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.
State Oil Company (“State Oil” or the “Company”) and Matrix’s relationship dates back to 2011 when the Company originally retained Matrix to perform a valuation of its retail and wholesale fuels distribution assets. In conjunction with this corporate valuation, Matrix helped State Oil review a potential sale of the Company, but the Company’s shareholders decided to retain the business and make operational improvements.
As result of its previous experience with Matrix, State Oil again reviewed a potential sale of the Company with Matrix in 2014 and once again in 2015. This last review ultimately resulted in the Company’s shareholders deciding it was time to sell the Company.
To customize, execute, and complete a sale process that would allow State Oil to realize the maximum value for its retail and fuels distribution assets.
Matrix provided merger and acquisition advisory services to State Oil, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction.
Matrix executed a highly confidential sale process by contacting select national and regional strategic buyers who had the financial capacity to complete the transaction.
Multiple competing offers were received and CrossAmerica Partners LP (NYSE: CAPL) was selected to purchase State Oil’s retail and wholesale fuels distribution assets.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with CrossAmerica Partners LP closed in September 2016.
Mutual Oil Co., Inc. (“Mutual”) decided to sell its unbranded refined petroleum products distribution business in order to make a complete industry exit and provide capital to its owners for retirement. At the time of the sale Mutual sold close to 650 million annual gallons of primarily gasoline and diesel motor fuel, to single and multi-site dealers, high volume retailers, resellers, commercial entities, governments and municipalities, and marinas. After successfully divesting Mutual’s retail operations (in 2013) and branded contract dealer and transportation businesses (in 2015), Matrix was retained to sell Mutual’s remaining distribution business.
To customize, execute and complete a sales process that would protect Mutual’s non-contract customers while realizing the maximum value for its unbranded refined petroleum product distribution business.
Matrix provided Mutual with merger and acquisition advisory services, which included valuation advisory, transaction structuring, marketing and assistance in the negotiation of the purchase agreement.
Matrix executed a highly confidential sale process by contacting select national and regional wholesale fuels distributors that had the financial capacity to complete the transaction.
Multiple offers were received and Truman Arnold Companies (“TAC”) was selected to purchase Mutual’s business.
Matrix assisted in the negotiation of the purchase agreement and coordinated due diligence, which resulted in the transition of the majority of Mutual’s employees and limited customer interruption.
The transaction with TAC closed in May of 2016.
Fortis Business Media, LLC (d/b/a BLR), headquartered in Brentwood, TN, is a leading provider of compliance and training solutions in the B2B arena.
Matrix was retained by BLR to pursue a recapitalization of the business, with the objective of selling a majority of the founder’s ownership interest and finding a financial partner to support the growth trajectory of the business.
Matrix marketed the business to a broad universe of generalist private equity buyers and limited number of private equity buyers with relevant assets/portfolio companies.
Received multiple initial indications of interest and several letters of intent, providing the Company’s Board of Directors and management team the opportunity to select from a menu of diverse options/structures.
Completed a recapitalization with the Company’s existing mezzanine lenders that included the redemption of a significant portion of the ownership interest of its founder and largest shareholder.