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.
Situation
Tevis Oil, Inc. (“Tevis” or the “Company”) was founded in 1932 by Stanley H. Tevis Sr. as a local fuels distributor in Westminster, MD. In 1981, the Company opened its first convenience store originally called Tevco, which was primarily a self-service truck stop featuring unbranded gasoline, along with hot food, drinks, and other convenience items. In 1987, the Jiffy Mart brand was born, and by 2001 all of the Company’s Tevco stores had been rebranded Jiffy Mart. The Company is currently led by Mr. Jack Tevis, who represents the 3rd generation of the Tevis family.
The Company owned and operated 5 Jiffy Mart branded convenience stores, as well as 4 locations that were leased to commission agents and a dealer. The greater Tevis enterprise also spans home comfort solutions, commercial fuels, and HVAC businesses, consisting of: Tevis Energy (heating oil, diesel, and gasoline sales to residential and commercial customers); Tevis Propane (propane sales to residential and commercial customers); and, Modern Comfort Systems (HVAC installation, repair & maintenance).
Jack Tevis decided to exit the retail convenience store and petroleum marketing business to focus on the other businesses and diversify family wealth.
Objective
To customize, execute, and complete a confidential sale process that would allow the Tevis to realize maximum after-tax value upon the sale of its convenience retailing and wholesale motor fuel assets.
Solution
Matrix provided merger and acquisition advisory services to Tevis, which included valuation advisory, marketing of the convenience retailing and wholesale motor fuel assets through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and SMO, Incorporated (d/b/a SMO Motor Fuels and Dash In®), a subsidiary of The Wills Group, Inc., was ultimately selected as the acquirer.
Matrix assisted in the negotiation of the asset purchase agreement and coordinated the due diligence and closing process.
The transaction with SMO closed in September 2018.
Situation
Cheshire Oil Company (“Cheshire” or the “Company”), headquartered in Keene, New Hampshire, owned and operated 10 high volume and highly profitable Citgo-branded “T-Bird Mini Mart” convenience stores in southwest New Hampshire and Vermont. The Company also operated several other businesses, including the sale of fuels to commercial customers, retail home heating oil delivery, and HVAC & burner servicing.
The Company employed approximately 150 people, and was led by the management team of Mr. James Robertson and his daughter, Ms. JoJi Robertson. The Robertson family had operated Cheshire Oil Company since 1921 and had developed an extremely loyal base of customers across its convenience store network and HVAC & burner service businesses.
The Robertson family sought to exit the convenience store, commercial fuels, heating oil, and HVAC businesses to monetize these valuable assets for estate planning purposes.
Objective
To customize, execute, and complete a confidential sale process in a way that would allow the Robertson family to realize maximum after-tax value upon the sale of the Company’s various businesses.
Solution
Matrix provided merger and acquisition advisory services to Cheshire, which included valuation advisory, marketing the business through two confidential, structured sale processes, and negotiation of the transactions. The bifurcated sale process included a buyer pool of convenience store-centric buyers, home heating oil buyers, and several large, diversified strategic companies with an interest in expanding both their convenience store and home heating operations.
Multiple offers were received, and ultimately Global Partners, LP (NYSE: GLP) (“Global”) was selected as the buyer for the convenience store assets and Dead River Company (“Dead River”) was selected as the buyer for the other divisions.
Matrix assisted in the negotiation of the two separate asset purchase agreements and coordinated the due diligence processes.
The transactions with Global and Dead River both closed in July 2018, and substantially all of the Company’s employees were retained by the acquirers.
Situation
Cheshire Oil Company (“Cheshire” or the “Company”), headquartered in Keene, New Hampshire, owned and operated 10 high volume and highly profitable Citgo-branded “T-Bird Mini Mart” convenience stores in southwest New Hampshire and Vermont. The Company also operated several other businesses, including the sale of fuels to commercial customers, retail home heating oil delivery, and HVAC & burner servicing.
The Company employed approximately 150 people, and was led by the management team of Mr. James Robertson and his daughter, Ms. JoJi Robertson. The Robertson family had operated Cheshire Oil Company since 1921 and had developed an extremely loyal base of customers across its convenience store network and HVAC & burner service businesses.
