Matrix Advises on Sale of Atkinson Oil Company LLC to Colonial Oil Industries
Matrix Capital Markets Group, a division of Citizens, has advised Atkinson Oil Company, LLC, an affiliate of Jet Food Stores of Georgia, Inc., on its sale to Colonial Oil Industries, Inc. Atkinson Oil is a leading distributor of commercial fuels and lubricants across Georgia and also operates an emergency fueling business across the Eastern and Southern United States.
Atkinson Oil traces its roots to 1987 with the purchase of Pittman Oil, a single-truck fuel distributor and full-service gas station and tire center operator in Sandersville, Georgia. The Company experienced significant growth in the subsequent decades, both organically and through strategic acquisitions, including Kay Oil Company, Hammock Oil Company, and Producers Petroleum. During this period, Atkinson Oil also divested its service station operations to focus on its core fuel distribution platform.
In 2016, Jet Food Stores acquired Atkinson Oil and invested significantly in the business, expanding its distribution capabilities and adding complementary offerings, including distribution of Total-branded lubricants and a disaster-relief business providing emergency fuel supply to areas impacted by natural disasters.
At the time of its sale, Atkinson Oil served nearly 500 commercial fuels and lubricants customers in Georgia and ranked among the largest Total-branded lubricants distributors in the country. Jet Food Stores will use the proceeds from the transaction to reinvest and grow its premier convenience store business.
Matrix provided merger and acquisition advisory services to Atkinson Oil, including valuation advisory and the execution of a confidential, structured sale process. The transaction was managed by Vance Saunders, CPA, Managing Director, Kyle Tipping, CFA, Vice President, and Ethan Sannes, Analyst.
Clint Hancock, President of Jet Food Stores, commented, “I want to first thank Michael Atkinson for his outstanding leadership over the past ten years during our ownership of the company. Michael and the entire Atkinson Oil team have built a best-in-class organization, and we are deeply grateful for their dedication, hard work, and commitment to serving customers every day. We are also excited to watch the Atkinson Oil employees continue to grow and thrive as part of the Colonial Oil organization. Colonial is a family-owned business that closely aligns with our own values and culture, with a shared commitment to treating both employees and customers in a truly best-in-class manner.”
Regarding Matrix’s services, Mr. Hancock noted, “The Matrix team, led by Vance, Kyle, and Ethan, provided outstanding advisory services. Their professionalism, deep market knowledge, and disciplined process were evident at every step – from evaluation and marketing through executing a complex asset purchase agreement and closing. Matrix clearly understands the market, and their process delivered several competitive offers and an exceptional outcome.”
Mr. Saunders added, “It was a pleasure working with Clint, Michael Atkinson, and the entire Atkinson Oil team on this transaction. They have built a highly attractive platform, combining their expertise in fuels and lubricants distribution with differentiated disaster relief capabilities. We are incredibly honored to have represented them on this transaction and look forward to Atkinson’s continued growth under Colonial’s ownership.”
ABOUT COLONIAL OIL INDUSTRIES INC:
Colonial Oil Industries, Inc., a division of Colonial Group, Inc. based in Savannah, Georgia, is one of the largest independent oil companies in the United States, serving customers for more than 100 years. The company provides fuel and lubricant supply and distribution solutions across 34 states to wholesale, commercial, industrial, retail, marine, and cardlock customers through an integrated network of terminals and expansive delivery capabilities. Guided by values of integrity, service, entrepreneurship, and family, Colonial Oil Industries delivers data‑driven energy solutions and an exceptional partner experience that empower businesses and agencies to perform.
ABOUT ATKINSON OIL Company LLC:
Atkinson Oil Company, LLC is a fuel and petroleum products distributor headquartered in Sandersville, Georgia. The company supplies fuel, lubricants, and diesel exhaust fluid (DEF), supported by a dedicated fleet of delivery trucks committed to fast and efficient service. Atkinson Oil has received multiple awards recognizing its strong safety record, environmental responsibility, and outstanding customer service.
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 transportation & logistics, terminals, car washes and quick service restaurants. 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 400 engagements.
About Matrix Capital Markets Group
Founded in 1988, Matrix Capital Markets Group, a division of Citizens, is a leading, advisory-focused 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, 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.
Our industry focused, dedicated sector advisory groups serve clients in the automotive aftermarket, downstream energy & convenience retail, and outdoor recreation & marine markets. Our broad sector advisory groups serve clients in a wide range of industries including business services, consumer, and diversified industrials. For additional information or to contact our team members, please visit www.matrixcmg.com.