Matrix Capital Markets Group, Inc., a leading, independent investment bank, announces that it has advised Haywood Oil Company, Inc. d/b/a Peak Energy on the sale of its convenience retail, petroleum marketing, and wholesale fuels business to Majors Management, LLC. The Company is headquartered in Waynesville, NC and operates retail stores and serves wholesale customers throughout western North Carolina, as well as parts of South Carolina, Georgia and Tennessee.
Incorporated in 1952, Haywood Oil Company has grown from a local home heating oil delivery company into a leading petroleum marketer, fuels distributor and foodservice business. In 1973, David Blevins left Exxon to become President of Haywood Oil Company. The Company grew through multiple acquisitions that brought additional convenience stores, bulk plants, and fuel brands to the business.
Todd Blevins became President of Haywood Oil Company, Inc. in 1999 and continued the company’s legacy of growth by making seven acquisitions over the next ten years and added a complementary branded foods division. The Company grew its wholesale fuels business by providing its network of 100+ dealers with site and building design, financing, fleet fueling, and branded fuel options. The Company’s fuel brand offerings consist of BP, Exxon, Mobil, Citgo and Sunoco, as well as independent brands.
Matrix provided merger and acquisition advisory services to Peak, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Andrew LoPresti, CFA, CPA, Vice President; and Michael Tucker, CFA, Senior Analyst.
Blevins commented, “It was a difficult decision to sell the business. I am very thankful for the talented people that helped us build the Company over the years. I enjoyed working with Cedric and his team at Matrix. They managed the sale from valuation to closing with an organized and professional process and I am very pleased with the outcome. In addition, Otto Konrad and his legal team at Williams Mullen were excellent to work with and helped make this transaction a success.”
Fortemps added, “The density of Peak’s retail and wholesale assets in growing markets made the opportunity very attractive to companies in the industry looking to expand. We’re pleased that we were able to achieve a very successful outcome on an accelerated timeline for the Blevins family and are excited for what lies ahead for them.”
Ben Smith, President of Majors Management, LLC, said, “Todd Blevins and all members of his team have built a great organization. We hope to build upon their success and grow our footprint in Western North Carolina and Tennessee.”
Otto Konrad, Amber Duncan, Lauren Pennington, and Elizabeth Chapman of Williams Mullen served as legal counsel for Peak.
