WTG Fuels sells propane and lubricants business to ThompsonGas in 2024

On September 19, 2024, Matrix Capital Markets Group, Inc. announced the successful acquisition of WTG Fuels, LLC's propane, commercial motor fuels, and lubricants business by ThompsonGas, LLC. WTG Fuels, a subsidiary of West Texas Gas, is based in Midland, Texas, and serves a diverse customer base across West Texas and parts of New Mexico. The transaction will see the integration of over 200 employees into the ThompsonGas family, with operations continuing under local leadership. Erik Peterson, CEO of ThompsonGas, expressed enthusiasm about the acquisition, highlighting the expansion of their service area to 25 states. This strategic move not only enhances ThompsonGas's market presence but also strengthens its operational capabilities in the propane and lubricants sector. The deal was facilitated by Matrix, which provided comprehensive advisory services, including valuation and negotiation support. The sale of WTG Fuels is part of a broader strategy by West Texas Gas to streamline its operations, having previously divested other business lines, including a convenience store chain and a fleet fueling network. This focus on core competencies allows West Texas Gas to concentrate on its primary natural gas distribution services. The successful transaction underscores the growing demand for propane and lubricants in the energy sector, as companies seek to enhance their service offerings and operational efficiencies. The integration of WTG Fuels into ThompsonGas is expected to create synergies that benefit both companies and their customers in the long run.