Matrix Capital Markets Group Inc., an independent middle-market investment bank, closed on the sale of Polsinello Fuels Inc.’s (PFI’s) Home Heating and Commercial Fuels Business to Mirabito Holdings Inc., the company announced.
The acquired assets consist of PFI’s propane, heating oil, commercial fuels and HVAC businesses. The company will continue to operate its motor oils and lubricants and convenience store divisions and plans rapid expansion of the remaining business segments both organically and through acquisitions.
Louis Polsinello Sr. founded Polsinello Fuels Inc. as an oil burner repair services company in 1952. He and his wife, Suzanne, grew the company’s operations to include oil delivery trucks, gas and diesel delivery, as well as other products and services.
Today, Louis Polsinello Jr. leads the company. He began his career in the mid-1970s, along with his children, Lou Polsinello III, Matthew Polsinello and Beth Polsinello.
“Finding the right partner in whom to entrust our legacy, our employees and our customers was the highest priority,” Polsinello Jr. said. “The Matrix team understood our concerns and guided the process. I strongly believe the Mirabito and Polsinello families are each made stronger by this transaction, and we are excited by what the future holds for both of our growing organizations. It is our intention at Polsinello to immediately find new opportunities to grow, especially within our motor oils and lubricants business.”
Matrix provided merger and acquisition advisory services to PFI, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was co-managed by Managing Director Spencer Cavalier and Vice President Sean Dooley. Senior Associate Christian Klawunder also advised on the transaction.
Robert May and Claire Murphy McRae of Lemery Greisler LLC served as legal counsel for PFI.
About Matrix's Downstream Energy & Convenience Retail Group
Matrix's Downstream Energy & Convenience Retail Group provides transactional advisory services to companies in the downstream energy and multisite retail sectors including convenience retailing, petroleum marketing and distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum transportation and logistics, terminals and bulk plants, oilfield services, renewable fuels, food service and specialty retail. Team 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 restructurings, corporate valuations, and strategic planning engagements. Since its inception in 1997, this dedicated group has completed more than 175 engagements in these sectors with a total transaction value of more than $7 billion.
About Matrix Capital Markets Group, Inc.
About Matrix Capital Markets Group, Inc. Matrix Capital Markets Group Inc. is an independent, advisory-focused, privately held investment bank headquartered in Richmond, Virginia, with offices in Baltimore, Chicago and Dallas. Since 1988, Matrix has provided merger and acquisition and financial advisory services for privately held, private equity owned and publicly traded companies, including company sales, recapitalizations, corporate carve outs, corporate recovery, management buyouts, capital raises of debt and equity, corporate valuations and fairness opinions. Matrix has served clients in a wide range of industries, including downstream energy, convenience retail, industrial products, building products, consumer products, business services and health care.