The Robertson family sought to exit the convenience store, commercial fuels, heating oil, and HVAC businesses to monetize these valuable assets for estate planning purposes.
Objective
To customize, execute, and complete a confidential sale process in a way that would allow the Robertson family to realize maximum after-tax value upon the sale of the Company’s various businesses.
Solution
Matrix provided merger and acquisition advisory services to Cheshire, which included valuation advisory, marketing the business through two confidential, structured sale processes, and negotiation of the transactions. The bifurcated sale process included a buyer pool of convenience store-centric buyers, home heating oil buyers, and several large, diversified strategic companies with an interest in expanding both their convenience store and home heating operations.
Multiple offers were received, and ultimately Global Partners, LP (NYSE: GLP) (“Global”) was selected as the buyer for the convenience store assets and Dead River Company (“Dead River”) was selected as the buyer for the other divisions.
Matrix assisted in the negotiation of the two separate asset purchase agreements and coordinated the due diligence processes.
The transactions with Global and Dead River both closed in July 2018, and substantially all of the Company’s employees were retained by the acquirers.
Situation
Champlain Oil Company, Inc. (“Champlain” or the “Company”) was founded in 1949 by C. Douglas Cairns in Burlington, VT. Several decades later, in 1990, the Company acquired the Jiffy Mart brand along with 13 company-operated locations from Jiffy Mart, Inc, and in the decades that followed Champlain grew into one of the largest petroleum wholesale distribution and convenience retail marketers in the northeast.
The Company owned and operated 37 Jiffy Mart branded convenience stores, owned or leased 21 dealer and commission agent locations. The Company also supplied motor fuels under contract to 65 stations throughout Vermont and New Hampshire, as well as to commercial, industrial, and municipal customers on a non-contract basis. Additionally, Champlain owned and operated three cardlock fueling facilities, offered two fleet card programs, as well as operated its own fuels transportation fleet.
The Company’s President, Tony Cairns, and his family sought to exit the convenience store and petroleum marketing business to diversify their wealth and focus on other business and real estate ventures.
Objective
To customize, execute, and complete a confidential sale process that would allow the Cairns family to realize maximum after-tax value upon the sale of the Company.
Solution
Matrix provided merger and acquisition advisory services to Champlain, which included valuation advisory, marketing of the Company through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and Global Partners LP (“Global”) was ultimately selected as the acquirer.
Matrix assisted in the negotiation of the asset purchase agreement and coordinated the due diligence and closing process.
The transaction with Global closed in July 2018 with the vast majority of Champlain’s employees continuing their careers with Global.
Situation
NEMO Oil Company, d/b/a New England Motor Oil (“NEMO”) is a leading lubricants distributor to customers throughout New England. NEMO maintains a longstanding relationship with Ford as a Motorcraft bulk oil distributor servicing a broad range of customers, including Ford dealers and tire and service chains.
Objective
Matrix was retained by NEMO to pursue a 100% sale of the business with the goal of achieving a liquidity event and to provide wealth diversification for the Company’s shareholders.
Solution
Matrix tailored a targeted mini-auction that included all of the relevant regional competitors with the financial wherewithal to consummate a transaction.
We were able to yield multiple bids and utilize the leverage of other interested parties to increase the purchase price of the preferred buyer.
Closed the transaction at a value well in excess of client expectations despite having limited leverage throughout the diligence and documentation process.
Situation
Brabham Oil Company, Inc. (“Brabham” or the “Company”) was a fourth generation, family owned company headquartered in Bamberg, South Carolina. The Company owned and operated 34 E-Z Shop branded convenience stores and supplied motor fuels to 6 commissioned agent accounts and nearly 30 wholesale fuels and commercial fuels accounts throughout central South Carolina. The Company also operated its own fuels transportation fleet.
All of the E-Z Shop stores and consignment sites, along with the majority of the dealer locations, sold motor fuels under Brabham’s proprietary Horizon fuel brand.
The Company’s President, Brab McCully, and his family sought to exit the convenience store and petroleum marketing business to diversify their wealth and focus on other business and real estate ventures.
