Matrix Capital Markets Group has advised Downs Energy and its affiliates on the sale of its cardlock, fleet card, delivered fuels, and lubricants distribution businesses to SC Fuels, a subsidiary of Pilot Travel Centers.
Matrix provided merger and acquisition advisory services to Downs Energy, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale of the company and lease of the facilities to Pilot Company. The transaction was managed by Cedric Fortemps, co-head of Matrix’s downstream energy & convenience retail investment banking group; David Corbett, director; and Michael Corliss, analyst.
“Over three generations, the Downs family has built one of the leading cardlock, fleet card and fuels and lubricants distribution businesses in the industry by focusing on continuous investment in their state-of-the-art cardlock facilities and best-in-class customer service,” Fortemps said. “We were honored to have advised them on the sale of the company.”
Gary Fitzpatrick and Sam Reep of Brown & Streza served as legal counsel for the company. Matthew Jann of Glaser Weil Fink Howard Jordan & Shapiro served as legal counsel for Pilot Company.
