Sept. 19, 2024 — Matrix Capital Markets Group, Inc. has announced the successful sale of the propane, commercial motor fuels, and lubricants business of WTG Fuels, LLC to ThompsonGas, LLC.
WTG Fuels is a subsidiary of West Texas Gas, a leading provider of natural gas distribution services throughout Texas and Oklahoma. WTG Fuels, based in Midland, Texas, distributes propane, refined products, and lubricants to residential, commercial, and oilfield customers throughout West Texas and extending into the Texas panhandle, central, and south Texas.
Erik Peterson, CEO of ThompsonGas, said “We are thrilled to welcome the more than 200 employees of WTG Fuels and look forward to making them feel right at home as they join the ThompsonGas family! This new area will operate as TG Fuels, based in Midland, Texas, under the continued local leadership of Casey King and Lane Worthington.”
Peterson continued, “With the addition of this business in Texas and New Mexico, ThompsonGas now provides peace of mind for customers in 25 states.”
Matrix provided merger and acquisition advisory services to WTG Fuels, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, CPA, managing director; Cedric Fortemps, CFA, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, CFA, CPA, vice president; and Michael Tucker, CFA, senior associate.
John Steen, CEO of West Texas Gas, commented “Matrix has been a true partner to WTG over the last several years through the sale of multiple business lines in the WTG Fuels division. We are grateful for their sound advice and execution.”
WTG Fuels formerly owned and operated the Uncle’s branded convenience store chain and the Gascard fleet fueling network, which were divested in a separate transaction managed by Matrix.
Saunders of Matrix commented “We’ve had the pleasure of working with the WTG Fuels team since late 2021 when we began reviewing strategic alternatives for each of their businesses. We’ve really enjoyed working with them these last three years and wish them all the best in their future endeavors.”
Larry Parker of Williams Mullen served as lead legal counsel for WTG Fuels.