Objective
To customize, execute, and complete a confidential sale process that would allow the McCully family to realize maximum after-tax value upon the sale of the Company.
Solution
Matrix provided merger and acquisition advisory services to Brabham, which included valuation advisory, marketing of the Company through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and Enmark Stations, Inc. (“Enmark”) was selected as the acquirer.
Matrix assisted in the negotiation of the asset purchase agreement and coordinated the due diligence and closing process. Matrix also assisted the Company’s tax advisor in developing a dynamic, comprehensive financial model to analyze the after-tax proceeds under a variety of unique 1031 exchange scenarios.
The transaction with Enmark and their wholly owned subsidiary, Colonial Fuel and Lubricant Services, Inc., closed in April 2018 with the vast majority of Brabham’s employees continuing their careers with Enmark.
Situation
CHS Inc. (“CHS” or the “Company”), headquartered in Inver Grove Heights, Minnesota, is a Fortune 100 company that is a leading, global agribusiness owned by farmers, ranchers, and cooperatives located across the United States. The Company owns and operates two petroleum refineries and more than 2,500 miles of pipeline. CHS manufactures, markets, and distributes Cenex branded refined fuels, lubricants, propane, and renewable energy products through a network of more than 1,500 Cenex® branded retail petroleum outlets in 19 states, including its Cenex Zip Trip chain of convenience stores.
CHS sought to divest 33 of its Cenex Zip Trip stores in Washington and Idaho but also desired to continue supplying Cenex-branded fuels to the stores.
Objective
To customize, execute, and complete a confidential, expedited sale process that would allow CHS to realize maximum value for the 33 Cenex Zip Trip stores in Washington and Idaho as well as to continue to supply the stores with Cenex-branded fuels after the closing.
Solution
Matrix provided merger and acquisition advisory services to CHS, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.
Approximately one dozen competing offers from qualified buyers were received, and a subsidiary of Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) was selected as the acquirer.
As part of its continuing effort to connect with companies in the downstream energy and convenience retail sector to understand their business and growth objectives, Matrix had previously met with Par Pacific in 2017. This led to Matrix advising CHS to include Par Pacific on the potential buyer list despite the fact that they owned no retail assets in the continental U.S. prior to this transaction.
As part of the transaction, CHS and Par Pacific entered into branded petroleum marketing agreement for the continued supply of Cenex-branded fuels to the stores. Matrix assisted in the negotiation of the purchase agreement and the associated fuel supply agreements and coordinated the due diligence process.
The transaction closed in March 2018, six months after Matrix was retained by CHS.
Situation
Polsinello Fuels, Inc. (the “Company” or “PFI”) was founded in 1952 by Louis Polsinello Sr. as an oil burner repair services company. Over the years, Mr. Polsinello and his wife, Suzanne, grew the Company’s operations to include oil delivery trucks, followed by gas and diesel delivery, as well as a wide range of other products and services.
Louis Polsinello Jr., President, who began his career in the mid-1970s, now leads the Company along with his two sons, Lou Polsinello, III and Matthew Polsinello.
Matrix was retained to perform a valuation of PFI’s propane, heating oil, commercial fuels, and HVAC businesses and advise on a possible sale process.
Thereafter, the shareholders of PFI decided it was time to divest its propane, heating oil, commercial fuels, and HVAC businesses, to focus capital on the continued growth of its motor oil and lubricants business.
Objective
To customize, execute and complete a confidential sales process that would allow the Company’s shareholders to realize maximum after-tax value for its propane, heating oil, commercial fuels, and HVAC businesses.
Solution
Matrix provided merger and acquisition advisory services to the PFI, which included valuation advisory, marketing of its propane, heating oil, commercial fuels, and HVAC businesses through a customized, confidential, structured sale process, and negotiation of the transaction.
Multiple offers were received and after further negotiations with various potential buyers, Mirabito Holdings, Inc. (d/b/a Mirabito Fuel Group) was selected as the purchaser.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with Mirabito Holdings, Inc. closed in March of 2018.
Situation
Crenco Food Stores, Inc. and Crenshaw Oil Company, Inc. (hereinafter referred to as “Crenco” or “Company”) owned and operated four convenience stores, one truck stop, and a wholesale motor fuels transportation business in and around Lancaster, South Carolina.
