RICHMOND, Va. and BALTIMORE, Md., June 7, 2023 (SEND2PRESS NEWSWIRE) — Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, today announced the successful closing on the sale of the retail motor fuels, convenience retail, and fleet fueling businesses of WTG Fuels Holdings, LLC (“WTG Fuels” or the “Company”) to subsidiaries of GPM Investments, LLC, a subsidiary of ARKO Corp. (Nasdaq: ARKO) (“GPM”). The assets sold to GPM included 24 Uncle’s branded convenience stores, 68 Gascard branded cardlock sites, 43 private cardlock sites, the Company’s Gascard fleet card assets, and 9 consignment and wholesale dealer accounts.

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WTG Fuels, based in Midland, Texas, is a large, diversified fuels distributor and convenience retailer with operations across west Texas and southeast New Mexico. Prior to the close of the transaction, the Company’s assets included a chain of high-volume convenience stores operating under its proprietary Uncle’s brand, a large fleet fueling business operating under its proprietary Gascard brand, and a delivered fuels business, serving residential and commercial customers, that ranks among the largest propane distributors in the Southwest. WTG Fuels’ delivered fuels business, which provides propane, refined products, and lubricants to nearly 19,000 residential and commercial customers through a network of over 70 bulk plants and warehouses, is not included in the sale to GPM and will continue to be operated by WTG Fuels post-closing.

WTG Fuels is a subsidiary of West Texas Gas (“WTG”), a leading provider of natural gas gathering, processing, transmission, and distribution services throughout Texas and Oklahoma.

Matrix provided merger and acquisition advisory services to WTG, 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; David Corbett, CFA, Director; John Duni, CFA, CPA, Vice President; and Michael Tucker, CFA, Associate.

John Steen, CEO of West Texas Gas, commented, “Matrix proved to be an indispensable partner and advisor to WTG on the divestiture of these assets. We appreciate all the efforts of the Matrix team over the course of this transaction.”

Mr. Saunders added, “Our relationship with WTG first began back in late 2021 as we helped the Company evaluate strategic alternatives for the WTG Fuels businesses. After reviewing several options, the decision was made to divest WTG Fuels’ retail motor fuels, convenience retail, and fleet fueling businesses through a carveout process to maximize the value of the Company’s assets. We are grateful to WTG for entrusting us with this complex mandate.”

Larry Parker, Trevor Wind, Mary Katherine McGetrick, David Allen, Nico Balbontin, and Alston Underwood of Williams Mullen served as legal counsel for WTG Fuels.

About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group:

Matrix’s Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals and car washes.

Group members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 270 engagements with a total transaction value of more than $13 billion.

About Matrix Capital Markets Group, Inc.:

Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and New York, NY. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions. Matrix serves clients in a wide range of industries, including automotive aftermarket, building products, car washes, consumer products, convenience retail, downstream energy, healthcare and industrial products.

For additional information or to contact our team members, please visit

Securities offered by MCMG Capital Advisors, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC


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Mrs. Honor P. Carver
Director of Marketing and Communications
Matrix Capital Markets Group, Inc.

News Source: Matrix Capital Markets Group Inc.