“The acquisition by Carroll will ensure the continuance of a well-recognized brand and the accelerated growth of the High’s name within our market area,” says High’s spokesperson.
High’s of Baltimore Inc. has divested its High’s Dairy Stores to The Carroll Independent Fuel Co.
Hanover, Md.-based High’s directly operates 46 retail convenience stores and gas stations located in highly populated areas throughout Maryland, primarily serving customers in the Washington, D.C. and Baltimore, Md. suburbs.
For more than 60 years, High’s has been a leading petroleum marketing and convenience store operator in the region. High’s is highly regarded for providing value to customers through friendly service, quality product offerings, and ultimate convenience due to highly accessible, superior locations. The company’s stores offer Shell and CITGO branded fuels, a wide assortment of convenience merchandise, and freshly prepared coffee and food. Founded in 1907, Carroll is one of the largest petroleum marketing companies in the U.S., distributing fuels to retail and commercial customers throughout the Mid-Atlantic region. The acquisition of High’s by Carroll initiates its entry into the company-operated channel of trade. Carroll will retain the majority of High’s executive management team and store personnel.
“We are absolutely thrilled to be aligning with such a high quality marketer in Carroll,” said Brian Darnell, principal and vice president of Real Estate for High’s. “The acquisition by Carroll will ensure the continuance of a well-recognized brand and the accelerated growth of the High’s name within our market area.
“Brian Darnell will be leading the organization as president of High’s of Baltimore LLC,” noted John Phelps, president of Carroll. “Ben Jatlow will serve as vice president of retail operations and Brian Darnell will serve as vice president of real estate and development.”
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to High’s, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was managed by Tom Kelso, managing director and head of the Energy and Multi-Site Retail Group; Spencer Cavalier, director; and Sean Dooley, senior analyst.
“The acquisition of High’s by Carroll is essentially the merger of two leading and very successful family owned and operated petroleum marketing and convenience store companies,” said Cavalier. “Bolstered by the Carroll’s fuels marketing and logistics platform, the highly respected and recognized High’s brand will continue to grow in the Mid-Atlantic region. Matrix has been honored to have had an advisory relationship with High’s shareholders since 2003, which has culminated in this successful transaction.”
Jay Ghingher, Jacqueline Allen and Jim Goodrich of Saul Ewing, LLP served as legal counsel for High’s, and Michael Jennings of Ober Kaler served as legal counsel for Carroll.