Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Haywood Oil Company, Inc. d/b/a Peak Energy (“Peak” or the “Company”) 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.
Mr. 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.”
Mr. 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.
About Majors Management, LLC
Lawrenceville, GA-based Majors Management, LLC is an owner, developer and operator of convenience stores and a distributor of high-quality branded motor fuels. Majors and its affiliates supply fuel to over 1,000 convenience store locations. Majors partners with leading petroleum brands including BP, Shell, Chevron, Exxon, Marathon, Citgo, Mobil, Texaco, Valero, Phillips, Sunoco, 76, and Alon. Its current markets include Alabama, Arkansas, Arizona, Florida, Georgia, Kansas, Louisiana, North Carolina, Mississippi, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and West Virginia. In the last two years, Majors has completed twelve acquisitions across eleven states and expanded its geography in the mid-Atlantic and Texas while complementing its footprint throughout the Southeast.
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 260 engagements with a total transaction value of more than $13 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 an additional office in Baltimore, MD. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions. 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 www.matrixcmg.com.