Independent investment bank Matrix Capital Markets supported the sale of Revere Gas’ propane distribution and rail terminal business to Quarles Petroleum, a provider of residential and commercial fuel.
Over its 75 years in business, Revere has grown to become one of the largest, family owned propane distributors in the U.S. Founded in 1942 by H.L. Revere and headquartered in Hartfield, VA, the company is a third-generation propane gas distributor. The late Charles Revere and his sons, Carlton Revere, current president and CEO, and Craig Revere, current executive vice president, significantly expanded the company’s marketing presence across eastern and central Virginia, operating eight branch offices, plus a rail terminal. The company serves over 26,000 residential, commercial, agricultural, industrial, and governmental customers in 32 counties.
Matrix provided merger and acquisition advisory services to Revere, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Matrix Managing Director Spencer Cavalier, Managing Director Vance Saunders and Associate John Duni.
“Lots of emotions were involved in making our decision to divest. While those emotions are important, there are business interests that need to be organized. Any family business considering such a change must have professionals that advise them well in advance of the ultimate sale. I could not dream of attempting a deal alone. The Matrix team are well versed in the intricacies of our industry and gave us good counsel as we navigated the transaction. Additionally, we are happy to call the team friends,” said Carlton Revere.
“Over the last few years we have been very fortunate to advise the Revere shareholders on two acquisitions and, ultimately, the sale of the company,” Cavalier added. “It has been an exceptional experience to work with one of the propane industry’s largest and most respected private companies. We thank the Revere family for giving us the opportunity to work with them so closely as they grew their business, and we wish them continued success as they focus on other family business ventures.”
Kaufman & Canoles served as legal counsel for Revere.
