Case Study: Matrix Announces the Successful Sale of Holt Oil Company, Inc.

Holt Oil Company, Inc. (“Holt” or the “Company”) is a leading petroleum marketing, convenience retailing, and QSR operator consisting of 19 sites and wholesale dealer business in the areas of Fayetteville and Wilmington, NC.

In 1930, William D. Holt founded the predecessor entity of Holt under the name Crystal Oil Co. in downtown Fayetteville. The Company initially operated a few gasoline stations and later moved into the home heating oil business. Over four decades, the gasoline station count increased to 22 sites across four counties.

In 1987, Louis Cox joined the company as director of dealer operations and oversaw the construction of new-to-industry stores. He currently serves as Holt’s President. In 1989, Hannah Holt came on board and oversaw the company-operated convenience stores, spearheaded the first Subway franchise, and currently serves as Director of Operations and Secretary.

In 1992, Walter Holt joined the business and focused on the information technology and financial aspects of the company as a Vice President. In 1999, Bill Holt joined the business as a commercial gasoline account manager and as Treasurer; he later moved into store operations as the Merchandising Manager.

The objective was to customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of Holt and to secure post- closing employment for certain shareholders who were part of the executive management team.

Matrix provided merger and acquisition advisory services to Holt, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.

Multiple competitive offers were received, and Petroleum Marketing Group, Inc. (“PMG”) was ultimately selected as the acquirer.

Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.

The transaction with PMG closed in November 2022.

Sean P. Dooley, CFA, ASA

Managing Director

sdooley@matrixcmg.com (667) 217-3322

www.matrixcmg.com

Richmond • Baltimore • New York

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.

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