Investment bank Matrix Capital Markets Group advised Hicks Oils & Hicksgas Incorporated on the sale of its Hicks Oils lubricants business to Schaeffer Manufacturing Company.

Hicks Oils is an independent lubricant blending and packaging business in southern Illinois that produces automotive and industrial lubricants. Schaeffer, founded in 1839 and based in St. Louis, produces and sells a range of synthetic motor oils, industrial lubricants, hydraulic fluids and other related products.

Matrix Capital Markets provided merger and acquisition advisory services to Hicks Oils & Hicksgas Incorporated, including valuation advisory, marketing the business through the sale process, and negotiation of the sale. The Matrix Capital Markets team that managed the process included John Underwood, managing director; Vance Saunders, CPA, managing director; Andrew LoPresti, CPA, CFA, vice president; Jared de Perio, analyst.

“When I decided to sell the business, I had significant experience with Matrix from various propane market transactions and was confident they were the right company to handle the transaction,” Shawn Coady, president of Hicks, said. “Hicks Oils is a unique business, and they did an exceptional job handling the sale. I am very pleased with Schaeffer as the buyer. I believe the strategic and cultural fit of the two companies will provide significant growth opportunities as well as a great work environment for Hicks’ employees.”

“We have valued our relationship with Dr. Coady for many years and we were honored when he chose Matrix to sell the Hicks’ lubricants blending and packaging business,” Underwood said. “We very much appreciate the trust that Shawn placed in the Matrix team and the contributions from him and his operating team during the sales process.”

Bill Scott of Allen & Korkowski & Associates served as legal counsel for Hicks.