BALTIMORE, MD – August 17, 2009 – Matrix Capital Markets Group, Inc. (“Matrix”) announced today that Kwik Pik, LLC (“Kwik Pik”), an affiliate of Lehigh Gas Corporation, has been selected as the Stalking Horse Bidder in the Uni- Marts Bankruptcy Asset Sale. A motion to approve Kwik Pik as the Stalking Horse has been filed in the Delaware District of The U.S. Bankruptcy Court (“Court”). A hearing to approve the motion is scheduled for September 3, 2009. Additionally, the last date for submitting bids has been extended to September 16, 2009 with a live auction to follow a week later on September 23, 2009.
The Kwik Pik Agreement (“Agreement”) provides for a purchase price of $10 million for the Ohio assets and $6.7 million for the assets located in Pennsylvania and New York. The Sale Procedures in this case allow bidders to bid on the entire company, groups of assets and on individual stores. Under the Agreement approximately seventy (70) of the assets in Pennsylvania and New York will be offered to individual store buyers if offers meet certain value requirements without any “all or none” restrictions. Tom Kelso, a managing director of Matrix, elaborated, “The Kwik Pik Agreement provides the Debtor with a high degree of flexibility that provides the opportunity to truly maximize the value of the assets in an auction process where single assets and smaller groups of assets are available for sale.”
Asset Purchase Agreements for single assets and smaller groups of assets are available for prospective buyers through Matrix. Only qualified bidders, those that have fulfilled the Bid Requirements as defined in the Court approved Auction Procedures and submitted offers by the bid deadline of September 16, 2009, will be invited to attend the auction on September 23, 2009.
About Matrix’s Energy & Multi-Site Retail Group
Matrix Capital Markets Group, Inc.’s Energy & Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuation and long term planning engagements. These sectors include companies such as convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.