Matrix Capital Markets Group, Inc., a leading, independent investment bank, announces that it has advised on the sale of New West Oil Company, L.L.C. to RelaDyne LLC, a portfolio company of Audax Private Equity.
New West was founded in 2011 by Tim Genrich (CEO), Ron Reeves (president), Tom Turley (VP Commercial Sales), and Terry Cooney (CFO), who previously worked together for more than 20 years at Canyon State Oil Company. The Company began as a Valvoline distributor and over a nine-year period transformed from a start-up to a leading lubricant and commercial fuels provider in the Southwest. In 2013, New West formed an environmental division to collect used oil from customers that could be resold as burner fuel to asphalt and concrete companies. New West grew quickly by providing high-quality service and a comprehensive product offering of lubricant, fuel, and environmental services from a single vendor. New West is the exclusive distributor for Valvoline and Petro-Canada products in key metro areas of Arizona and Nevada.
Matrix provided merger and acquisition advisory services to New West, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the purchase agreement. The transaction was managed by John Underwood, Managing Director; Andrew LoPresti, Vice President; and Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group.
Tim Genrich, CEO of New West, commented, “The Matrix team did an outstanding job working with both sides to arrive at a successful closing.”
Underwood added, “It has been a real pleasure to work with the owners of New West Oil. We are incredibly impressed with the dedication and tenacity they have demonstrated in building the Company from a start-up to a premier lubricants distributor, leading commercial fuels supplier and waste oil recycler in less than ten years. Matrix is honored to have been chosen to advise New West on a successful exit and finding a buyer that will continue to build on their impressive growth trajectory.”
Terry Thompson, Daniel DeChesaro, and Dominick San Angelo of Gallagher & Kennedy served as legal counsel for New West.