Colonial Oil Industries has aquired Atkinson Oil Company, an affiliate of Jet Food Stores of Georgia. Atkinson Oil is a leading distributor of commercial fuels and lubricants across Georgia and also operates an emergency fueling business across the Eastern and Southern United States. Matrix Capital Markets Group, a division of Citizens, advised on its sale.

Atkinson Oil traces its roots to 1987 with the purchase of Pittman Oil, a single-truck fuel distributor and full-service gas station and tire center operator in Sandersville, Georgia. The Company experienced significant growth in the subsequent decades, both organically and through strategic acquisitions, including Kay Oil Company, Hammock Oil Company, and Producers Petroleum. During this period, Atkinson Oil also divested its service station operations to focus on its core fuel distribution platform.

In 2016, Jet Food Stores acquired Atkinson Oil and invested significantly in the business, expanding its distribution capabilities and adding complementary offerings, including Total-branded lubricants distribution and a disaster relief business providing emergency fuel supply to areas impacted by natural disaster events.

At the time of its sale, Atkinson Oil served nearly 500 commercial fuels and lubricants customers in Georgia and ranked among the largest Total-branded lubricants distributors in the country. Jet Food Stores will use the proceeds from the transaction to reinvest and grow its premier convenience store business.

Matrix provided merger and acquisition advisory services to Atkinson Oil, including valuation advisory and the execution of a confidential, structured sale process. The transaction was managed by Vance Saunders, CPA, Managing Director, Kyle Tipping, CFA, Vice President, and Ethan Sannes, Analyst.

Clint Hancock, President of Jet Food Stores, commented, “I want to first thank Michael Atkinson for his outstanding leadership over the past ten years during our ownership of the company. Michael and the entire Atkinson Oil team have built a best-in-class organization, and we are deeply grateful for their dedication, hard work, and commitment to serving customers every day. We are also excited to watch the Atkinson Oil employees continue to grow and thrive as part of the Colonial Oil organization. Colonial is a family-owned business that closely aligns with our own values and culture, with a shared commitment to treating both employees and customers in a truly best-in-class manner.”

 

Regarding Matrix’s services, Hancock noted, “The Matrix team, led by Vance, Kyle, and Ethan, provided outstanding advisory services. Their professionalism, deep market knowledge, and disciplined process were evident at every step – from evaluation and marketing through executing a complex asset purchase agreement and closing. Matrix clearly understands the market, and their process delivered several competitive offers and an exceptional outcome.”

Saunders added, “It was a pleasure working with Clint, Michael Atkinson, and the entire Atkinson Oil team on this transaction. They have built a highly attractive platform, combining their expertise in fuels and lubricants distribution with differentiated disaster relief capabilities. We are incredibly honored to have represented them on this transaction and look forward to Atkinson’s continued growth under Colonial’s ownership.”

Michael White and Taylor Eisenhauer of James Bates Brannan Groover, LLP served as legal counsel Atkinson Oil.