USA: Tri-State Petroleum sells 25 service stations to Majors
The transaction also includes eight wholesale dealer accounts and two commercial fuels bulk plants located in the tri-state region of Pennsylvania, West Virginia and Ohio.
Majors Management LLC has acquired 25 service stations from Tri-State Petroleum Corporation as well as eight wholesale dealer accounts and two commercial fuel bulk plants. The deal was made official last week in a press release published by Matrix Capital Markets Groups, the company responsible for advising Tri-State in the operation.
“Deciding to work with Matrix was one of the best decisions we made when we decided to move forward with the sale of our business,” commented Colleen McGlinn, Tri-State CEO. “Their expertise, experience, professionalism, and industry knowledge were invaluable to us throughout a very complex process. They provided thoughtful advice as we made some of the most difficult decisions of our life,” she added.
Tri-State was founded in 1974 by Edward J. Coyne, I and Elizabeth J. Coyne as an Atlantic Richfield distributor of tires, batteries, and automotive accessories. In 1976, the company began barging fuel oil through its Wheeling, WV terminal and bulk plant facility that served chemical, coal, and other industrial customers throughout the upper Ohio Valley region. By the late 1980s and early 1990s, it implemented a strategic plan to expand into retail fuel marketing, by leveraging supply contracts with BP, Exxon, Citgo, and Sunoco, and acquiring two portfolios from BP in the mid-1990s.
Edward and Elizabeth’s children, Colleen McGlinn, Erin Merrick, Sheila Romanek, and Edward Coyne, II, all joined the business during the 1980s and 1990s and still continue to manage the Company in various executive roles today. In 2012, Tri-State entered into a new branded supply agreement with Marathon Petroleum Corporation, rebranding the majority of its petroleum marketing assets.
“Two generations of the Coyne family have worked tirelessly for nearly 50 years to build Tri-State into one of the leading petroleum marketers in the eastern Ohio Valley. It was a pleasure working with Colleen, Erin, Sheila, and Ed throughout the process, and an honor to represent the family when they made the important decision to pursue an exit from the business,” said Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group.
The assets acquired by Majors are located in the tri-state region of western Pennsylvania, northern West Virginia and eastern Ohio. Matrix provided merger and acquisition advisory services to the company and the transaction was managed by Cavalier himself alongside David Corbett,Director of Matrix; Martin McElroy, Senior Associate; and James Mickelinc, Analyst.
