State Oil Co. has been sold to CrossAmerica Partners following five years of strategic planning.
CrossAmerica Partners LP and its affiliates have officially purchased State Oil Co. and certain related entities’ retail assets and wholesale fuels distribution business. Matrix Capital Markets Group Inc. served as an advisor to State Oil for the transaction.
Immediately prior to the closing of the transaction, the State Oil’s portfolio acquired by CrossAmerica consisted of three company operated retail convenience stores, 50 lessee dealers, 24 supply accounts, two non-fuel tenant locations and three non-operating sites. The transaction included the real estate at 57 locations and the leasehold interest at one site; with the exception of one site located in Wisconsin, all of the stores are located in the greater Chicago metropolitan area. Also included in the transaction are the seller-financed land contracts associated with five of State Oil’s supply accounts.
In separate but related transactions, four locations owned in fee simple by State Oil were sold or are currently under contract to be sold to three other unrelated buyers.
After buying the State Oil in 1973, Peter and Bill Anest grew the company over more than forty years into one of the largest petroleum distributors in the greater Chicago area. Over the past five years, Matrix has worked with State Oil as the company and its owners have evaluated their strategic business plans, which ultimately culminated in the decision to sell the company.
“We greatly appreciate the advice and expertise that Matrix provided in the sale of the company,” said Peter and Bill Anest, owners of State Oil.
Matrix provided merger and acquisition advisory services to State Oil, which included valuation advisory, marketing of the company through a customized, confidential, structured sale process, transaction structuring and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, managing director and head of the Downstream Energy & Retail Group, and John Underwood, director. Stephen Lynch, senior associate, and John Duni, senior analyst, also advised on the transaction.
“It has been a pleasure to work with the Anest family and to assist them in the sale of the company. We truly value the relationship that was built with the family over the past five years and the opportunity to represent State Oil,” Underwood commented.
Richard Nikchevich and Jeremy Segal of Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel for State Oil.