Detroit Deal Done
RPF acquires BP assets in Motor City market
DETROIT -- Matrix Capital Markets Group Inc. said that it has successfully closed RPF Oil Co.'s acquisition of 44 BP retail and wholesale fuel assets in the Greater Detroit market. CSP Daily News reported on the deal when it was announced in mid-January.
Grand Blanc, Mich.-based RPF Oil's acquisition makes it one of the largest BP-branded jobbers in Michigan, according to Matrix, with nearly 100 million gallons of motor fuels supplied annually. This is RPF Oil's first major transaction in support of a strategic plan to grow its distribution business.[image-nocss]
RPF Oil has been distributing and marketing motor fuels in the Detroit market since 1933, and it has been a distributor for BP and BP Amoco since 1985.
The 44 retail and wholesale fuel assets that RPF Oil acquired are comprised of four company-owned, company-operated sites (COCOs), six company-owned, commissioned-marketer sites (COCMs), nine company-owned, dealer-operated sites (CODOs) and 25 dealer-owned, dealer-operated sites (DODOs).
At the closing, RPF Oil assigned the purchase of the four COCO sites to one of its leading dealers, Auto City Services Inc., Hamburg, Mich., and entered into a long-term supply agreement for those and other Auto City Service stores.
Richmond, Va.-based Matrix Capital provided acquisition and capital raising advisory services to consummate the transaction. Tom Kelso, managing director and head of the Energy & Multi-Site Retail Group at Matrix, and Spencer Cavalier, vice president, managed the transaction.