Before the sale, Rusher Oil distributed Amoco and BP fuels to 19 branded convenience stores and one commissioned marketer location within a 20-mile radius of its Salisbury, NC, headquarters. Rushco Food Stores operated 19 branded convenience stores under the name Rushco Markets.
Matrix’s services included valuation advisory; marketing the business through a confidential, structured sale process; and the negotiation of the transaction. The transaction was managed by Vance Saunders, managing director for Matrix; John Duni, vice president for Matrix; and James Mickelinc, an analyst for Matrix.
“Selling a business is a difficult decision,” the Rusher family said in a statement. “Matrix was able to lead us through the process and provide timely advice to help us make the best decision possible.”
“The Rusher family operated quality stores, and we are honored they selected us to carry on in their communities,” Haddon M. Clark, president of Sampson-Bladen Oil, said. “I thank all the people that contributed to the smooth transition of the changeover.”
“Three generations of the Rusher family have worked hard to create the exceptional business that exists today,” Saunders said. “We’re honored to have been selected to advise the Rushers on such an important transaction for their family. We wish them all the best in their future endeavors.”
Will Smoak and Wells Hall of Nelson Mullins Riley & Scarborough served as legal counsel to Rusher. James Oliver of Hatch, Little and Bunn served as legal counsel to Sampson-Bladen Oil.