CARY, N.C. -- Cary Oil Co. Inc. has purchased the wholesale distribution assets of Atlanta-based Triton Marketing Inc. The asset portfolio is comprised of more than 125 gasoline and diesel customers including branded-contract, unbranded contract and noncontract dealers, carrying the Chevron, Texaco, CITGO, Phillips 66, Exxon, Mobil and Shell flags.
The acquisition significantly expands Cary, N.C.-based Cary Oil's market presence in Georgia, and it provides a platform for future growth in the Southeast.
Mark Bevill, executive vice president and CFO of Triton, along [image-nocss] with Mark Barron, vice president of marketing of Triton, have joined Cary Oil and will spearhead future growth in the greater Georgia markets.
The Baltimore office of Richmond, Va.-based Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Triton, which included valuation advisory, asset marketing through a structured-sale process and negotiation of the transaction.
Matrix executed a customized marketing process for the assets that balanced Triton's desire to market the assets while retaining the principals' need for confidentiality. Triton was presented with 12 potential suitors; it ultimately entered into a deal with Cary Oil, which emerged as the best suitor in regard to both consideration and as the future employer of Triton's key personnel.
The transaction was managed by Tom Kelso, managing director and head of the Matrix Energy & Multi-Site Retail Group, which provides 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. Matrix Capital Markets Group is a leading middle-market investment bank.
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