JobbersWorld - Matrix Advises Jolley Stores and S.B. Collins on its Sale to Stewart’s Shops
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Matrix Capital Markets Group, Inc. announces that it has advised Jolley Associates, LLC and S.B. Collins, Inc. on the sale of its convenience retail, wholesale dealer, and residential heating oil (d/b/a as Clarence Brown) businesses to Stewart’s Shops Corp.
Founded in the early 1920s by St. Albans businessman, Stephen Brooks Collins, S.B. Collins, Inc. is a local, family-owned petroleum distributor that has been serving the local community and surrounding area in Vermont for over 100 years. In 1963, Emanuel (Pete) Jolley purchased SBC from Stephen Collins and continued to grow its operations. In 1976, Pete’s sons, Bob and Bruce, expanded the family business by converting company-owned, full-service locations into convenience stores. They established a new partnership, Jolley Associates, to operate the stores under the c-store brand name “Short Stop” and in 2001, the company underwent a store-wide branding initiative that incorporated the “Jolley” logo. In 2011, SBC diversified their portfolio even further and purchased Clarence Brown, Inc., the oldest family-owned heating oil delivery business in the region, which was headquartered in St. Albans, VT.
The late Robert (Bob) Jolley and his wife Mary Ellen were instrumental in growing the retail side of the business, and over the last decade-plus, under the leadership of Bruce Jolley (President), Samantha Peake (CFO), Shawn Bartlett (General Manager, Jolley Associates, LLC) and Steve Smith (General Manager, S.B. Collins, Inc.), SBC has flourished and maintained a premier status in all markets and customer segments from which it operates.
Matrix provided merger and acquisition advisory services to SBC, which included valuation advisory, marketing the enterprise through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, CFA, Managing Director; and John Mickelinc, CFA, Senior Associate.
Bruce Jolley, President of SBC, and Mary Ellen Jolley, Vice President, stated, “Matrix has been an invaluable resource for many years, and we knew they were the right advisor when it came time to sell our business. Their deep industry knowledge and advisory expertise were instrumental in bringing us to a successful closing, and we feel we’ve found a great partner in Stewart’s.”
Mr. Cavalier added, “Our relationship with Bruce, Mary Ellen, and Sam began over 10 years ago, and we’ve watched the company grow into one of the premier, independent petroleum marketing and convenience retailers in New England. We are grateful for this long-term relationship, and we are honored to have advised the shareholders on this very meaningful transaction.”
Otto Konrad and Kaitlin Cottle of Williams Mullen and Diane McCarthy of Sheehey Furlong & Behm P.C. served as legal counsel for SBC.
About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group
Matrix’s Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals, car washes and quick service restaurants. Group members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 300 engagements.
About Matrix Capital Markets Group, Inc.
Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with an additional office in Baltimore, MD. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions.
Our industry focused, dedicated sector advisory groups serve clients in the automotive aftermarket, downstream energy & convenience retail, healthcare and outdoor recreation & marine markets. Our broad sector advisory groups serve clients in a wide range of industries including business services, consumer, diversified industrials, restaurants and transportation & logistics. For additional information or to contact our team members, please visit www.matrixcmg.com.
CSP - Stewart’s Shops Completes Acquisition of Jolley Stores
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Transaction includes S.B. Collins wholesale and Clarence Brown fuel oil businesses
By Greg Lindenberg on Dec. 16, 2024
Stewart’s Shops Corp. has acquired the retail convenience store, wholesale dealer and residential heating oil businesses of Jolley Associates LLC and S.B. Collins Inc. Jolly Associates operates 45 convenience stores in Vermont, New Hampshire and New York. S.B. Collins delivers gasoline and diesel to dealers in those three states.
Stewart’s Shops first announced the deal in late September.
Founded in the early 1920s by St. Albans, Vermont, businessman Stephen Brooks Collins, S.B. Collins is a family-owned petroleum distributor that has been serving its community and surrounding area in Vermont for more than 100 years.
