You are here
CARY, N.C. -- Cary Oil Co. Inc., headquartered here, completed its purchase of the wholesale distribution assets of Atlanta, Ga.-based Triton Marketing Inc. The asset portfolio consists of more than 125 gasoline and diesel customers including branded-contract, unbranded-contract and non-contract dealers carrying the Chevron, Texaco, CITGO, Phillips 66, Exxon, Mobil and Shell flags, according to a news release issued by Matrix Capital Markets Group Inc.
This acquisition significantly expands Cary Oil’s market presence in Georgia and provides a solid platform for future growth in the Southeast. Triton’s Executive Vice President and CFO Mark Bevill, along with Mark Barron, Triton’s vice president of marketing, have joined Cary Oil and will spearhead growth in the greater Georgia markets, the release stated.
Matrix provided merger and acquisition advisory services to Triton, including valuation advisory, asset marketing through a structured sale process, and negotiation of the transaction. According to Matrix, it executed a customized marketing process for the assets that successfully balanced Triton’s desire to market the assets, while retaining the principals’ need for confidentiality given the highly competitive business environment.
Triton was presented with 12 potential suitors. The company ultimately entered into a deal with Cary Oil, which emerged as the best suitor in regards to both consideration and as the future employer of Triton’s key personnel, Matrix stated.
The transaction was managed by Tom Kelso, managing director and head of the Matrix Energy and Multi-Site Retail Group; Spencer Cavalier, director; and Matt Murphy, senior associate.
"We greatly appreciate the opportunity to have worked with Mr. Patton and his management team on the successful sale to Cary. The quality and positioning of Triton’s assets combined with their exceptional management team made the business a very attractive opportunity and were the driving factors in achieving a successful result," Kelso said in a statement.
Serving as legal counsel was Gregory A. Randall, of Holt Ney Zatcoff & Wasserman LLP, for Triton and Rick Stephenson, of Stephenson, Stephenson & Gray LLP, for Cary Oil.