Hurst Harvey Oil Sale Closes Retail Book With Sale to GPM
Published in CSP Daily News
And Bagwell Oil exits fuels business with sale to Pep-Up
KILMARNOCK, Va. -- Matrix Capital Markets Group Inc. has announced two successful transactions. It has announced the successful sale of Kilmarnock, Va.-based Hurst Harvey Oil Inc. petroleum marketing and convenience store company to Fas Mart operator GPM Investments Inc., Richmond, Va., as previously reported in CSP Daily News.
Hurst Harvey Oil's retail units operate as Get & Zip and are located on the Northern Neck and Upper Peninsula communities in Virginia. The stores offer BP branded motor fuels and a traditional set of c-store merchandise, as well as freshly prepared foods in most units. Originally founded in 1950, the company was taken over by Raymond and Jean Lewis in 1973 and has been family owned and operated ever since. Hurst Harvey Oil entered the c-store business when it acquired its first store in 1985 from Frank Bradley, the original owner of Fas Mart.
"As a family-operated company for over 28 years, it was a very difficult decision to sell our retail units," Melinda Lewis said. "We are confident we selected the best help with Spencer Cavalier, Sean Dooley and the Matrix team. Their professionalism, industry knowledge and patience led to a smooth acquisition."
Matrix provided merger and acquisition advisory services to Hurst Harvey, which included valuation advisory, transaction structuring, marketing and assistance in the negotiation of the purchase agreement.
"We feel very fortunate to have served as a trusted advisor to the Hurst Harvey shareholders since 2007, and we are honored to have structured and executed the successful sale of the company on behalf of the family," Matrix director Spencer Cavalier said.
Matrix also announced the successful sale of Bagwell Oil Co. Inc., Onancock, Va., to Pep-Up Inc., Georgetown, Del. Bagwell Oil and its affiliated companies have been engaged in multiple downstream fuels businesses, including convenience store and motor fuels retailing for more than 95 years. In 2006, Matrix first sold the company's retail c-store business.
When it was time to exit the remaining home heating and commercial fuels business, Bagwell Oil again engaged Matrix to complete the transaction, and assist with its formal exit from the fuels industry. The company's home heating business offered both heating oil and propane primarily to residential customers.
"We are very happy that all of our employees will remain with Pep-Up, including general manager Marty Kemp, and we expect a smooth transition for all of our customers," said William Bagwell IV, president. "We are also extremely pleased with how Matrix handled the transaction. Their thorough preparation of the sale memorandum package facilitated a smooth due-diligence process for all concerned."
According to its website, Pep-Up has a history of operating gas station and c-stores since 1977, as well as the plumbing, heating, air conditioning and fuel oil businesses. It now serves local, state and federal government agencies, marina, commercial, agricultural and industrial accounts. It provides petroleum products including diesel fuel, fuel oil, kerosene, gasoline and propane, and a full line of lubricants manufactured by Chevron, Amoco and Unocal. We service and install high efficiency oil or propane gas furnaces and burners, water heaters, appliances, fireplaces and air conditioning units. Pep-Up offers a variety of services with restaurants, 24 hour fleet fueling, c-stores, tank and pump sales, budget programs, fuel security programs and automatic delivery.
Matrix provided merger and acquisition advisory services to Bagwell, which included valuation advisory, transaction structuring, marketing and assistance in the negotiation of the purchase agreement.
Matrix's Energy & Multi-Site Retail Group, based in Baltimore and Chicago, is a 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.
Richmond, Va.-based Matrix Capital Markets Group Inc. is a leading middle-market investment bank that provides merger and acquisition and financial advisory services for privately held and private-equity owned companies, including sales and divestitures, recapitalizations, management buyouts and debt and equity placements. It has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products and petroleum marketing and distribution.