Breeze Thru Markets Changes Hands
CARY, N.C. — Cary Oil Co. Inc. is stepping away from convenience retail following the sale of its 15 Breeze Thru branded convenience stores to Simpson-Bladen Oil Co. Inc. dba Han-Dee Hugo's.
The company will continue to operate its wholesale fuels distribution business, which supplies approximately 1,000 dealers across more than 20 states and delivers almost 1 billion gallons of fuel annually. Matrix Capital Markets Group Inc. advised Cary and its affiliates on the sale.
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"The Matrix team demonstrated exceptional professionalism and expertise throughout our business unit divestiture process," said Craig Stephenson, CEO of Cary's holding company COC Properties Inc. "Their thorough market analysis and deep understanding of buyer expectations helped us position our business effectively, resulting in strong interest from qualified buyers. The team's commitment to process excellence, clear communication and expert management of all transaction aspects made them invaluable partners in achieving our strategic objectives."
Founded in 1959 by Harry Stephenson, Cary Oil started out operating a single tankwagon to deliver home heating oil throughout the town of Cary. It began offering a full slate of branded motor fuels over the next few decades while expanding its reach across the Southeast. As its wholesale operations continued to extend into the Southwest and parts of the Midwest, Cary began operating c-stores in its home state under its proprietary Breeze Thru Markets branding, offering 76, Amoco and bp branded fuels.
"The Stephenson Family has built a very well-known and successful family business, and we are honored that they now trust our family to carry on this one small part of their legacy," said Sampson-Bladen Oil President John Litton Clark. "We have engaged with Matrix in several acquisitions, and their knowledge of our industry really streamlines the process."
Simpson-Bladen Oil is a fourth-generation, family-owned enterprise that was founded in 1936 and has expanded into c-store operations, quick-service restaurants, car washes, a wholesale fuel division and a lubricants division. Its store count has increased to 125 locations with the acquisition of Breeze Thru Stores.