From Operator to Advisor: The Evolution of Industry-Leading M&A Expertise

How Six Decades of Downstream Energy Experience Built the Ultimate M&A Expertise

In 1956, while most business advisors were learning about industries from textbooks and financial statements, the Griffin family was building something different: authentic expertise earned through decades of hands-on experience in the downstream energy sector.

The Foundation: Ruben & Ginny Griffin’s Vision

When Ruben and Ginny Griffin founded Griffin Petroleum in Jonesboro, Arkansas, in 1956, they established more than just another energy business. They built a foundation rooted in the timeless principles that would guide their family for generations: unwavering honesty, uncompromising integrity, and the tenacious work ethic that defines true business ownership.

Steve Griffin: The Industry Insider’s Journey

Steve Griffin didn’t inherit the family business; he lived it from the ground up. Throughout the 1950s, his father ran a Cities Service Station (later Citgo) before becoming a commissioned agent with Continental Oil Company (later Conoco), overseeing four service stations and a wholesale bulk distribution warehouse.

“Dad had me first working the full-service gas pumps at a Conoco station, then later stocking the warehouse, and delivering tires, batteries, and accessories (TBA) products to the service stations, then later driving trucks, delivering fuel, and collecting money, ” Steve recalls. “I didn’t realize it then, but I gained priceless knowledge relating to every aspect of our industry.”

This early immersion provided Steve with something that would later prove to be his greatest competitive advantage: authentic operator experience. He understood the daily challenges, the razor-thin margins, the customer dynamics, and the operational complexities that define success in the convenience store and fuel retail business.

The Financier’s Perspective

After college, Steve entered investment banking, gaining crucial insights into the financial mechanisms that drive major transactions and market dynamics. After his investment banking experience, he entered commercial banking, where he worked in problem loan workout, lending, and then finished his training within the innovative special projects division, where he mentored under banking legend William M. Matthews, Jr. of the former Union Planters Bank. But rather than distancing him from the family business, this experience added another layer to his industry expertise. He was simultaneously learning to think like both the operator counting daily sales and the financier evaluating investment opportunities.

When Steve returned to create the retail convenience store division of the family’s oil company in 1990, he brought this rare dual perspective. Working alongside business partner Geron Vail and supported by his unusually innovative parents, Steve transformed Griffin Petroleum into something entirely new.

Industry Evolution: From Service Stations to Experience Centers

Steve witnessed and participated in one of the most significant transformations in American retail: the evolution of convenience stores from basic fuel stops to destination food and beverage centers. Starting their family c-store operation in 1990, Steve pioneered quality-first approaches that the industry would eventually follow. Griffin Express eventually emerged into 70 retail sites, along with 30 standalone restaurants. This was accomplished with several outstanding partners and associates, all of whom contributed their expertise.

“We discovered something profound: people who never considered eating in a convenience store began doing so regularly,” Steve explains. “We weren’t attracting new customers; rather, existing customers who came for fuel and restrooms began making additional purchases in categories they previously ignored.”

This operational success provided Steve with insights that other financial advisors didn’t have; he understood not just how to analyze a convenience store’s financials, but why certain operational approaches succeed and others fail. He had lived through the industry’s transformation as both participant and observer.

The Ultimate Industry Perspective

Steve’s unique journey created something unprecedented in the M&A advisory space: someone who could authentically understand all sides of every transaction. As an operator, he knew the daily challenges sellers faced. As a financier, he understood what buyers needed to see. As an industry veteran, he could navigate the complexities that derail transactions handled by generalist firms.

“Steve has the ability to think like the people we’re representing,” notes industry observers. “Unlike larger firms where advisors have no idea what they’re doing in this industry, Steve knows how to negotiate fuel supply contracts and handle operational details that others would never even consider.”

This comprehensive perspective was also reinforced by Steve’s partnership with Jeff Traub, co-founder of Downstream Energy Group. Jeff began his career with Steve after graduating from business school, serving as a controller for a convenience store chain where Steve was CEO. Jeff, from day 1, started in the front seat riding with Steve in the petro sector, and now, with a deep background and understanding in the convenience store world, providing analytical expertise, perfectly complements Steve’s operational insights. “No one in the world knows the convenience store data like Jeff,” Steve explains, highlighting the powerful combination of operational experience and financial analysis that sets DEG apart.

