Holt Oil Co. is a third-generation, family-owned and -operated business with roots in Fayetteville, N.C. In 1930, William D. Holt founded Holt’s predecessor entity Crystal Oil Co. in downtown Fayetteville, N.C. The company originally operated a few gasoline stations and later moved into the home heating oil business. In 1958, William’s son, Charles, joined the company and helped secure Holt’s first Gulf distributorship. A few years later, William’s youngest son, Henry, joined the company and both successfully operated the business as partners for over 40 years, increasing the gasoline station count to 22 sites across four counties in North Carolina. Over time, additional family members, Hannah Holt and Louis Cox, as well as brothers Walter and Bill Holt, also joined the company. Through their vision and leadership Holt continued to expand its company-operated convenience stores and in 1989 opened its first Subway franchise. Its increased operational performance and successful growth has continued since that time.
Matrix Capital Markets Group provided merger and acquisition advisory services to Holt, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale.
“It has been a pleasure to be involved in this family business serving the motoring public for all these many years. It has been an honor to work alongside the best group of people I could ask for. We had very specific guidelines in choosing a buyer. Matrix was instrumental in that process. I am confident that we made the right choice with PMG,” stated Louis Cox, president of Holt.