Hal Crenshaw, the Company’s sole shareholder, contacted Matrix to discuss a potential sale of the Company as Mr. Crenshaw felt as though his choices were to either sell the assets or reinvest in the Company by redeveloping several of the stores in order to modernize them and improve their competitive position for the long-term.
In addition, Mr. Crenshaw needed to redevelop one of the stores, whether there would be a sale or not, in order to allow access to commercial real estate that he planned on developing in the near future.
Matrix provided Mr. Crenshaw with valuation guidance and recommended a sale process that would maximize the probability of achieving all of his goals in exiting the business.
Objective
To customize, execute, and complete a confidential sale process that would allow Crenco to realize maximum after-tax value for the Company and allow a redevelopment of one property.
Solution
Matrix provided merger and acquisition advisory services to Crenco, which included valuation advisory, marketing of the Company through a confidential, structured sale process, and negotiation of the transaction.
Multiple offers were received and GPM Investments, LLC was selected as the acquirer.
Long-term lease agreements were negotiated with GPM on two of the properties, which allowed Mr. Crenshaw to sell his business at all of the locations and also maintain a considerable current income stream.
As part of the transaction, GPM agreed to the redevelopment plans that Mr. Crenshaw required in order to provide access to the commercial real estate he planned to develop
Matrix assisted in the negotiation of the asset purchase agreement and lease agreements and coordinated the due diligence and closing process.
The transaction with two affiliated entities of GPM Investments, LLC closed in March 2018.
Situation
Connecticut Warehouse Distributors, Inc. (“CWD”) is a leading distributor of aftermarket automotive parts. CWD has established itself as the largest distributor of Motorcraft and AC Delco products in the New England region.
Objective
Matrix was retained by CWD to pursue a 100% sale of the business with the goal of achieving a liquidity event and to provide wealth diversification for the Company’s shareholders.
Solution
Matrix clearly articulated CWD’s investment thesis to a broad universe of strategic and financial buyers that possessed an understanding of the industry and/or had experience with similar businesses.
Working closely with management, Matrix analyzed and evaluated a range of offers from interested buyers that tended to be based off of either a cash flow multiple or the assets of the business.
Completed a sale to a strategic buyer at a premium valuation relative to CWD’s assets.
Situation
Headquartered in Holly Pond, Alabama, Jet-Pep, Inc. (“Jet-Pep”) was founded by Robert Norris who built his first gas station in 1973.
Jet-Pep grew over subsequent decades into a portfolio of 120 petroleum marketing retail assets, selling in excess of 140 million gallons of motor fuel annually throughout Central and Northern Alabama.
Due to the significant growth of the retail portfolio, Robert Norris acquired a legacy fuel terminal in Birmingham from Motiva in 2011 and significantly renovated and expanded the terminal to a capacity of 270,000 shell barrels; the proprietary terminal reopened in 2013.
Matrix performed a valuation of Jet-Pep and Bama Terminaling and Trading, LLC (“BTT”) and advised on a potential sale process. After undertaking various gift and estate tax planning measures, the shareholders of Jet-Pep and BTT decided it was time to exit the industry and diversify their family wealth.
Objective
To customize, execute and complete a confidential sales process that would allow Jet-Pep’s shareholders to realize maximum after-tax value for the entirety of the Company.
Solution
Matrix provided merger and acquisition advisory services to Jet-Pep, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction.
Competing offers were received, individually for the petroleum marketing retail assets and the terminal, as well as offers for the entire enterprise. After further negotiations with various potential buyers, Alimentation Couche-Tard (in connection with CrossAmerica Partners LP) was selected as the acquirer.
Matrix assisted in the negotiation of the purchase agreements and coordinated due diligence and the closing process.
The transaction closed in November of 2017.
Situation
Headquartered in Worcester, Massachusetts, the Iandoli family has owned Honey Farms, Inc. (the “Company” or “Honey Farms”) since 1969, and the family’s retail food operations of delis and supermarkets spans back to the 1920s.
