Matrix Capital Markets Group, an independent investment bank, advised Miller Oil Company (doing business as Millers Energy) and its affiliates on the sale of the company’s 21 company-operated petroleum marketing and convenience retail stores, two company-owned dealer-operated stores and more than 70 wholesale dealer accounts located in Virginia, North Carolina and Florida. Global Partners acquired all of the company’s stores and wholesale dealer accounts located in Virginia and North Carolina. Sunshine Gasoline Distributors acquired all of the company’s wholesale dealer accounts in Florida.
Miller was founded in 1977 by the late Augustus “Gus” Miller when he purchased Exxon Company’s home heating oil business in Norfolk, VA. Throughout the 1980’s, the company experienced significant growth as the business expanded into convenience retailing and petroleum marketing. In the 2000’s, the company expanded its fuels distribution business into southern Florida with the acquisition of a dealer portfolio. Today, Jeffrey “Jeff” Miller, president of Miller, manages the company, as he has done for the last 25 years.
In addition to the petroleum marketing, fuels distribution and convenience retail business sold, Miller Oil Company owns and operates a heating oil distribution and HVAC service business with operations in Virginia, from Virginia Beach to Manassas, which the company will continue to own and grow.
Matrix provided merger and acquisition advisory services to Miller, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Cedric Fortemps CFA, co-head of Matrix’s downstream energy and convenience retail investment banking group; Martin McElroy Jr., CFA, senior associate; and Michael Tucker, CFA, senior analyst.
“After 40 years in a great industry that gave me and my family so much, we decided to focus on other areas of our business,” Jeffrey Miller said. “We engaged Matrix to advise us on this emotional process, and we couldn’t be happier with the result. We feel Global is a good fit culturally and feel confident our brand and employees will be well taken care of.”
“Jeff should be extremely proud of the incredible business his family has built and their long history of serving and giving back to the communities where they operate,” Fortemps said. “Our relationship with Jeff and Gus goes back many years, which makes it especially gratifying to have been able to advise on this successful transaction.”
“The addition of Miller’s significantly expands our retail presence in the mid-Atlantic region and complements our portfolio of over 80 controlled sites and dealer network. Acquiring these high-quality locations enables us to further capitalize on our scale, supply relationships, and our integrated model to enhance product margin along each step of the value chain,” Eric Slifka, president and CEO at Global Partners, said. “Like Global, Miller’s is a family-founded business with shared values around community and a commitment to customer experience. This purchase demonstrates our appetite to grow our book of business.”
Tom Frantz, Otto Konrad and Meagan Kalantar of Williams Mullen served as legal counsel for Miller.