RICHMOND, Va. /CitizenWire/ -- Matrix Capital Markets Group, Inc. announces the successful sale of PMI Lubricants ("PMI" or the "Company"), a portfolio company of Dunne Manning, to Wallis Lubricants, LLC. PMI is a leading Mid-Atlantic provider of lubricants, diesel exhaust fluid, and ancillary products to retail, commercial, and industrial customers throughout Virginia and parts of Tennessee, West Virginia, and North Carolina. The Company operates five facilities throughout Virginia and is the exclusive Mobil-branded lubricants distributor throughout most of Virginia and northeastern Tennessee.
PMI Lubricants has been operating since the mid-90s and was originally a division of Petroleum Marketers, Inc., which was a well-established Virginia-based company with diverse operations including retail, wholesale, quick service restaurants, lubricants, etc. In 2014, as part of the larger sale of Petroleum Marketers, Inc., Dunne Manning acquired PMI. In 2016, the Company divested its other major brands to build an exclusive partnership with ExxonMobil and refocused on growing Mobil and its private label volume. In 2020, PMI acquired Mobil Auto Parts Company of Winchester and then grew further when it assumed Carter Machinery's industrial, Mobil-branded business in August of 2023. The acquisition of Carter's industrial accounts paved the way for the Company to become a delivery agent for Carter's Caterpillar-branded business, which PMI began servicing in June.
Matrix provided merger and acquisition advisory services to PMI Lubricants, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Andrew LoPresti, CFA, CPA, Director; Spencer Cavalier, CFA, Co-Head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group; and Matthew Paniccia, Associate.
The Dunne Manning leadership team commented, "We greatly appreciated the guidance and expertise we experienced working alongside Spencer, Andrew and the entire team at Matrix throughout this process. They were excellent partners. We are greatly appreciative of Kathy Draper and her leadership team at PMI Lubricants for their efforts in building a best-in-class lubricants business across the Commonwealth of Virginia. The Wallis team shares many of the same values and goals we have focused on in building PMI Lubricants and know they will be focused on continuing that legacy."
Mr. Cavalier of Matrix added, "We are honored to have advised Dunne Manning on the divestment of PMI Lubricants. PMI is a very well-managed lubricants distributor, led by the talented Kathy Draper. Lastly, we would like to thank the Dunne Manning leadership team, who are exceptional, long-term investors."
About Matrix's Downstream Energy & Convenience Retail Investment Banking Group
Matrix's Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals, car washes and quick service restaurants. Group members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 300 engagements.
About Matrix Capital Markets Group, Inc.
Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with an additional office in Baltimore, MD. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix's advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions.
Our industry focused, dedicated sector advisory groups serve clients in the automotive aftermarket, downstream energy & convenience retail, healthcare and outdoor recreation & marine markets. Our broad sector advisory groups serve clients in a wide range of industries including business services, consumer, diversified industrials, restaurants and transportation & logistics. For additional information or to contact our team members, please visit https://matrixcmg.com/.
Securities offered by MCMG Capital Advisors, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC
Learn More: https://www.matrixcmg.com/
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