Matrix Capital Markets Group, Inc., a leading independent middle-market investment bank, announced the successful acquisition of two propane gas companies by Revere Gas, Inc. On June 1, Revere closed on the acquisition of Dixie Fuel Company, which is headquartered in Newport News, Virginia, and supplies propane gas to over 1,300 retail and wholesale customers in the Peninsula area. On August 1, Revere closed on the acquisition of Natural Gas Company of Virginia, Inc. (DBA Mr. Able Propane). Headquartered in Richmond, Virginia, Mr. Able Propane is a regional distributor of retail and wholesale propane gas and a retailer of HVAC equipment serving over 3,000 customers.
Founded in 1942 and celebrating its 75th anniversary, Revere Gas has enjoyed continued growth and productivity for three generations. Led by Carlton Revere, President, and Craig Revere, Executive Vice President, the company has built a stellar reputation for providing timely and reliable service, with a strong focus on safety and serving their local communities. The two most recent acquisitions add increased bulk storage facilities and new personnel, further increases their reach throughout eastern and central Virginia, the Middle Peninsula, and the Northern Neck, and expands their propane and associated products and services to over 26,000 customers.
Carlton Revere commented, “In our talks with Dixie and Mr. Able, they liked our family-first approach to customer service, and took great comfort in knowing their customer base will be well taken care of. Our size gives the customer advantages in service, price protection plans and delivery options. We think the acquisitions are a win-win for us and the customers, and we have heard very favorable feedback so far. The team at Matrix was a great partner to have as we navigated the negotiations and due diligence process.”
Matrix provided merger and acquisition advisory services to the company, which included advising on valuation, deal structuring and financing options. The transaction was managed by Spencer Cavalier, Managing Director; Vance Saunders, Director; and John Duni, Associate.
Mr. Cavalier added, “We have had the good fortune of knowing the Revere family and watching them grow the Company for years. Carlton, Craig and their team are extremely successful operators and we expect more growth in years to come. We were honored to have the opportunity to advise Revere on these two exceptional acquisitions.”
Dustin DeVore of Kaufman & Canoles, P.C. served as legal counsel for the company.