In 1963, Emanuel (Pete) Jolley purchased SBC from Stephen Collins and continued to grow its operations. In 1976, Pete Jolley’s sons, Bob and Bruce, expanded the family business by converting company-owned, full-service locations into convenience stores. They established a new partnership, Jolley Associates, to operate the stores under the c-store brand name, Short Stop, and in 2001, the company underwent a storewide branding initiative that incorporated the Jolley logo. In 2011, SBC diversified its portfolio further and purchased Clarence Brown Inc., a family-owned heating oil delivery business in the region based in St. Albans, Vermont.
The late Robert (Bob) Jolley and his wife Mary Ellen were instrumental in growing the retail side of the business, and over the last decade-plus, has operated under the leadership of Bruce Jolley as president, Samantha Peake as CFO, Shawn Bartlett as general manager of Jolley Associates, and Steve Smith as general manager of S.B. Collins Inc.
Matrix Capital Markets Group Inc., Richmond, Virginia, advised Jolley Associates and S.B. Collins on the sale. Matrix provided merger-and-acquisition (M&A) advisory services to SBC, which included valuation advisory, marketing the enterprise through a confidential, structured sale process and negotiation of the transaction. Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, managing director; and John Mickelinc, senior associate, managed the transaction.
Stewart's Shops is No. 23 on CSP’s 2024 Top 202 ranking of U.S. c-store chains by number of company-owned retail outlets. Jolley Stores is No. 148.
Founded in 1945, Ballston Spa, New York-based Stewart’s Shops is an employee- and family-owned convenience-store chain known for its milk, ice cream, coffee, Easy Food meals and other convenience items. There are 357 Stewart’s Shops in upstate New York and southern Vermont.
ABF Journal - Matrix Advises on the Sale of Dana Safety Supply to AEA Investors
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Matrix Capital Markets Group, an independent investment bank, advised on the sale of Dana Safety Supply (DSS) to AEA Investors. Prior to the sale, DSS was a wholly-owned subsidiary of Scott McRae Automotive Group (SMAG).
“DSS has been growing steadily over the past 15 years, and as we continue on our path of future growth in all areas of the country, finding the right partner is crucial to our success. We were very fortunate to have many options in this regard, and after a long evaluation process, it was clear that AEA was the right partner for DSS. AEA’s pristine reputation, financial resources and 50-plus-year track record of success are some of the many reasons we chose AEA as our partner,” David Russo, CEO of DSS, said. “We have been unbelievably fortunate to have been part of SMAG and its 100-year history of remarkable stability and success. We are forever grateful to SMAG and will continue to operate on the principles that have made SMAG and DSS successful — transparency, accountability, first-rate facilities and people. Those attributes, combined with a burning desire to serve first responders and the public safety community, will guide our team into the future.”
Matrix provided merger and acquisition advisory services to DSS and SMAG, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by William O’Flaherty, managing director, Matt Oldhouser, vice president and David Shoulders, managing director.
“Matrix exceeded our expectations in every respect during this transaction. Their tactical expertise created a tremendous amount of value and I am thankful we chose them to guide us through this process,” Jeff Curry, CEO of SMAG, said. “We are very proud of the team at DSS and the company that they have built over the last 15 years. We will always consider them part of the SMAG family and look forward to watching them take the company to the next level!”
“We were honored to represent SMAG and DSS in this important transaction,” O’Flaherty said. “The company’s passion for providing outstanding service to the public safety market is commendable and we are pleased to have found a partner that shares the same enthusiasm for that industry and commitment to excellence.”
Smith Hulsey & Busey served as legal counsel for DSS and SMAG. CohnReznick provided accounting advisory services to the company.
October 17, 2024 Industry News | News
Fuels Market News - WTG Fuels Sells its Fuels and Lubricants Business to ThompsonGas
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Posted by Keith Reid | September 19, 2024
WTG Fuels sells its propane, commercial motor fuels, and lubricants business to ThompsonGas. WTG Fuels is a subsidiary of West Texas Gas, a leading provider of natural gas distribution services throughout Texas and Oklahoma.
WTG Fuels, based in Midland, Texas, distributes propane, refined products, and lubricants to residential, commercial, and oilfield customers throughout West Texas and extending into the Texas panhandle, central, and south Texas.
