Transaction Announcement: The McPherson Companies, Inc. Divests its Dealer Fuel Distribution Business
Birmingham, AL (February 4, 2020) – The McPherson Companies, Inc. of Birmingham, AL, (the “Company”) has announced the successful sale of its Dealer Fuel Distribution business to Majors Management, LLC and its affiliates. In 2018 the Company initiated a strategic review of all business segments, leading to its conclusion to direct its resources towards its Mobil and Proteck lubricants, commercial fueling, and Fuelz fleet card program as it expands along the Gulf Coast in those trade channels. Corner Capital is pleased to have provided strategy and benchmarking advisory, business valuation services and its structured sale process to assist The McPherson Companies in its corporate efforts.
Ken McPherson, President and CEO of The McPherson Companies, Inc., commented upon closing of the transaction, “This transaction represents the conclusion of a thoughtful strategic process, and we are excited to focus our resources and efforts across the Southeast to continue building our business and seek growth opportunities in lubricants, commercial fuels, and our Fuelz fleet card. We believe our dealer customers will benefit from Majors Management’s similar dedication to their retail customers.”
The McPherson Companies, Inc. was founded by Charles K. McPherson, Sr. (“Mac”) in 1971 in Oneonta, Alabama. After working for Shell Oil in Houston, Texas for eight years as a lubrication engineer, Mac returned to his home state and purchased a rural fuel jobber in Oneonta, Alabama. The Company distributes Mobil branded lubricants, in addition to its branded fuel distribution of all major fuel brands to its dealers across the Southeast. Ken McPherson assumed the leadership roles of the Company in 2008.
“We are very pleased to add McPherson’s customers to the Majors’ supply network with this acquisition” said Majors’ President, Ben Smith. “We are excited to welcome our new customers to Majors, and we are committed to providing high-quality and dependable service to the newest members of the Majors family.”
“Corner Capital is pleased to have been a part of the Company’s strategic and re-positioning efforts as a trusted partner,” stated Andy Weber of Corner Capital, “and we are excited to see a great future in front of Ken and his strong management team.”
ABOUT THE MCPHERSON COMPANIES, INC.
The McPherson Companies, Inc. is a full-service petroleum products and services company and supports its customers with its philosophy of TPM – Total Petroleum Management. TMC has a strong heritage of providing leadership in the petroleum distribution business, and this heritage has provided a solid foundation for TMC to continue providing quality products and services to its customers for many years to come. TMC continues to be chosen by suppliers, customers and employees for their openness, honesty and integrity in the petroleum business. https://www.mcphersonoil.com/
ABOUT MAJORS MANAGEMENT, LLC
Majors Management, LLC, headquartered in Lawrenceville, GA, together with its affiliates, supplies fuel to more than 700 convenience store locations. Majors Management is a leading distributor of high-quality branded motor fuels and partners with the best petroleum brands including Shell, Chevron, Texaco, Exxon, Mobil, Phillips, 76, Sunoco, Valero Citgo. Its current markets include Alabama, Arkansas, Florida, Georgia, Louisiana, North Carolina, Mississippi, Ohio, South Carolina, Tennessee and Texas. https://www.majorsmanagement.com/
ABOUT CORNER CAPITAL
Since 2006, Corner Capital provides financial and strategic advisory services to entrepreneurs, operating companies, financial institutions, and investors in all segments of the Downstream Energy Industry and including multi-unit retailers. For more information, please visit http://www.cornercapitalpartners.com/ or contact P. A. Weber III (Andy) at aweber@cornercapitalpartners.com, (805) 965-5510.