Matrix Announces the Successful Sale of the Motor Fuels & Convenience Retail Business of Miller Oil Company, Inc.
Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Miller Oil Company, Inc., d/b/a Millers Energy, and its affiliates (“Miller” or the “Company”) on the sale of the Company’s 21 company-operated petroleum marketing and convenience retail stores, two company-owned dealer-operated stores, and over 70 wholesale dealer accounts located in Virginia, North Carolina, and Florida. Global Partners LP (NYSE: GLP) acquired all of the Company’s stores and wholesale dealer accounts located in Virginia and North Carolina. Sunshine Gasoline Distributors, Inc. acquired all of the Company’s wholesale dealer accounts in Florida.
Miller was founded in 1977 by the late Augustus “Gus” Miller when he purchased Exxon Company USA’s home heating oil business in Norfolk, VA. Throughout the 1980’s, the Company experienced significant growth as the business expanded into convenience retailing and petroleum marketing. In the 2000’s, the Company expanded its fuels distribution business into southern Florida with the acquisition of a dealer portfolio. Today, Jeffrey “Jeff” Miller, President of Miller, manages the Company, as he has done for the last 25 years.
In addition to the petroleum marketing, fuels distribution and convenience retail business sold, Miller Oil Company owns and operates a heating oil distribution and HVAC service business with operations in Virginia, from Virginia Beach to Manassas, which the Company will continue to own and grow.
Matrix provided merger and acquisition advisory services to Miller, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Martin McElroy Jr., CFA, Senior Associate; and Michael Tucker, CFA, Senior Analyst.
Mr. Jeffrey Miller commented, “After 40 years in a great industry that gave me and my family so much, we decided to focus on other areas of our business. We engaged Matrix to advise us on this emotional process, and we couldn’t be happier with the result. We feel Global is a good fit culturally and feel confident our brand and employees will be well taken care of.”
Mr. Fortemps said, “Jeff should be extremely proud of the incredible business his family has built and their long history of serving and giving back to the communities where they operate. Our relationship with Jeff and Gus goes back many years, which makes it especially gratifying to have been able to advise on this successful transaction.”
“The addition of Miller’s significantly expands our retail presence in the mid-Atlantic region and complements our portfolio of over 80 controlled sites and dealer network. Acquiring these high-quality locations enables us to further capitalize on our scale, supply relationships, and our integrated model to enhance product margin along each step of the value chain,” said Global Partners LP President and CEO Eric Slifka. “Like Global, Miller’s is a family-founded business with shared values around community and a commitment to customer experience. This purchase demonstrates our appetite to grow our book of business.”
Tom Frantz, Otto Konrad and Meagan Kalantar of Williams Mullen served as legal counsel for Miller.
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.