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Matrix Announces the Successful Sale of Haywood Oil Company, Inc.’s Heating Oil and Commercial Fuels Businesses

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 heating oil and commercial fuels businesses to Colonial Oil Industries, Inc. The Company is headquartered in Waynesville, NC and distributes heating oil and commercial fuels throughout western North Carolina.

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.

David Blevins’ son, Todd, 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 expanded its heating oil and commercial fuels businesses through its acquisition of Petroleum World in 2015 and serviced more than 3,200 customers by leveraging its fleet of tank wagons and bulk plant facilities. After successfully divesting the Company’s retail and wholesale fuels business in December of 2021, Mr. Blevins decided to make a full exit from petroleum distribution.


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, Associate.

Todd 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.”

“Both companies are family-based businesses, and we want customers to know that they will continue to receive the same great service they have come to expect,” said Chris Ingram, vice president of Colonial Oil Industries. “They will still work with the same people in our organization as they have in the past, and all the products and services they have received previously will remain unchanged.”
Mr. Fortemps added, “I don’t think we could have found a better steward for these businesses as Colonial’s culture is to take care of its employees and customers, much like Haywood Oil did for many years. We’re pleased that we were able to achieve a very successful outcome for the Blevins family on the sale of their convenience retail and petroleum distribution businesses. We are excited for what lies ahead for them.”

Otto Konrad and Amber Duncan of Williams Mullen served as legal counsel for Peak.

About Colonial Group Inc.
A fourth generation family-owned business founded in 1921, Colonial Group Inc. (“Colonial Group”) is a diversified energy and port-related company headquartered in Savannah and one of America’s largest privately-held companies. In 2021, the company marked its 100th anniversary by celebrating with its dedicated team of more than 2,000 employees, giving to hometown causes and observing historical milestones. Over the years, the business has diversified to be the umbrella company of Colonial Oil, Colonial Terminals, Colonial Fuel & Lubricant Services, Enmarket, Colonial Energy, Colonial Chemical Solutions, Colonial Towing, Savannah Yacht Center and Aqua Smart. For more information on Colonial Group Inc., please visit

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 270 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

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