Matrix Capital Markets Group, Inc. announced it has advised Engineer’s Associates, Inc. and its affiliates, d/b/a National Petroleum, on the sale of its petroleum marketing and convenience retail business to Poppy Markets, LLC, based in Union City, California.
Headquartered in Newark, California, National operates a chain of 11 convenience stores and retail fuel outlets plus a wholesale fuel distribution business supplying over 100 dealers.
National Petroleum was founded when partners Sanjiv Patel and Nick Patel acquired a 76 branded gas station with a three-bay repair shop in Berkeley, California in 2004. The company expanded its portfolio of company-operated gas stations with convenience stores throughout the San Francisco Bay area. In 2013, National expanded into wholesale fuel distribution and launched its proprietary National fuel brand at both company-operated and dealer sites.
The National brand provides attractive forecourt imaging to compete with major brands while offering significant price advantages over branded fuels. National also markets fuels under the Valero, Chevron, Shell, Exxon, and Mobil brands. At the time of sale, National had grown to nearly 100 million gallons of fuel sales across its company-operated and wholesale network, with the vast majority being unbranded.
Matrix provided merger and acquisition advisory services including valuation advisory, marketing the business through a confidential structured sale process, and transaction negotiation. The transaction was managed by Vance Saunders, CPA, Managing Director; James Mickelinc, Senior Associate; and Michael Corliss, Analyst.
“I truly couldn’t have found a better advisor to guide us through this process,” said Sanjiv Patel, CEO of National. “As this was our first time navigating a transaction of this scale, their support and genuine handholding every step of the way made a world of difference. Their attention to detail, particularly in the early stages of data gathering, felt intense at times, but as we moved forward, it became clear why they were so thorough. Both Vance and James are absolute experts at what they do.”
Saunders added, “Nick and Sanjiv have built an exceptional business over the last 20 years. We are grateful to have been selected to advise them on this transaction, and we wish them all the best in their future endeavors.”
Fred Whitaker and Ashley Bolduc of Cummins & White, LLP served as legal counsel for National.