Erik Peterson, CEO of ThompsonGas, said “We are thrilled to welcome the more than 200 employees of WTG Fuels and look forward to making them feel right at home as they join the ThompsonGas family. This new area will operate as TG Fuels, based in Midland, Texas, under the continued local leadership of Casey King and Lane Worthington.” Peterson continued, “With the addition of this business in Texas and New Mexico, ThompsonGas now provides peace of mind for customers in 25 states.”
Matrix Capital Markets Group provided merger and acquisition advisory services to WTG Fuels, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, CPA, Managing Director; Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, CFA, CPA, Vice President; and Michael Tucker, CFA, Senior Associate.
John Steen, CEO of West Texas Gas, commented “Matrix has been a true partner to WTG over the last several years through the sale of multiple business lines in the WTG Fuels division. We are grateful for their sound advice and execution.” WTG Fuels formerly owned and operated the Uncle’s branded convenience store chain and the Gascard fleet fueling network which were divested in a separate transaction managed by Matrix.
Saunders of Matrix commented “We’ve had the pleasure of working with the WTG Fuels team since late 2021 when we began reviewing strategic alternatives for each of their businesses. We’ve really enjoyed working with them these last three years and wish them all the best in their future endeavors.”
Larry Parker of Williams Mullen served as lead legal counsel for WTG Fuels.
Carwash.com - Matrix Advises Watershed Carwash on Company Recapitalization
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Matrix served as the lead advisor on the recapitalization of Watershed's 30 express tunnel sites.
By Kyle Alexander
Kyle Alexander is the Multimedia Journalist of Professional Carwashing & Detailing magazine.
Published: August 12, 2024
RICHMOND, Va./BALTIMORE — Matrix Capital Markets Group Inc., an independent investment bank, announced in a press release it served as lead advisor on the recapitalization of Watershed Carwash’s portfolio comprised of 30 express tunnel carwash sites.
The McDowell family built its first express tunnel wash in 2009 under the Clean Freak brand.
The management team continued to scale the platform in the Arizona market, which was ultimately sold to True Blue Car Wash.
After selling the portfolio in 2020, the McDowells embarked on building the Watershed platform in both Texas and Oklahoma, where the Watershed portfolio has a significant presence.
Trevor McDowell, president and CEO, commented, “The Matrix team offered unparalleled support and deep insights during the entire process, from the initial valuation project to the execution of the recapitalization mandate. Their unwavering dedication and adaptability, along with their efficient execution, resulted in a positive outcome for all stakeholders. Their comprehensive expertise and experience in both valuation assignments and capital advisory mandates played a crucial role in us selecting Matrix and ensuring success in a complex recapitalization.”
In its role as sole intermediary, Matrix provided valuation and capital advisory services to Watershed including ASA valuations, financial modeling and sensitivity analysis, capital structure assessment, negotiation with counterparties and placement of debt capital.
The capital advisory assignment was managed by John Whalen, head of Matrix’s capital advisory investment banking group, Ryan Weir, director, and Garrett Novotny, CFA, CPA, senior analyst.
The valuation assignment was managed by Sean Dooley, CFA, ASA, managing director, Matrix’s downstream energy and convenience retail investment banking group, Stephen Lynch, CFA, CPA, managing director, and Nate Wah, CPA, senior associate.
Weir and Dooley added, “We very much appreciate the trust that Watershed placed in us to advise them on the valuation process and recapitalization. Watershed is a great operator, and the recapitalization represents a transformational moment for the company as it further scales its platform. Matrix was privileged to work with the Watershed Team.”
ABF Journal - Matrix Advises Robison on its Sale to an Affiliate of Star Group
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Matrix Capital Markets Group, an independent investment bank, advised Singer Energy Group and its affiliates, d/b/a Robison, on the sale of its integrated heating oil distribution and HVAC services business to an affiliate of Star Group.
Matrix provided merger and acquisition advisory services to Robison, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale. The transaction was managed by Stephen Lynch, managing director; Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail investment banking group; James Mickelinc, associate; and Reilly Erhardt, senior analyst.