The roots of the Honey Farms brand date back to the 1950s when they were dairy stores selling bread, milk and other staple food items. The Iandoli family purchased the Honey Farms chain along with a few legacy Millbrook Farms stores in July of 1969. After the supermarket business was sold in 1985, the Honey Farms stores became the core focus of the family, and the business grew significantly under the leadership of Wilfred Iandoli (deceased) and the current President and CEO, David Murdock, who has spent over four decades with the Company.
Matrix was retained to perform a valuation of the Company and advise on a possible sale process. Thereafter, the shareholders of Honey Farms ultimately decided it was time to sell the Company in order to exit the industry and diversify their family wealth.
Objective
To customize, execute and complete a confidential sales process that would allow the Company’s shareholders to realize maximum after-tax value for the Company.
Solution
Matrix provided merger and acquisition advisory services to the Company, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction.
Multiple offers were received and after further negotiations with various potential buyers, Global Partners LP (NYSE:GLP) was selected as the purchaser.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with Global Partners LP closed in October of 2017.
Situation
Revere Gas approached Matrix during the first quarter of 2017 regarding two propane acquisition opportunities- Natural Gas Company of Virginia (d/b/a Mr. Able Propane), based in Richmond, Virginia and Dixie Fuel Company, based in Newport News, Virginia.
Both Mr. Able Propane and Dixie Fuel Company supplied propane to residential, commercial, and industrial customers. Revere targeted the acquisitions due to their attractive customer base and geographic location relative to Revere’s existing operations in eastern Virginia. In the aggregate, Mr. Able Propane and Dixie Fuel Company served approximately 4,300 customers.
Objective
Matrix was engaged to advise Revere on the valuation of each target company, to negotiate and structure the terms of the asset purchase agreement, and to assist Revere with obtaining debt financing to fund the transactions.
Solution
Matrix developed a comprehensive financial model to evaluate each acquisition on a standalone basis and to analyze the projected consolidated performance of Revere, Mr. Able Propane, and Dixie Fuel Company post-acquisition. The acquisition analysis included several unique financing scenarios in order to identify the optimal capital structure, to estimate returns on equity for Revere and its shareholders, and to determine the required debt financing
Matrix assisted in the negotiation of the letter of intent and the terms of the asset purchase agreement for the Mr. Able transaction
After the asset purchase agreements were executed, Matrix developed a presentation outlining the key highlights of both acquisitions and the projected performance of the consolidated entity post-close. Alongside Revere’s management, Matrix presented the financial model to Revere’s commercial lender to help secure the senior term loan to fund the transactions.
Revere Gas closed on Dixie Fuel Company in June 2017 and Mr. Able Propane in August 2017.
Situation
Revere Gas approached Matrix during the first quarter of 2017 regarding two propane acquisition opportunities- Natural Gas Company of Virginia (d/b/a Mr. Able Propane), based in Richmond, Virginia and Dixie Fuel Company, based in Newport News, Virginia.
Both Mr. Able Propane and Dixie Fuel Company supplied propane to residential, commercial, and industrial customers. Revere targeted the acquisitions due to their attractive customer base and geographic location relative to Revere’s existing operations in eastern Virginia. In the aggregate, Mr. Able Propane and Dixie Fuel Company served approximately 4,300 customers.
Objective
Matrix was engaged to advise Revere on the valuation of each target company, to negotiate and structure the terms of the asset purchase agreement, and to assist Revere with obtaining debt financing to fund the transactions.
Solution
Matrix developed a comprehensive financial model to evaluate each acquisition on a standalone basis and to analyze the projected consolidated performance of Revere, Mr. Able Propane, and Dixie Fuel Company post-acquisition. The acquisition analysis included several unique financing scenarios in order to identify the optimal capital structure, to estimate returns on equity for Revere and its shareholders, and to determine the required debt financing
Matrix assisted in the negotiation of the letter of intent and the terms of the asset purchase agreement for the Mr. Able transaction
After the asset purchase agreements were executed, Matrix developed a presentation outlining the key highlights of both acquisitions and the projected performance of the consolidated entity post-close. Alongside Revere’s management, Matrix presented the financial model to Revere’s commercial lender to help secure the senior term loan to fund the transactions.
