R.M. Parks Sells Its U.S. Wholesale Petroleum Distribution Business
PORTERVILLE, Calif. — R.M. Parks Inc. has completed the sale of its U.S. wholesale petroleum distribution assets to PacWest Energy LLC, a joint venture between Jackson Energy and Shell Oil Products U.S.
Launched in 1969 when R.M. Parks purchased a small Texaco distributorship that sold fuel to 12 Texaco gas stations and approximately 35 agricultural accounts, R.M. Parks Inc. later expanded to sell gasoline, diesel fuel, motor oil, lubricants and automotive products.
In 1996, the company added the Shell brand and soon became one of the largest Shell wholesalers on the West Coast, supplying more than 160 Shell, Phillips, Valero, Sinclair and Spirit branded customers. It also sold unbranded fuel to a sizable non-contract customer base with its proprietary transportation fleet, the company said.
Porterville-based R.M. Parks expanded its wholesale operations into Mexico in 2018. It plans to focus its wholesale petroleum distribution operations there from now on.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to R.M. Parks, including valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the purchase agreement.
Spencer Cavalier, co-head of Matrix's downstream energy and convenience retail investment banking group, and Andrew LoPresti, vice president, managed the transaction.
"It was not an easy decision for us to sell the business that our family and employees have spent over 50 years building. It was very important to us that our employees and customers were taken care of with this transaction," said Jason Callison, chief operating officer at R.M. Parks. "We needed to find a firm that could help us with this major decision and we found that with the Matrix team. Spencer and Andrew led us through the entire sales process from beginning to end. Their expertise in this process helped alleviate a lot of the additional stress that comes with selling your business.
"We are extremely pleased with the outcome," he added. "We chose PacWest Energy, which is also a family business and values their employees and customers the same way we do. We can't thank Spencer, Andrew and the Matrix team enough for everything they have done for our family, employees and loyal customers."