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11/09/2022

Holt Oil Co. Exits the C-store Business

Petroleum Marketing Group picks up the company's 19 convenience stores.
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Holt Oil logo

FAYETTEVILLE, N.C. — Holt Oil Co. will exit the convenience retail channel following the sale of its 19 convenience stores and gas stations to Petroleum Marketing Group (PMG) Inc.

The transaction also includes Holt's wholesale dealer business.

A third-generation, family-owned and -operated business, Holt opened its doors as Crystal Oil Co. in downtown Fayetteville in 1930. It operated several gas stations before moving into the home heating oil business. Founder William D. Holt's youngest son Henry later joined him as a partner and helped to run the business for more than 40 years.

Additional family members Hannah Holt and Louis Cox, as well as brothers Walter and Bill Holt, also joined the company and contributed to its c-store expansion across four North Carolina counties. The company 1989 opened its first Subway franchise. 

Matrix Capital Markets Group Inc., an independent investment bank, provided merger and acquisition advisory services to Holt. These included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale.

"It has been a pleasure to be involved in this family business serving the motoring public for all these many years. It has been an honor to work alongside the best group of people I could ask for," said Holt President Louis Cox. "We had very specific guidelines in choosing a buyer. Matrix was instrumental in that process. I am confident that we made the right choice with PMG."

The transaction was managed by Sean Dooley, CFA, managing director; Spencer Cavalier, CFA, co-head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group; Kyle Tipping, CFA, associate; and James Mickelinc, CPA, senior analyst.

"We are honored to have been chosen as a trusted advisor to the shareholders of Holt to execute on the sale of their third-generation, family-run business," Dooley said. "We are extremely happy for them, as well as all the Holt employees that will be joining the PMG family."