IBG Business facilitated the sale, which closed February 28, 2023. IBG co-founding partner Gary Papay (Pennsylvania) led the transaction team.
Terms of the sale were not disclosed at the parties’ requests.
Matthews Fuel Service was founded in 1964 as a coal yard business. In the 1970s, the company added fuel oil and propane and discontinued the sale of coal. Bottled spring water was added to the company’s product line in the 1980s. At the time of the sale, Matthews supplied over 2,100 customers in Columbia, Luzerne and Montour counties in central Pennsylvania.
Headquartered in Mountain Top, PA, Button Oil was launched during the Great Depression by Edward S. Button. Since its inception in the 1930s, the company has grown to a major provider of energy products offering delivery and on-site refueling of heating oils, diesel fuel, gasoline, and propane.