Selling its unbranded fuels business to TAC Energy will expand fuel supply, logistics capabilities and support services that Mutual can provide.
Truman Arnold Cos. (TAC Energy) has completed the acquisition of the high volume unbranded fuels business from Mutual Oil Co. Inc. The transaction was advised by Matrix Capital Markets Group Inc.
Dallas-based TAC Energy is an independent national wholesale fuels distributor of refined petroleum products, while Mutual distributes unbranded refined petroleum products to high volume retailers, resellers, commercial entities, governments and municipalities and marinas in 17 states, with a focus on the Northeast and Mid-Atlantic regions.
Founded in 1937, Mutual has grown to become one of the largest and most diversified privately held petroleum distributors in the U.S., and enjoys a reputation of providing high quality products, service and logistics to its customers. The sale of the business to TAC Energy significantly expands the fuel supply, logistics capabilities and support services that Mutual can provide to its current and future customers. Steve Shaer, executive vice president of Mutual Oil commented on the process, “As in the past, Matrix showed great professionalism in managing the process.”
Matrix provided merger and acquisition advisory services to Mutual, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was co-managed by Spencer Cavalier, managing director, and Thomas Kelso, managing director and head of the Downstream Energy & Retail Group. Andrew LoPresti, associate, also advised on the transaction.
“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. We greatly appreciate our relationship with Steve and Ed and their confidence in us,” Cavalier commented.
Jeffrey Leiter of Leiter & Cramer PLLC served as legal counsel for Mutual.