Matrix Capital Markets Group, an independent investment bank, advised Tri Gas & Oil and Comfort Plus Services on the companies’ acquisition of a Delmarva Peninsula-based refined fuels distributor and HVAC services business.
Tri Gas & Oil, established in 1963, delivers heating oil throughout the Delmarva Peninsula.
Comfort Plus Services provides installation and repair of heating and air conditioning systems as well as indoor air quality (IAQ) solutions.
Matrix provided merger and acquisition advisory services, which included advisory on valuation, deal structuring and financing options. The transaction was managed by Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail investment banking group; Sean Dooley, director at Matrix; and Nathan Wah, senior analyst at Matrix.
“This acquisition is very complementary to our existing business divisions, and we look forward to welcoming both the customers and employees of the seller into the greater Tri Gas family of businesses. We are especially excited for the expansion opportunity that this presents to Comfort Plus Services. We would also like to thank the team at Matrix for their leadership throughout the transaction. Their attention to detail and proficiency led to a mutually beneficial closing for both parties,” Keith McMahan, chairman and CEO of Tri Gas & Oil, and Nash McMahan, president of Tri Gas & Oil, said in a joint statement.
“We have had the pleasure of knowing the McMahan family for many years and watching them grow the company over the decades. Keith, Nash and their team are extremely successful entrepreneurs, and we are excited for them to acquire significant, additional market share in their marketing footprint. We were honored to have the opportunity to advise the company on this exceptional acquisition and we look forward to continued growth by Tri Gas in the future,” Dooley said.
