RICHMOND, VA -- Matrix Capital Markets Group Inc. announced Monday the successful closing of Carroll Independent Fuel Company’s acquisition of 70 BP retail and wholesale fuel assets in the Baltimore and Washington, D.C., metropolitan markets. 

Matrix provided acquisition and capital raising advisory services to consummate the transaction. Founded in 1907 and headquartered in Baltimore, MD, Carroll is a highly diversified distributor of premium fuel products to residential and commercial customers in the greater Baltimore and Washington, D.C., region. With the addition of the BP fuel assets, Carroll’s sales will exceed 300 million gallons annually of heating and motor fuels, and Carroll Branded Fuels, a division of Carroll, becomes the leading distributor of branded and unbranded motor fuels in the greater Baltimore region, according to the company. 

With this transaction, Carroll will supply 70 BP-branded retail sites--Carroll acquired nine company-owned, dealer-operated sites and will supply 61 sites that are dealer-owned and -operated. Under the terms of the agreement, all sites will remain BP branded.