GOGAS Corp. has successfully closed on the sale of its assets to Quality Oil Co.
Matrix Capital Markets Group oversaw the transaction.
Prior to the sale, Wilmington, N.C.-based GOGAS directly operated 20 high volume retail motor fuel outlets in southeastern North Carolina with total annual fuel volumes of over 53 million gallons.
Nineteen of the sites were owned fee simple with the remaining site leased from a third party. The GOGAS portfolio consists of large, well-maintained fueling facilities with modern equipment designed to maximize fuel traffic. Each site features a kiosk style building for accepting fuel payments and selling top-tier cigarettes at the lowest prices in their markets.
As part of the transaction, Quality Oil has also acquired the GOGAS brand, which is very well respected and a primary reason for the Company’s loyal customer base. All of the Company’s eligible store employees and field staff were retained by Quality Oil.
GOGAS is a wholly-owned subsidiary of K. E. Austin Corporation, a private company founded by Kit and Deborah Austin in 1976. The Company started with two stores and has grown over the years through acquisitions of individual sites and building new-to-industry gas stations. Kit Austin, the Company’s president, continued to manage day-to-day operations up until the closing of the transaction. The sale represents a complete exit for him from the motor fuels business.
Matrix provided merger and acquisition advisory services to GOGAS, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Cedric Fortemps, Managing Director and Vance Saunders, Director. Kyle Profilet, Analyst, also advised on the transaction.
“We are fortunate to have found a buyer that is based in North Carolina and matches GOGAS’s culture of customer service, employee relations and vendor relationships,” said Austin. “This will make for a seamless transition. We are very grateful for the wonderful loyal customer support that GOGAS has received over the last 39 years.”
Fortemps added, “It was a pleasure advising Mr. Austin on a successful sale of the tremendous business that he and his management team have built. We’re extremely pleased to have found a buyer in Quality Oil that was eager to add the Company’s strong employee base and unique format of stores to their growing portfolio.”
Thomas Kelso, managing director & head of Matrix’s Downstream Energy and Retail Group added, “It has been a great honor to represent Mr. Austin in his exit from an industry where he was a respected leader for so many years. We wish him much success in his future ventures.”
Based in Winston-Salem, N.C., Quality Oil Company is a large, diversified petroleum marketer and fuels distributor with operations throughout the southeast United States from Virginia to Florida.