Atlas Oil Closes Chicago BP Sale
Parent Petroleum, Lehigh Gas split up total of 106 sites, supply contracts
Published in CSP Daily News
TAYLOR, Mich. -- Atlas Oil Co. has closed on the sale of its BP branded Chicago-area assets, Matrix Capital Markets Group Inc. has announced. Parent Petroleum Inc. of St. Charles, Ill., and Lehigh Gas Partners of Allentown, Pa., purchased the assets, which included 99 sites currently supplied by Atlas, two sites under contract to be supplied by Atlas Oil, four undeveloped retail land sites and one closed station.
Parent Petroleum purchased 36 supply contracts and two sites under contract to be supplied. Lehigh Gas purchased eight commissioned sites, two dealer sites, 53 supply contracts, four undeveloped retail land sites and one closed station. The Lehigh Gas sites include nine fee properties, six leased properties, four land contracts and three promissory notes.
Matrix provided merger and acquisition advisory services to Taylor, Mich.-based Atlas Oil, which included valuation advisory, asset marketing through a customized, confidential, structured sale process and negotiation of the transaction.
Thomas Kelso, managing director and head of Matrix's Energy & Multi-Site Retail Team and John Underwood, vice president, managed the transaction. Spencer Cavalier, managing director, Sean Dooley, senior associate, and Andrew LoPresti, senior analyst, also advised on the transaction.
"We greatly appreciate the services Matrix provided as we made the decision to exit this aspect of our business," said Michael Evans, president of Atlas.
Richmond, Va.-based Matrix's Energy & Multi-Site Retail Group is a national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies and other specialty retail chains.