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ALLENTOWN, Pa. — CrossAmerica Partners LP, through its wholly owned subsidiary Petroleum Marketers Inc. (PMI), completed the sale of its fuels transportation, residential heating oil and tank wagon commercial fuels businesses to multiple buyers.
Reliable Tank LLC, a division of Quality Oil Co. LLC, purchased the fuels transportation business, while the heating oil and tank wagon commercial fuels business was sold by terminal branch to Quarles Petroleum Inc., Davenport Energy Inc. and Woodfin Heating Inc.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to CrossAmerica. This included valuation advisory, marketing of the assets through a customized, confidential, structured sale process, and negotiation of the transaction.
"Matrix's advice, assistance and professionalism throughout this process has resulted in a positive outcome for all parties," stated David Hrinak, executive vice president and chief operating officer of CrossAmerica. "As always, it was a pleasure working with the folks at Matrix."
The transaction was co-managed by Matrix's Spencer Cavalier, managing director, and Cedric Fortemps, managing director. Andrew LoPresti, associate, also advised on the transaction.
"Matrix is very appreciative to continue our advisory relationship with CrossAmerica and its general partner, CST Brands Inc.," said Cavalier and Fortemps. "We are extremely pleased with the results of this process."
Dennis McCarthy and Marc Albanese of Davison & McCarthy P.C. served as legal counsel for CrossAmerica.
Allentown-based CrossAmerica Partners was founded in 2012. It owns or leases more than 750 convenience stores and gas stations in 21 states, and distributes fuel to more than 1,100 locations.