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Matrix announces sale of WTG Fuels Holdings’ properties

Daily Record Staff//June 7, 2023

Matrix announces sale of WTG Fuels Holdings’ properties

By Daily Record Staff

//June 7, 2023

Matrix Capital Markets Group Inc., a Richmond-based independent investment bank with offices in Baltimore, Wednesday announced the successful closing on the sale of the retail motor fuels, convenience retail and fleet fueling businesses of WTG Fuels Holdings LLC to subsidiaries of GPM Investments LLC, a subsidiary of ARKO Corp.

The assets sold to GPM included 24 Uncle’s branded convenience stores, 68 Gascard branded cardlock sites, 43 private cardlock sites, the company’s Gascard fleet card assets, and nine consignment and wholesale dealer accounts.

WTG Fuels, based in Midland, Texas, is a large, diversified fuels distributor and convenience retailer with operations across west Texas and southeast New Mexico. It is a subsidiary of West Texas Gas, a provider of natural gas gathering, processing, transmission and distribution services throughout Texas and Oklahoma.

Prior to the close of the transaction, the company’s assets included a chain of high-volume convenience stores operating under its proprietary Uncle’s brand, a large fleet fueling business operating under its proprietary Gascard brand, and a delivered fuels business, serving residential and commercial customers, that ranks among the largest propane distributors in the Southwest.

WTG Fuels provides propane, refined products and lubricants to nearly 19,000 residential and commercial customers through a network of more than 70 bulk plants and warehouses, is not included in the sale to GPM and will continue to be operated by WTG Fuels post-closing.

Matrix provided merger and acquisition advisory services to WTG, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Managing Director Vance Saunders, CPA; Cedric Fortemps, CFA, co-head of Matrix’s downstream energy and convenience retail investment banking group; Director David Corbett, CFA; Vice President John Duni, CFA, CPA; and Associate Michael Tucker, CFA.

Larry Parker, Trevor Wind, Mary Katherine McGetrick, David Allen, Nico Balbontin, and Alston Underwood of Williams Mullen served as legal counsel for WTG Fuels.


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