Matrix Advises on the Sale of Leahy-Wolf Co. to ACE Solutions, LLC
Matrix Capital Markets Group, a division of Citizens, has advised Leahy-Wolf Co. on its sale to ACE Solutions, LLC, a portfolio company of Plexus Capital. Headquartered outside of Chicago, Illinois, Leahy-Wolf Co. is a leading Midwest lubricants distributor offering commercial, industrial, and automotive lubricants, diesel exhaust fluid, antifreeze, coolants, and related products to customers primarily in Illinois, Indiana, Wisconsin, and Michigan.
In 1946, James Leahy and Herbert Wolf established Leahy-Wolf Co. with a vision to provide fuel to homes and businesses in and around Chicago. With expertise in petroleum products, they quickly diversified into the lubricant industry, using their extensive knowledge of fuels, machinery, and extreme climate conditions to become leading innovators in the volatile road construction sector. Ken Leahy, James’ son, joined the business in 1978 and expanded its manufacturing capabilities, helping position the Company as an early leader in vegetable-based products. In 2000, Keanan Leahy joined the Company and assumed the role of President following his father’s untimely passing just six months later. Keanan quickly made the decision to pivot from small-batch lubricants blending to focus on lubricants distribution. In 2005, Keanan partnered with Terry Long, a veteran lubricants marketer, beginning a 20-year journey during which the Company grew revenues by more than 21% annually and became one of Petro-Canada’s largest distributors. Going forward, Keanan will remain actively involved in ACE’s operations, leading its Midwest region.
Matrix provided merger and acquisition advisory services to Leahy-Wolf Co., which included valuation advisory and marketing the business through a confidential, structured sale process. The transaction was managed by Andrew LoPresti, CFA, CPA, Director; Spencer Cavalier, CFA, ASA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Matt Paniccia, CFA, Associate; and Yehuda Dachs, Analyst.
Keanan Leahy, President of Leahy-Wolf Co. commented, “I am very excited about the opportunities that the partnership with ACE provides – namely, allowing the Leahy-Wolf team to continue that legacy and enhance our customer offering to an unmatched level. It was very obvious from the beginning that the Matrix team had a deep knowledge of this market, and their guidance was critical to helping us find the right partner and streamline the process.”
Mr. LoPresti added, “It was a pleasure working with Keanan and Terry and an honor to serve as their advisor on this important transaction for the continued growth of the Company. What they have built at Leahy-Wolf is extremely impressive, and we look forward to seeing the Company continue to excel with ACE.”
“With its 80+ year history of family ownership and stellar reputation as a regional market leader, Leahy-Wolf is a perfect fit for our partnership strategy,” said Rob Walker, CEO of ACE. “We are excited to work alongside Keanan and the rest of the Leahy-Wolf management team to continue building upon the Company’s strong foundation.”
About Matrix
Matrix Capital Markets Group, a division of Citizens Financial Group, is an investment bank specializing in merger and acquisition advisory services, capital raising, valuations, and strategic advisory engagements. Through its Downstream Energy & Convenience Retail Investment Banking Group, Matrix advises companies across the petroleum marketing, lubricants, propane, heating oil, transportation, and convenience retail sectors. Since 1997, the group’s downstream energy practice has completed more than 400 engagements. For additional information visit www.matrixcmg.com.
About Citizens Financial Group
Citizens Financial Group is a diversified financial services company headquartered in Providence, Rhode Island, providing consumer, commercial, wealth management, and investment banking services throughout the United States. Citizens is the parent organization of Matrix Capital Markets Group. More information is available at www.citizensbank.com
Source: Matrix Capital Markets Group