GOLDSBORO, N.C. -- As it makes its move out of petroleum marketing and convenience retailing, Wooten Oil Co. has sold its 12 convenience stores in North Carolina. As previously reported by CSP Daily News, Wooten put the stores on the market in March through a structured sale process as part of a company strategy change to focus on its expanding commercial real estate business.
Nine of the stores were purchased by WilcoHess LLC, Winston-Salem, N.C., and three of the units were purchased by Sampson-Bladen Oil Co., Clinton, N.C.
Wooten Oil Co. has now completed 80 years as a family-owned petroleum marketer in eastern North Carolina. Over the course of those 80 years, Wooten Oil operated as an oil jobber selling to consumers, end users, homeowners and service stations and through a sister company, Coastal Transport, operated as a common carrier petroleum hauler for many years.
After a transition from full service stations to self service stations during the 1970s, the company opened its first full size Kwik Mart store on Jan. 1, 1980, and has continued to market through convenience stores for the last 27 years. The company is now managed by family members, Dillon Wooten, president, and Rick Sumner, vice president.
Matrix Capital Markets Group Inc. handled the sale process.
Dillon Wooten commented on the transaction, The Matrix process was very positive and included a detailed analysis of the value of assets to be sold and how the process would be achieved on an optimum and orderly basis. Goals and expectations were achieved with the final sale and closing being concluded on Aug. 9, 2007.The majority of our fine associates were able to find employment with WilcoHess and Sampson-Bladen.The transition went smoothly and we believe that both WilcoHess and Sampson-Bladen will be very pleased with their new acquisitions, which are all productive stores.
Tom Kelso, managing director and head of the Matrix's Energy and Multi-Site Retail Group, along with Spencer Cavalier, vice president managed the transaction.Kelso added, We are very pleased to have been selected to manage this sale and have enjoyed working with Dillon Wooten, Rick Sumner and the rest of their team.The outcome we achieved for Wooten Oil was the result of a customized, well designed and executed process that created competition for the assets from among various types of potential buyers.
Matrix Capital Markets Group is a middle market investment bank headquartered in Richmond, Va. Since 1988, Matrix has focused on providing merger and acquisition and financial advisory services for corporate and privately held companies, including sales and divestitures, Staged Liquidity Transactions, management buyouts, and debt and equity placements.
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