RICHMOND, Va. / BALTIMORE, Md. – Jan. 29, 2024 – Matrix Capital Markets Group Inc. announced it has advised Eastern Sierra Propane on its sale to Ferrellgas Partners L.P.
Eastern Sierra Propane is one of the premier propane retailers in the Eastern Sierra Nevada mountain range, serving both residential and commercial customers. Eastern Sierra was founded in 1993 in Bishop, California, by Tom Sigler and Rudy Forster. Initially, Eastern Sierra was run out of Tom Sigler’s house, and propane storage was obtained by using a 12,000-gallon tank at a customer's location in exchange for installing vapor meters on his gas dryers.
It soon became very clear that Eastern Sierra Propane needed a much larger space and their own propane storage. As such, Eastern Sierra leased a nearby property in Bishop, California, and installed their first 30,000-gallon propane tank. Tom Sigler subsequently acquired Rudy Forster’s 50% ownership interest, and Tom along with his son Jason Sigler have significantly grown the company over the last two plus decades.
Matrix provided merger and acquisition advisory services to Eastern Sierra which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. 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 and Nate Wah, CPA, senior associate.
Tom Sigler, president and shareholder of Eastern Sierra, said, “When I decided to sell my business I researched companies who had the best transaction closing results, and I found that Matrix Capital was the top firm. They were helpful by first providing me with a valuation of my business and then finding a buyer who was the best fit for my employees and customers. I am glad that I made the decision to choose Matrix for there were many challenges along the way and they were there to help. Sean Dooley and Nate Wah were more than helpful in walking me through those challenges. I would recommend Matrix to anyone who was considering selling their business.”
Dooley added, “We very much appreciate the trust that Tom placed in us to advise him on the sale of Eastern Sierra that he and his family worked so hard to build. It was a pleasure working with him and the Ferrellgas team on this transaction, and we wish Tom and Jason all the best in their future endeavors.”
Stephen Kappos served as legal counsel for Eastern Sierra.