Matrix Capital Markets Group announced the successful closing on the sale of the fuels transportation, residential heating oil and tank wagon commercial fuels businesses owned by CrossAmerica Partners that were formerly operated by wholly owned subsidiary, Petroleum Marketers to multiple buyers.

Reliable Tank Line, a division of Quality Oil Company, purchased the fuels transportation business. The heating oil and tank wagon commercial fuels business was sold by terminal branch to multiple buyers: Quarles Petroleum, Davenport Energy and Woodfin Heating.

Matrix provided merger and acquisition advisory services to CrossAmerica, on the above divestitures, which included valuation advisory, marketing of the assets through a customized, confidential, structured sale process, and negotiation of the transaction.

The transaction was co-managed by Spencer Cavalier, managing director and Cedric Fortemps, managing director. Andrew LoPresti, associate, also advised on the transaction.

Richmond, VA-based Matrix’s Downstream Energy & Retail Group provides transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum transportation & logistics, petroleum storage, oilfield services, renewable fuels, food service and specialty retail.