Matrix Capital Markets Group, Inc. announces the successful sale of Mutual Oil Co., Inc.’s branded, contract dealer business, comprised of over 150 dealer supply contracts, structured agreements and transportation fleet. The dealer supply contracts and structured agreements have been sold to an undisclosed purchaser. Mutual’s transportation business, comprised of 22 transports, was also sold to an undisclosed purchaser. The sale of Mutual’s branded dealer and transportation business was conducted through a structured sale process and there was a simultaneous closing.
Founded in 1937, Mutual has grown to become one of the largest and most diversified privately held petroleum distributors in the U.S. and enjoys a reputation of providing high quality products, service and logistics to its customers. The company is owned and operated by Ed Rachins and Steve Shaer. Mr. Shaer’s son, Jon Shaer, has managed and grown the branded supply business over the last several years. The primary reason for the divestment is for Mutual to focus exclusively on its rapidly growing unbranded fuels’ supply and trading business, which is now present in most states along the east coast. Steve Shaer commented on the process, “Mutual has had a long business relationship with Matrix, and they have consistently done an outstanding job of managing a challenging process. Ed and I have been very pleased.”
Matrix provided merger and acquisition advisory services to Mutual, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was co-managed by
Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Group, and Spencer Cavalier, Managing Director. Sean Dooley, Senior Associate, and Andrew LoPresti, Senior Analyst, also advised on the transaction. Mr. Cavalier commented, “Matrix has worked closely with Mutual on several financial advisory projects since 2006, and we continue to be impressed at how management monetizes and deploys capital into their business. We greatly appreciate our relationship with Steve and Ed and their confidence in us.”
Jeffrey Leiter of Leiter & Cramer PLLC served as legal counsel for Mutual.
About Matrix’s Downstream Energy & Retail Group
Matrix’s Downstream Energy & Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate restructurings, corporate valuations, and strategic planning engagements. Since its inception in 1997, this dedicated group has successfully advised on nearly 140 engagements in these sectors with a total transaction value in excess of $5.2 billion of transaction value. For additional information, please visit www.matrixcmg.com.
