Martin Eagle Oil Co. Leaves Convenience & Fuel Retailing Industry
DENTON, Texas — Martin Eagle Oil Co. is saying goodbye to the convenience store and fuel retailing industry.
The Denton-based company sold its convenience retail and wholesale motor fuels businesses to an undisclosed buyer. The deal includes two company-operated stores, one unattended cardlock, 16 commission agent-operated stores, and one currently closed facility. The wholesale motor fuels assets consist of 40 dealer-owned supply accounts.
Founded in 1963 by Cecil "Zeke" Martin with a single Shamrock-branded store in Denton, Martin Eagle is a second-generation family business led by Zeke's sons, Stephen "Steve" Martin, president of operations, and Gary Martin, president of real estate.
The company — which serves retail and wholesale customers primarily in and around the Dallas-Forth Worth metroplex and north central Texas — sold its municipal/government and commercial accounts and its Southwest Transport Co. affiliate to U.S. Venture Inc. in April 2020.
"After selling the commercial, municipal and transportation businesses back in April, Gary and I reevaluated whether it made sense to continue in the retail business. After much consideration, we decided it was time to move on to other opportunities," said Steve. "It was not an easy decision for us to sell the retail and wholesale businesses our family spent 60 years building. We have had many great relationships with our retail and wholesale customers over the years, and we believe the buyer will be a great fit for our customers going forward."
Richmond, Va.-based Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Martin Eagle, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale.
The transaction was managed by Managing Director John Underwood; Director Stephen Lynch; and Kyle Tipping, senior analyst.
"Matrix did an excellent job on getting the sale completed and worked diligently with the Martin Eagle team on both transactions. We really appreciate their meticulous attention to detail and all their hard work," Steve concluded.
Bryon Hammer and Elle Whitaker of Bourland, Wall & Wenzel, P.C. served as legal counsel for Martin Eagle.