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BROCKTON, Mass. and DALLAS — Mutual Oil Co. Inc. sold its unbranded wholesale refined fuels business to Truman Arnold Cos. (TAC Energy) for an undisclosed sum.
Founded in 1937, Brockton, Mass.-based Mutual Oil is a privately held U.S. petroleum distributor. It distributes unbranded refined petroleum products to high-volume retailers, resellers, commercial entities, governments, municipalities and marinas in 17 states, with a focus on the Northeast and Mid-Atlantic.
"Our primary concern entering into this agreement was to make sure our customers were going to be taken care of by a like-minded supplier, who would by and large maintain the day-to-day interaction with the people they are used to working with,” stated Steve Shaer, executive vice president of Mutual Oil Co. Inc. “We wanted an organization who had the resources and a strong supply network. We are confident TAC Energy is the right company to serve our customers in this ever-increasing competitive environment."
Dallas-based TAC Energy is an independent national wholesale fuels distributor of refined petroleum products. The transaction is expected to allow TAC Energy to significantly expand its fuel supply, logistics capabilities and support services.
“The Mutual Oil acquisition is another facet of our overall growth strategy and establishes a strong base of business in New England,” said TAC Energy Chairman and CEO Greg Arnold.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Mutual Oil. The deal was co-managed by Spencer Cavalier, managing director and Thomas Kelso, director and head of the Downstream Energy & Retail Group at Matrix.
“This is a bittersweet end to a long-term advisory relationship with the Mutual shareholders and their extremely professional and talented management team. It’s been a relationship built on trust, allowing us to propose and execute on mandates to enhance shareholder value in a very deliberate manner,” said Cavalier.
Richmond, Va.-based Matrix Capital Markets Group Inc. is an independent, advisory-focused, privately held investment bank.