Matrix Capital Markets Group, an independent investment bank, completed the sale of lubricant operations of Dixie Gas & Oil to Quarles Petroleum.
Based in Verona, VA, Dixie is a supplier of retail propane, heating oil, commercial fuels and lubricant products throughout Virginia and West Virginia.
Matrix provided merger and acquisition advisory services to Dixie, which included valuation advisory, marketing the business through a confidential and structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, managing director of Matrix; Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail investment banking group; John Duni, vice president; of Matrix and Ned Farley, analyst at Matrix.
“We are pleased that our organization will become part of Quarles Petroleum. As a family business with an equally long history, they share our commitment to our customers, our employees, and the communities that we serve. We also appreciate the advisory expertise of the entire Matrix organization in the successful completion of our project, “ Chris Earhart, president of Dixie, said.
“It’s never an easy decision to sell a third-generation company that’s been in operation for almost 75 years. We’re grateful that Chris and Danny entrusted us to guide them through this process and wish them all the best in their future endeavors,” Saunders said.
Jessica Robinson and Victor Santos of Nelson, McPherson, Summers & Santos served as legal counsel to Dixie.
