Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank. Since 1988, Matrix has provided merger & acquisition and financial advisory services to privately-held, private-equity owned and publicly traded companies.
After retaining Matrix to perform multiple valuations over the past decade and to provide corporate finance advisory services for Pester Marketing Company (“Pester” or the “Company”) during its refinance in 2012, the shareholders and senior management of Pester decided it was time to sell the Company.
Founded in Iowa in 1955, Pester was built by respected energy industry leader, Jack Pester, Chairman, whose energy career has spanned more than 50 years. Mr. Pester’s diverse industry background throughout multiple segments of the energy stream provided him with the experience to integrate blending and terminaling operations to develop Pester into one of the largest, uniquely integrated privately-held convenience retailers and petroleum marketing companies in the U.S.
To customize, execute, and complete a confidential sale process that would allow Pester’s shareholders to realize maximum after-tax value for its retail, wholesale, and transportation businesses. After a thorough tax analysis, it was determined an equity transaction was necessary due to the low tax basis of assets within the c-corporation and inherent double-layer of taxation under an asset sale transaction.
Matrix provided merger and acquisition advisory services to Pester, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction.
Several competing offers were received and after further negotiations with various potential buyers, World Fuel Services Corp. (NYSE:INT) was selected as the buyer.
Matrix assisted in the negotiation of the stock purchase agreement for Pester and coordinated the due diligence and closing process.
Senior Pester management personnel interested in employment with the Company post-close executed employment agreements with World Fuel Services.
The transaction with World Fuel Services successfully closed in September 2015.
After retaining Matrix to perform a valuation of Tedeschi Food Shops, Inc. and Related Real Estate Entities (“Tedeschi” or the “Company”), the shareholders and senior management of Tedeschi decided it was time to sell the Company and diversify the Tedeschi family’s wealth which spanned multiple current generations of shareholders.
The Company has roots dating back to 1923, when Angelo Tedeschi opened a small store in Rockland, MA.
Tedeschi has always been recognized as a leading convenience retailer, and senior management’s ability to evolve its brand and convenience store offerings enabled them to stay relevant with a broader consumer base.
The Company earned numerous accolades, including being selected as the “2012 Convenience Store Chain of the Year” by Convenience Store Decisions.
To customize, execute, and complete a sale process including both strategic and private equity buyers that would allow the shareholders to realize maximum after-tax value for the Company on a complete or partial exit of the business.
Matrix provided merger and acquisition advisory services to Tedeschi, which encompassed valuation advisory, the marketing of the Company through a customized, highly confidential, structured sale process, and negotiation of the complex transaction through a drop-down structure.
Several competing offers were received and after further negotiations with various potential buyers, 7-Eleven, Inc. was selected as the purchaser.
Matrix assisted in the negotiation of the purchase agreement for Tedeschi and coordinated the due diligence and closing process. The transaction with 7-Eleven, Inc. successfully closed in August 2015.
Narcote, LLC, headquartered in Piney Flats, TN, is a leading provider of technical textile solutions, including coated and laminated composite fabrics.
Matrix was retained by Narcote and CEO Cary Green to provide liquidity for certain passive shareholders and identify a private equity partner that would assist the Company (and shareholders rolling proceeds) during its next phase of growth.
Ran broad private equity process that yielded numerous well-diligenced Letters of Intent from reputable private equity groups – a tremendous outcome given the size of the business.
All shareholder objectives were met – passive investors received 100% liquidity at attractive valuation and top management received partial liquidity in addition to significant stake in go-forward enterprise.
Matrix identified a buyer that was able to underwrite the entire capital structure and was willing to perform limited diligence in an expedited timeframe.