This powerhouse combination allowed Steve and Jeff to build Downstream Energy Group into a premier M&A advisory firm specializing in transactions between $25 million and $250 million, serving mid-sized convenience store chains and petroleum companies with unmatched industry insight.

Expanding Our Expertise: Kodi Griffin and the Next Generation

Just as Steve learned the business by working alongside his father, Kodi Griffin developed his expertise through hands-on experience with Steve and the DEG team. But Kodi brought his own valuable perspective through his background in commercial real estate, adding property expertise to complement the family’s operational and financial knowledge.

Recognizing the Underserved Market

At industry conventions and through daily business interactions, Steve and Kodi repeatedly encountered the same scenario: owners of one, two, or three convenience stores seeking guidance that didn’t fit DEG’s mid-market focus. These smaller operators needed the same level of expertise, but their transaction size required a different approach.

“We discovered an underserved market that could benefit from our expertise,” Steve explains. The lightbulb moment wasn’t dramatic—it was the cumulative effect of consistently hearing the same need expressed by dedicated operators who had built successful small chains but lacked access to specialized M&A guidance.

This recognition led to the creation of Downstream Energy Properties (DEP), with Kodi at the helm.

Downstream Energy Properties: Specialized Expertise for Smaller Operators

Under Kodi’s leadership, DEP was designed specifically to serve owners of five locations or fewer, bringing the same Griffin family expertise and industry knowledge to transactions that larger firms often overlook or underserve. Importantly, DEP operates with the full resources and backing of Downstream Energy Group, ensuring that single operators receive the same level of comprehensive support and industry expertise that our larger chain clients have come to expect.

Where DEG focuses on substantial petroleum transactions and convenience store chains, DEP specializes in individual convenience stores and truck stops. This allows us to provide smaller operators with access to our complete range of industry knowledge, financial expertise, and market connections—resources typically reserved for much larger transactions.

Kodi’s approach combines the operational insights passed down through the Griffin family tradition with his commercial real estate background and fresh perspective on today’s market dynamics.

The result is a specialized advisory service that understands both the emotional attachment smaller operators have to their businesses and the financial realities they must navigate.

Our Evolution: Three Generations of Industry Expertise

Today’s Downstream Energy Group and Downstream Energy Properties represent the culmination of decades of Griffin family involvement in the downstream energy sector. This isn’t just longevity—it’s accumulated wisdom that spans multiple industry transformations.

Our unique combination of operator, financier, and advisor experience creates unmatched credibility with clients who know we’ve “walked in their shoes.” With Kodi now leading DEP, we’ve expanded this expertise to a new generation, enhanced by a fresh perspective and a comprehensive commercial real estate background.

Together, we offer something that larger, generalist M&A firms cannot match: authentic industry expertise backed by generations of successful business ownership, operational experience, and financial acumen.

The Values That Guide Us

Through every evolution—from Ruben and Ginny’s original service station to today’s sophisticated M&A advisory services—our core values remain unchanged. The honesty and integrity that built Griffin Petroleum’s reputation in 1956 continue to guide every client interaction today.

This consistency creates trust that extends beyond individual transactions. Our clients know they’re working with advisors who understand their industry, respect their achievements, and share their commitment to conducting business the right way.

Your Next Step Forward

Whether you’re considering your first acquisition, planning your exit strategy, or want to understand your options in today’s market, our expertise is available to guide your decision-making.

For convenience store chains and mid-market petroleum companies (transactions $25-250 million), Downstream Energy Group provides comprehensive M&A advisory services backed by unmatched industry knowledge.

For individual operators and smaller chains (five locations or fewer), Downstream Energy Properties offers specialized guidance tailored to your unique situation and goals—backed by the full resources of DEG.

We offer multiple ways to access this expertise:

• Free one-hour consultation to discuss your specific situation and objectives
• Complimentary business valuation to understand your current market position
• Market insight reports to help you navigate industry trends and opportunities

Our sixty-plus-year journey from a single service station to industry-leading M&A expertise represents more than business evolution—it demonstrates the power of combining authentic experience with unwavering principles.

Today, that expertise is ready to help you. Let’s Talk!

To schedule your complimentary consultation or learn more about how Downstream Energy Group and Downstream Energy Properties can serve your needs, contact us today. Let three generations of industry expertise guide your most important business decisions.

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