Matrix Capital Markets Group advised on the sale of PMI Lubricants, a portfolio company of Dunne Manning and a Mid-Atlantic provider of lubricants, diesel exhaust fluid and ancillary products to retail, commercial and industrial customers, to Wallis Lubricants.
Matrix provided merger and acquisition advisory services to PMI Lubricants, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Andrew LoPresti, director; Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail investment banking group; and Matthew Paniccia, associate.
“We greatly appreciated the guidance and expertise we experienced working alongside Spencer, Andrew and the entire team at Matrix throughout this process,” the Dunne Manning leadership team said. “They were excellent partners. We are greatly appreciative of Kathy Draper and her leadership team at PMI Lubricants for their efforts in building a best-in-class lubricants business across the Commonwealth of Virginia. The Wallis team shares many of the same values and goals we have focused on in building PMI Lubricants and know they will be focused on continuing that legacy.”
“We are honored to have advised Dunne Manning on the divestment of PMI Lubricants,” Cavalier said. “PMI is a very well-managed lubricants distributor, led by the talented Kathy Draper. Lastly, we would like to thank the Dunne Manning leadership team, who are exceptional, long-term investors.”
