Matrix provides merger and acquisition advisory services to Guttman.
Matrix Capital Markets Group Inc. has advised Guttman Energy Inc. on the successful sale of its Columbus, Ohio-based propane and lubricants division, doing business as Guttman Oil Co.
Guttman Oil-Columbus Division sells propane and lubricants to a variety of residential, commercial and industrial customers located throughout central Ohio. It was purchased by Chicago-based Energy Distribution Partners (EDP), a privately-held company led by propane industry veteran operator, Thomas Knauff.
Founded in 1931, Guttman is a provider of energy procurement solutions and logistics management services, for petroleum, natural gas and electricity, serving the commercial, industrial and retail markets, with customers located in 15 states.
Guttman chose to divest its propane and lubricants centric division to focus capital on the continued growth of its core business: the procurement and logistics management of refined fuels, natural gas and electricity.
“We would like to express our thanks to our valued Columbus Division employees for the 32 years of business that Guttman Oil Co. enjoyed in the Columbus market,” said Alan Guttman. “You represented our company with true professionalism and a passionate concern for the customer.”
Matrix provided merger and acquisition advisory services to Guttman, which included valuation advisory, transaction structuring and negotiating. The transaction was managed by Thomas Kelso, managing director and head of the Matrix Energy and Multi-Site Retail Group; Spencer Cavalier, managing director; Sean Dooley, senior associate; and Andrew LoPresti, senior analyst.
“We are honored to have advised Guttman on this strategic divestment, and we enjoyed working with the Company’s management team to consummate the transaction,” Cavalier commented. “The acquisition by EDP is a logical fit as it continues to build its presence in the Ohio Valley.”
EDP, founded in 2011 when Knauff and Marlo Young, EVP Retail Propane teamed up to acquire, develop and manage companies and assets in the petroleum midstream and downstream sectors in which the firm has expertise, with an intense focus on retail propane and natural gas liquids (“NGL”) midstream assets such as pipelines, storage facilities and terminals. Guttman Oil’s Columbus Division, now operating as BrightStar Propane & Fuels, adds to EDP’s Ohio-based operations of Linden’s Propane and Ludwig Propane. EDP’s acquisition efforts are led by Brett Krause, Corporate Development.