“The anticipated anxiety of selecting the right stewards to help guide us through this turning point in our family and company’s history was immediately relieved once I met Spencer, Stephen and the rest of Matrix team,” Daniel Singer, president and CEO of Robison, said. “Matrix brought precisely the right balance of a true investment bank with deep knowledge and contacts within the financial markets, along with unsurpassed industry insights and personal attention that allowed us to reach all of our desired transaction goals. As I and the rest of the Robison leadership team turn our collective attention to our next chapter, we could not be happier with the warm welcome and experienced leadership we have all encountered with Star Group’s team of professionals.”
“We are grateful to have worked with Robison to honor the rich legacy created by both the Robison and Singer families,” Lynch said. “The company’s commitment to its customers in Westchester and Putnam counties is unwavering, and we fully believe that Star Group will continue to build upon what the company has already accomplished. We are very thankful to have been given the opportunity to serve as the advisor to Robison on this transaction.”
Joel Lever, Joel Goldschmidt, Caroline Keegan and Jillian Anzalone of Kurzman, Eisenberg, Corbin, & Lever served as legal counsel for Robison. Star Group was represented by Karen Murphy and Harrison Kaufman of Bressler, Amery, & Ross.
JobbersWorld - Matrix Advises Watershed Car Wash on the Successful Recapitalization of the Company
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Matrix Capital Markets Group, Inc., a leading independent investment bank, announces that it served as lead advisor on the recapitalization of Watershed Car Wash’s portfolio comprised of 30 express tunnel car wash sites.
The McDowell Family built their first express tunnel wash in 2009 under the Clean Freak brand. The management team continued to scale the platform in the Arizona market which was ultimately sold to True Blue Car Wash. After selling the portfolio in 2020, the McDowell’s embarked on building the Watershed platform in both Texas and subsequently Oklahoma, where the Watershed portfolio has a significant presence.
Trevor McDowell, President & CEO commented, “The Matrix team offered unparalleled support and deep insights during the entire process, from the initial valuation project to the execution of the recapitalization mandate. Their unwavering dedication and adaptability, along with their efficient execution, resulted in a positive outcome for all stakeholders. Their comprehensive expertise and experience, in both valuation assignments and capital advisory mandates, played a crucial role in us selecting Matrix and ensuring success in a complex recapitalization.”
In its role as sole intermediary, Matrix provided valuation and capital advisory services to Watershed including ASA valuations, financial modeling and sensitivity analysis, capital structure assessment, negotiation with counterparties, and placement of debt capital. The capital advisory assignment was managed by John Whalen, Head of Matrix’s Capital Advisory Investment Banking Group; Ryan Weir, Director and Garrett Novotny, CFA, CPA, Senior Analyst. The valuation assignment was managed by Sean Dooley, CFA, ASA, Managing Director, Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Stephen Lynch, CFA, CPA, Managing Director and Nate Wah, CPA, Senior Associate.
Mr. Weir and Mr. Dooley added, “We very much appreciate the trust that Watershed placed in us to advise them on the valuation process and recapitalization. Watershed is a great operator and the recapitalization represents a transformational moment for the Company as it further scales its platform. Matrix was privileged to work with the Watershed Team.”
About Matrix Capital Markets Group, Inc.
Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and New York, NY. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions.
The firm’s industry focused, dedicated sector advisory groups serve clients in the automotive aftermarket, downstream energy & convenience retail, healthcare and outdoor recreation & marine markets. Its broad sector advisory groups serve clients in a wide range of industries including business services, consumer, diversified industrials, restaurants and transportation & logistics. For additional information, visit www.matrixcmg.com.
Convenience Store News - Pump N' Pantry Sells to United Refining Co.
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Pump N' Pantry Sells to United Refining Co.
Fourteen stores will be rebranded and integrated into the Kwik Fill/Red Apple chain.
By: Angela Hanson, 7/16/2024
MONTROSE, Pa., & WARREN, Pa. — Pump N' Pantry Inc. and its affiliates will exit the convenience store industry upon the sale of its convenience retail assets to United Refining Co. The process of rebranding 14 Pump N' Pantry stores to be integrated into United Refining's Kwik Fill/Red Apple chain is expected to begin immediately.
"We are very excited to begin serving current customers and reaching new ones in northeastern Pennsylvania," said Jon Mechling, assistant vice president at Kwik Fill. "We intend to augment existing products and services that customers appreciate, with our own popular prepared foods, tradition of great customer service, and our American-made fuels."
