Matrix Capital Markets Group sold the propane, commercial motor fuels and lubricants business of WTG Fuels, a subsidiary of West Texas Gas, to ThompsonGas.
“We are thrilled to welcome the more than 200 employees of WTG Fuels and look forward to making them feel right at home as they join the ThompsonGas family,” Erik Peterson, CEO of ThompsonGas, said. “This new area will operate as TG Fuels, based in Midland, Texas, under the continued local leadership of Casey King and Lane Worthington. With the addition of this business in Texas and New Mexico, ThompsonGas now provides peace of mind for customers in 25 states.”
Matrix provided merger and acquisition advisory services to WTG Fuels, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Vance Saunders, managing director; Cedric Fortemps, co-head of Matrix’s downstream energy and convenience retail investment banking group; John Duni, vice president; and Michael Tucker, senior associate.
“Matrix has been a true partner to WTG over the last several years through the sale of multiple business lines in the WTG Fuels division,” John Steen, CEO of West Texas Gas, said. “We are grateful for their sound advice and execution.”
“We’ve had the pleasure of working with the WTG Fuels team since late 2021 when we began reviewing strategic alternatives for each of their businesses,” Saunders said. “We’ve really enjoyed working with them these last three years and wish them all the best in their future endeavors.”
Larry Parker of Williams Mullen served as lead legal counsel for WTG Fuels.
