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Matrix Advises Tri Gas & Oil on the Successful Acquisition of A Leading Refined Fuels Distributor and HVAC Services Business

Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces that Tri Gas & Oil Co., Inc. (“Tri Gas & Oil”) and Comfort Plus Services, LLC (“Comfort Plus Services” or “CPS”) or (collectively, the “Company”) has acquired a leading Delmarva Peninsula based refined fuels distributor and HVAC services business.

Tri Gas & Oil, and its predecessor entities, have been delivering fuel and providing high levels of customer service throughout the Delmarva Peninsula since the late 1950’s. In 1946, Lee D. McMahan started the McMahan Poultry Company, and several years later he acquired a used oil truck to deliver fuel to his own poultry houses. Soon thereafter, he started delivering fuel to neighboring poultry farmers who wanted the benefit of oil delivery. Tri Gas & Oil was officially incorporated in 1963, delivering heating oil throughout the Delmarva Peninsula.

Martix - Tri Gas Oil

At the time of incorporation, Tri Gas & Oil primarily offered propane and heating oil delivery to commercial customers. As the business grew, offerings were expanded to include residential customers, and also additional product lines, such as custom oil blends, biodiesel, and a range of other cutting edge and environmentally friendly products. For more than three generations, customers have relied on Tri Gas & Oil as a locally owned, family-run business that specializes in making area homes and businesses more comfortable, and in helping customers lower their energy costs.  Today, Tri Gas & Oil serves customers throughout Maryland and Delaware, with a core density on Delmarva. 

Comfort Plus Services, “Your Trusted Source for HVAC”, has years of experience providing superior installation and repair of heating and air conditioning systems as well as indoor air quality (IAQ) solutions. CPS is a Carrier® Factory Authorized Dealer with an extremely well trained staff that services all heating and cooling equipment brands.

Keith McMahan, Chairman & CEO and Nash McMahan, President, Tri Gas & Oil, commented, “This acquisition is very complementary to our existing business divisions, and we look forward to welcoming both the customers and employees of the seller into the greater Tri Gas family of businesses.  We are especially excited for the expansion opportunity that this presents to Comfort Plus Services.  We would also like to thank the team at Matrix for their leadership throughout the transaction. Their attention to detail and proficiency led to a mutually beneficial closing for both parties.”

Matrix provided merger and acquisition advisory services to the Company, which included advisory on valuation, deal structuring, and financing options. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, Director; and Nathan Wah, Senior Analyst. 

Mr. Dooley commented, “We have had the pleasure of knowing the McMahan family for many years and watching them grow the Company over the decades.  Keith, Nash, and their team are extremely successful entrepreneurs, and we are excited for them to acquire significant, additional market share in their marketing footprint.  We were honored to have the opportunity to advise the Company on this exceptional acquisition and we look forward to continued growth by Tri Gas in the future.”

About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group

Matrix’s Downstream Energy & Convenience Retail Investment Banking 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 logistics, terminals and car washes.  Group 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 valuations, special situations and strategic planning engagements.  Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 230 engagements with a total transaction value of more than $11.5 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 and Chicago, IL. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies, as well as municipalities.  Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, municipal advisory, corporate carve outs, special situations, management buyouts, corporate valuations, fairness opinions and business consulting. Matrix serves clients in a wide range of industries, including automotive aftermarket, building products, business services, consumer products, convenience retail, downstream energy, healthcare, and industrial products. For additional information or to contact our team members, please visit

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