Revere Gas closed on Dixie Fuel Company in June 2017 and Mr. Able Propane in August 2017.
Situation
The shareholders of Superior Transport, Inc., d/b/a STi Fuels, (“STi” or the “Company”) desired to sell their consignment and wholesale motor fuels supply business and the related transportation assets after many years successfully building the business.
Based in Rome, Georgia, STi was a leading petroleum marketer serving northern Alabama, northwestern Georgia, and southern Tennessee and distributing over 75 million gallons of motor fuels annually primarily through its proprietary Hi-Tech and Smile brands. The Company was also a jobber for both Shell and BP and provided unbranded fuels to customers using their own flags. At the time of the sale, STi retailed fuels through 47 consignment accounts and supplied wholesale fuels to 77 customers. The Company operated a trucking division that hauled fuel to its sites in Georgia and Tennessee, and the Company also operated a commercial fuels business under the Enterprise Oil trade name. Through separate LLCs, STi’s shareholders owned the real estate at several of the consignment and dealer sites.
Objective
To customize, execute, and complete a sale process that would allow the shareholders to realize maximum value for the assets of the Company and their related real estate holdings.
Solution
Matrix provided merger and acquisition advisory services to STi, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction.
Matrix solicited offers that included the real estate owned by the shareholders as well as offers for STi’s fuel supply assets without the real estate. A number of competing offers were received, and after further negotiations with various potential buyers, Empire Petroleum Partners, LLC was selected as the purchaser for STi’s consignment and wholesale motor fuels supply business and the related transportation assets. STi retained the Enterprise Oil commercial fuels business, and the shareholders retained their real estate holdings to maintain the rental income stream.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction closed in June 2017.
Situation
Headquartered in Denver, Colorado, Bradley Petroleum, Inc. and Sav-O-Mat, Inc. (“Bradley” or the “Company”) span over a 100 year history, and four generations, in the petroleum marketing and convenience retailing industry, including owning and operating the first Denver-based gas station in 1912.
Over recent decades, Buzz and Brad Calkins continued the Company’s growth by expanding further west, and south into New Mexico.
Matrix performed a valuation of the Company and advised on a possible sale process. After undertaking various gift and estate tax planning measures, the shareholders of Bradley decided it was time to sell the Company in order to exit the industry and diversify their family wealth.
Objective
To customize, execute and complete a confidential sales process that would allow Bradley’s shareholders to realize maximum after-tax value for the Company.
Solution
Matrix provided merger and acquisition advisory services to Bradley, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction.
Multiple offers were received and after further negotiations with various potential buyers, Stinker Stores, Inc. (“Stinker Stores”) was selected as the acquirer.
Matrix assisted in the negotiation of the purchase agreement and coordinated due diligence and closing process.
The transaction with Stinker Stores closed in February of 2017.
Situation
Headquartered in Massillon, Ohio, Campbell Oil Co. (“Campbell Oil” or the “Company”) was founded in 1939 by Chester Campbell as a distributor of gasoline, kerosene and fuel oil. The Company experienced significant growth organically and through acquisitions in the 1980s and 1990s, when it made a serious commitment to being a convenience retailer.
Brian Burrow, President of Campbell Oil, has continued the Company’s growth by shaping a successful retail strategy to become a preeminent convenience brand in Ohio.
The shareholders of Campbell Oil decided it was time to exit the heating oil and commercial fuels business, in order to reinvest additional capital into its faster growing, 56-unit convenience retail chain trading as BellStores®.
Objective
To customize, execute and complete a confidential sales process that would allow Campbell Oil’s shareholders to realize maximum after-tax value for the heating oil and commercial fuels business.
Solution
Matrix provided merger and acquisition advisory services to Campbell Oil, which included valuation advisory, marketing of the assets through a customized, confidential, structured sale process, and negotiation of the transaction.
Multiple offers were received and after further negotiations with various potential buyers, Lykins Energy Solutions (“Lykins Energy”) was selected as the purchaser.
Matrix assisted in the negotiation of the purchase agreement and coordinated due diligence and closing process.
The transaction with Lykins Energy closed in December of 2016.
