RICHMOND, Va. — RelaDyne, a portfolio company of Audax Private Equity based in Cincinnati, has purchased New West Oil Co. under advisement from Matrix Capital Markets Group, an independent investment bank.
Glendale, Ariz.-based New West was founded in 2011 by Tim Genrich, CEO, Ron Reeves, president, Tom Turley, vice president of commercial sales, and Terry Cooney, CFO, who previously worked together for more than 20 years at Canyon State Oil Co., Phoenix. New West began as a Valvoline distributor and over a nine-year period transformed into a lubricants and commercial fuels provider in the Southwest.
In 2013, New West formed an environmental division to collect used oil from customers that could be resold as burner fuel to asphalt and concrete companies. New West is the exclusive distributor for Valvoline and Petro-Canada products in the metropolitan areas of Arizona and Nevada.
Richmond, Va.-based Matrix provided merger and acquisition advisory services to New West, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the purchase agreement. John Underwood, managing director, Andrew LoPresti, vice president, and Cedric Fortemps, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, managed the transaction.