-party dealer operated sites. Its owners successfully grew the company through their personal involvement, hard work, determination, and careful selection of retail real estate locations.
Matrix provided M&A advisory services to MAPP, including valuation advisory, asset marketing through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Team and Spencer Cavalier, managing director. Sean Dooley, senior associate, and Andrew LoPresti, senior analyst also advised on the transaction.
Kelso said, “We appreciate the confidence that MAPP had in us, and we are pleased to have helped the company and its owners achieve their goals.” Mr. Cavalier added, “We are honored to have been selected by MAPP and its owners, to advise them on this transaction, and we wish them well in their future pursuits. We enjoyed working with them and their entire team to successfully accomplish this transaction.”
Germantown, MD-headquartered MAPP has been an owner and operator of petroleum marketing and convenience retailing businesses in the Washington, D.C., metropolitan area.