TACenergy Acquires Wholesale Petroleum Business
DALLAS — TACenergy, a division of The Arnold Cos., acquired the U.S. wholesale petroleum distribution business of IPC, a subsidiary of Japan-based ITOCHU Corp.
IPC is a wholesale distributor of diesel, gasoline and other petroleum products based out of Santa Ana, Calif. It markets and distributes more than 1 billion gallons of petroleum products to customers in approximately 30 states on an annual basis. Its largest concentration of business is on the West Coast.
Founded in March 2004, IPC was initially a joint venture between ITOCHU and Chemoil. ITOCHU bought Chemoil's interest in IPC in 2011, making it a wholly owned subsidiary.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to ITOCHU and IPC, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale.
"I am very pleased and have enjoyed working with the Matrix team," said Ted Tanaka, CEO of IPC. "Matrix has extensive knowledge and experience in the energy industry and structured an extremely well-run process. Their guidance helped us from start to finish, and they were always there when we needed advice and support."
TACenergy is a national leading independent wholesale fuels distributor of refined petroleum products headquartered in Dallas.