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Matrix Announces the Sale of Boyett Petroleum’s Convenience Retail Business and Acquisition of United Pacific’s Wholesale Fuels Business

Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Modesto, CA-based Boyett Petroleum (“Boyett” or the “Company”) on the sale of its ten company-operated petroleum marketing and convenience retail stores to Apro, LLC d/b/a United Pacific. United Pacific will lease nine of the stores it acquired from Boyett and related-party landlords under long-term lease agreements. In a separate transaction, Boyett has acquired United Pacific’s wholesale fuels distribution business, which consists of approximately 200 fuel supply accounts.

Stan and Carol Boyett founded Boyett Petroleum in 1940 as an operator of gas stations in and around Modesto, CA. Carol and Stan were joined in the business by their son, Carl, in 1970. Carl dramatically expanded the Company’s wholesale distribution division and added to the Company’s growing stable of fuel brands. In 1993, Carl’s son Dale joined the family business. Under Dale’s leadership, the third-generation family-owned company has become one of the largest independent fuel distributors in the United States, supplying fuel to more than 500 service stations and operating ten Cruisers convenience stores.

Boyett’s ten Cruisers-branded convenience stores are high-performing stores that sell 76 branded fuels. The divestment of these stores allows the Company to focus on its growing wholesale fuels distribution business.

Boyett also acquired United Pacific’s wholesale fuels distribution business, which consists of Shell, Marathon, Phillips 66 and Valero branded, as well as unbranded, dealer accounts across California, Oregon, and Washington. As part of this transaction, Boyett acquired United Pacific’s distribution rights in and to the Shell brand, which will allow the Company to provide another premium brand offering to its existing and new dealer accounts.

Matrix provided merger and acquisition advisory services to Boyett, which included valuation advisory, marketing the business through a confidential, structured sale process, buy-side advisory, and negotiation of the transactions and lease agreements. The transactions were managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Kyle Tipping, CFA, Senior Associate; and Alexander Rakos, Senior Analyst.  

Scott Castle, President of Boyett Petroleum, stated, “It was a pleasure working with the team at Matrix throughout this process. They exceeded our expectations and displayed an extremely impressive depth of knowledge not only of our business but the entire industry. We believe that United Pacific will take the stores to the next level. They have a fantastic retail team and have welcomed our employees with open arms. It was important to us to find a company that valued our team as much as we did, and United Pacific did just that. We’re also very excited to bring United’s wholesale customers and team into the Boyett Family and look forward to growing the network of dealers.”

Mr. Fortemps added, “We greatly enjoyed working with the entire Boyett team on these transformational transactions for them. They accomplished their near-term goal of exiting retail and retaining the convenience retail real estate, and longer-term goal of significantly growing their wholesale business. These transactions really are a win-win for Boyett and United Pacific and all the employees involved.” 

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 additional offices in Baltimore, MD and New York, NY. 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, car washes, 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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