Daily News: January 4, 2013

Matrix Advises Sale of Mutual Oil Assets to Multiple Buyers

Matrix Capital Markets Group announced the sale of 19 gas station and convenience store wholesale assets for Mutual Oil Co.

The wholesale assets were sold to multiple buyers including Alliance Energy, a wholly-owned subsidiary of Global Partners, and various regional jobbers and individual store operators. Mutual conveyed fee simple interests in 17 of the sites and leasehold interests in two of the sites. The company has entered into long-term contracts to supply fuel to many of the buyers, primarily under its proprietary Mutual fuel brand.

Matrix provided merger and acquisition advisory services to Mutual, which included valuation advisory, transaction structuring, marketing and negotiating.

The transaction was managed by Tom Kelso, managing director and head of the Energy and Multi-Site Retail Group; Spencer Cavalier, director; Sean Dooley, associate and Andrew LoPresti, senior analyst. Phillip Lapatin of Holland & Knight served as legal counsel for Mutual.

Mutual is a privately-held petroleum distributors in the U.S. In 2003, the company exited the directly operated retail business to focus solely on the wholesale distribution and transportation of fuels. Mutual leases the sites to individual licensees and rebranded and supplied fuel to all of the sites primarily under the Mutual brand.

Mutual co-owner Steve Shaer commented on the transaction, “We have been very pleased with the professional and thorough manner in which Matrix has managed the entire process. They have been a pleasure to work with.”

Matrix Capital Markets Group is a middle-market investment bank that provides merger & acquisition and financial advisory services for corporate and privately-held companies.