Situation
- Atkinson Oil Company was a leading distributor of commercial fuels and lubricants in Georgia and also operated an emergency fueling business across the Eastern and Southern United States.
- Atkinson Oil traces its roots to 1987 with the purchase of Pittman Oil. For the next 30 years, the Company grew both organically and through strategic acquisitions. In 2016, Atkinson was acquired by Jet Food Stores. Jet Food Stores operates nearly 60 retail convenience stores throughout Central and Southern Georgia.
- Jet Food Stores invested significantly in Atkinson Oil, expanding its distribution capabilities and adding complementary offerings, including Total-branded lubricants distribution and a disaster relief business providing emergency fuel supply to areas impacted by natural disaster events.
- In early 2024, Jet Food Stores engaged Matrix to evaluate Atkinson Oil and to provide guidance on potential strategic alternatives. Following this evaluation, Jet Food Stores decided to divest Atkinson Oil in order to reinvest proceeds into its premier convenience retail business.
Objective
- To design and execute a tailored, confidential sale process that maximized after-tax proceeds for the Company’s shareholders, while also securing employment opportunities for the employees of Atkinson Oil post-closing.
Solution
- Matrix provided valuation guidance and designed and executed a confidential two-round sale that generated broad strategic buyer interest and robust competition.
- Multiple compelling offers were received during round 1 of the sale process, and Matrix coordinated management meetings between Jet Food Stores and a select group of the most competitive bidders.
- Matrix leveraged the significant buyer interest to drive improved valuation and more favorable transaction terms during the second round of the sale process, with multiple parties increasing their valuations 15% or more from round 1.
- Colonial Oil Industries, a subsidiary of Colonial Group, was selected as the preferred acquirer due to its premium valuation, favorable transaction terms, and commitment to retain all Atkinson Oil employees.
- Matrix led the negotiation of the purchase agreement and coordinated buyer diligence through closing. The transaction with Colonial Oil Industries was completed in May 2026.
