Matrix Capital Markets Group Inc. has announced the successful closing on the sale of Atlas Oil Co.’s BP-branded Chicago area assets.
The assets included 99 sites currently supplied by Atlas, two sites under contract to be supplied by Atlas, four undeveloped retail land sites and one station that is currently closed. The assets were purchased by Parent Petroleum Inc. of St. Charles, Ill. and Lehigh Gas Partners of Allentown, Pa. (LGP).
Parent purchased 36 supply contracts and two sites under contract to be supplied. Lehigh purchased eight commissioned sites, two dealer sites, 53 supply contracts, four undeveloped retail land sites and one closed station. The Lehigh sites include nine fee properties, six leased properties, four land contracts and three promissory notes.
Matrix provided merger and acquisition advisory services to Atlas Oil Co. of Taylor, Mich., which included valuation advisory, asset marketing through a customized, confidential, structured sale process, and negotiation of the transaction.
The transaction was managed by Thomas Kelso, managing director and head of the Energy & Multi-Site Retail Team and John Underwood, vice president. Spencer Cavalier, managing director, Sean Dooley, senior associate and Andrew LoPresti, senior analyst, also advised on the transaction.
“We greatly appreciate the services Matrix provided as we made the decision to exit this aspect of our business,” said Michael Evans, president of Atlas. “We chose Matrix because of their demonstrated expertise in completing transactions in motor fuels distribution.”
“We are honored to have been selected by Atlas to advise them on this transaction and we look forward to working with them in the future. We enjoyed working with their entire team to accomplish this transaction successfully and on the timeline that they had established at the beginning of the process,” Kelso added, “We appreciate the confidence that Mike and the Atlas team had in us.”