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 among the largest independent oil companies in the United States, with more than a century of service. The company provides fuel and lubricant supply and distribution solutions across 34 states, serving wholesale, commercial, industrial, retail, marine, and cardlock customers through an integrated terminal network and extensive delivery capabilities. Guided by principles of integrity, service, entrepreneurship, and family, Colonial Oil Industries delivers data-driven energy solutions and a partner-focused customer experience.
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 designed for efficient and reliable delivery. Atkinson Oil has received multiple awards recognizing its safety performance, environmental stewardship, and customer service.
About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group
Matrix Capital Markets Group’s Downstream Energy & Convenience Retail Investment Banking Group is widely recognized as a national leader in transactional advisory services for companies operating in downstream energy and multi-site retail sectors. These include convenience retailing, petroleum marketing and distribution, propane and heating oil distribution, lubricants distribution, petroleum transportation and logistics, terminals, car washes, and quick-service restaurants. The group provides advisory services across mergers and acquisitions, debt and equity capital raises, corporate valuations, special situations, and strategic planning. Since 1997, the group has completed more than 400 engagements.
About Matrix Capital Markets Group
Founded in 1988, Matrix Capital Markets Group, a division of Citizens Financial Group, Inc., is an advisory-focused investment bank headquartered in Richmond, Virginia, with an additional office in Baltimore, Maryland. The firm provides merger and acquisition and financial advisory services to privately held, private equity–owned, and publicly traded companies. Services include company sales, recapitalizations, capital raises, corporate carve-outs, management buyouts, valuations, and fairness opinions. Sector-focused advisory groups serve clients in automotive aftermarket, downstream energy and convenience retail, and outdoor recreation and marine markets, as well as a broader range of industries including business services, consumer, and diversified industrials.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the oldest and largest financial institutions in the United States, with $226.4 billion in assets as of December 31, 2025. Headquartered in Providence, Rhode Island, the company provides a full range of retail banking, private banking, wealth management, and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. Its consumer banking platform includes mobile and online banking, a full-service contact center, approximately 3,100 ATMs, and about 1,000 branches across 14 states and the District of Columbia. Commercial banking services span lending and leasing, treasury management, foreign exchange, risk management solutions, and capital markets capabilities, including loan syndication, corporate finance, and merger and acquisition advisory.