Matrix Announces the Successful Sale of Revere Gas, Inc.'s Propane Distribution and Rail Terminal Assets
Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces the successful closing on the sale of Revere Gas, Inc.’s (“Revere” or the “Company”) propane distribution and rail terminal business to Quarles Petroleum, a Virginia based provider of residential and commercial fuel. Over its 75 years in business, Revere has grown to become one of the largest, family owned propane distributors in the U.S.
Founded in 1942 by H.L. Revere, the Company is a third-generation propane gas distributor headquartered in Hartfield, Virginia. Under the leadership of the late Charles Revere and his sons, Carlton Revere, President and CEO; and Craig Revere, Executive Vice President; the Company significantly expanded its marketing presence across eastern and central Virginia, operating eight branch offices, plus a rail terminal. Known for its exemplary customer service, unrivaled technical expertise, and active community involvement, Revere Gas serves over 26,000 residential, commercial, agricultural, industrial, and governmental customers in 32 counties.
“Lots of emotions were involved in making our decision to divest. While those emotions are important, there are business interests that need to be organized. Any family business considering to make such a change must have professionals that advise them well in advance of the ultimate sale. I could not dream of attempting a deal alone. The Matrix team are well versed in the intricacies of our industry and gave us good counsel as we navigated the transaction. Additionally, we are happy to call the team friends,” stated Carlton Revere.
Matrix provided merger and acquisition advisory services to Revere, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Vance Saunders, Managing Director; and John Duni, Associate.
Mr. Cavalier added, “Over the last few years we have been very fortunate to advise the Revere shareholders on two acquisitions and, ultimately, the sale of the Company. It has been an exceptional experience to work with one of the propane industry’s largest and most respected private companies. We thank the Revere family for giving us the opportunity to work with them so closely as they grew their business, and we wish them continued success as they capitalize on the shareholder value they have created to focus on other family business ventures.”
Scott Seymour, Dustin DeVore, Greg Davis, Jacob Glasser and Alex Powell of Kaufman & Canoles served as legal counsel for Revere.
About Quarles Petroleum, Inc.
Established in 1940 as a one-truck oil company in Warrenton, Virginia, Quarles Petroleum is a regional provider of residential propane and oil, commercial delivered fuels, fleet card sites and services, and lubricants. The family-owned firm headquartered in Fredericksburg serves customers in Virginia, Maryland, Delaware, West Virginia, Pennsylvania and North Carolina. Quarles strives to provide superior customer service and competitive prices every day. Quarles continues to seek the right opportunities to accelerate their growth through strategic acquisitions. In addition to its fuel sales, Quarles is a full-line distributor of Shell®, DEF (Diesel Exhaust Fluid), and lubricant products, and offers customer support programs including fuel and lubricant dispensing equipment. For more information about Quarles Petroleum, visit quarlesinc.com.
About Matrix’s Downstream Energy & Convenience Retail Group
Matrix’s Downstream Energy & Convenience 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 retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum transportation & logistics, terminals and bulk plants, food service and specialty retail. 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 completed over 200 engagements in these sectors with a total transaction value of more than $8.5 billion.
About Matrix Capital Markets Group, Inc.
Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD, Chicago, IL, and Dallas, TX. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, and publicly traded companies, including company sales, recapitalizations, corporate carve outs, corporate recovery, management buyouts, capital raises of debt & equity, corporate valuations, fairness opinions and business consulting. Matrix serves clients in a wide range of industries, including downstream energy, convenience retail, industrial products, building products, consumer products and business services. For additional information or to contact our team members, please visit www.matrixcmg.com.