Matrix Capital Markets Group, an independent investment bank, provided merger and acquisition advisory service to support the closing of the sale of Freeman Gas and Electric to Superior Plus Energy Services, a subsidiary of Superior Plus.

Freeman Gas and Electric was first established in Spartanburg, SC, in 1936 by J.R. Freeman Sr. and H.S. McKeown when they opened a modest appliance dealership. Freeman is now a full-service propane retailer providing propane gas deliveries, gas appliance sales and installation and repair services to nearly 70,000 residential and commercial customers across 86 counties in North Carolina, South Carolina, Georgia, Tennessee and Virginia. The company operates 23 retail showrooms and 38 bulk plants.

“In Superior Plus, we found an outstanding partner who can carry on the Freeman legacy of excellence in service to our customers and support for our employees and the communities we serve,” Rob Freeman, president of Freeman Gas and Electric, said. “Matrix was a key part of this search and in consummating the transaction. They provided excellent guidance. We cannot thank the Matrix team enough for the support they provided.”

Matrix provided merger and acquisition advisory services to Freeman Gas and Electric, which included valuation advisory, marketing the business through a confidential and structured sale process and the negotiation of the transaction. Vance Saunders, managing director at Matrix; Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail investment banking group; John Duni, vice president at Matrix; and John Mickelinc, an associate at Matrix, managed the transaction.

“Rob and the Freeman family have built a truly remarkable enterprise and one of the propane industry’s largest and most highly regarded private companies. We are honored that they entrusted us with this assignment to realize the value created by three generations of hard work and dedication, and it has been a pleasure working with the Freeman family and their team,” Saunders said. “We wish them all the best in their future endeavors.”

Mercer Thompson served as legal counsel for Freeman Gas and Electric.