Mechling added that the company is continuously driving its operations to be cost effective and looks forward to delivering value to both new and existing customers.
Based in central Pennsylvania, Pump N' Pantry's operations date back to 1975 when Tom Quigg purchased Seddon Lathrop Oil Co., which focused on residential heating oil distribution and had just two retail fuel locations. After selling the legacy heating oil business in 1988, the company rebranded as Pump N' Pantry to strategically shift toward retail operations.
Tom Quigg's son Scott joined the company in 1993 after a career at Cumberland Farms. Together, they invested in Pump N' Pantry throughout the 1990s by acquiring additional stores and introducing a proprietary foodservice offering. The company's emphasis on pizza and deli items pushed it toward its current focus on in-store offerings. Scott Quigg purchased Pump N' Pantry from his father in 2001 and became CEO, after which he acquired six more stores.
Matrix Capital Markets Group Inc. provided merger-and-acquisition advisory services to Pump N' Pantry, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale.
"Pump N' Pantry first engaged Matrix in 2019 for planning and valuation services. Five years later when we began the sale process, Matrix offered guidance, structure, and market knowledge while being attentive to the needs and ideas of Pump N' Pantry as a client," said Scott Quigg. "With the support of our team members, our communities, and our suppliers, my father and I worked to grow and evolve Pump N' Pantry for 49 years. With the help of Matrix, we have now successfully completed the job."
Founded in 1902, Warren-based United Refining is a refiner of North American crude oil. The company owns and operates multiple terminals and more than 400 retail locations throughout New York, Pennsylvania and Ohio.
CSP - Anabi Acquires Land O’Sun Management’s Fast Track
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Anabi Acquires Land O’Sun Management’s Fast Track
Rebel owner adds 17 convenience stores, quick-service restaurants in Florida
By Greg Lindenberg on Jun. 14, 2024
Anabi Real Estate Development LLC and its affiliates, doing business as Anabi/Rebel, has acquired the petroleum marketing, convenience retail and quick-service restaurant (QSR) businesses of Land O’Sun Management Corp., doing business as Fast Track. Based in Gainesville, Florida, Fast Track operates 17 convenience stores, 10 co-located QSRs and two standalone QSRs in northern Florida.
Alan Fogg, Richard Rentz and Stephen Fogg founded Land O’Sun Management in 1996 when they purchased 38 gas stations in northern Florida. In 2000, they purchased 13 additional stores, which provided access to the QSR business. Over the next 23 years, Land O’Sun began integrating national QSR brands into its stores, including Arby’s, Wendy’s, Dairy Queen and Subway. In 2022, Land O’Sun opened its latest new-to-industry (NTI) Fast Track convenience store in Gainesville, which includes a car wash, beer cave and made-to-order deli.
Sam Anabi founded Anabi/Rebel, Upland, California, in 1991 with one gas station. Anabi/Rebel has been working with independent retailers to provide fuel and service to communities throughout California. The company has grown by buying and selling stations, converting bays into convenience stores, adding car washes, partnering with fast-food brands and building ground-up NTI locations. This growth has provided Anabi/Rebel with experience from the perspective of a buyer, seller, lease dealer, open dealer, franchisee, owner, contract operator and wholesale distributor, it said.
Anabi/Rebel continues to operate as a family-owned and -operated business with more than 600 locations across 16 states, including multiple QSR brands.
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- Anabi/Rebel is No. 18 on CSP’s 2024 Top 202 ranking of U.S. c-store chains by total number of company-owned retail outlets.
Independent investment bank Matrix Capital Markets Group Inc. provided merger-and-acquisition (M&A) advisory services to Land O’Sun Management, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale. Cedric Fortemps, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, Nathan Wah, senior associate, and Reilly Erhardt, analyst, managed the transaction.
“As a family business, deciding to sell is both an economic and emotional decision. Our prior experience with Matrix, conducting periodic business evaluations of our company, gave us confidence that Matrix was the right partner for this transaction. The support they provided in presale planning and through the entire sale process proved our confidence was warranted,” said Alan Fogg, president of Fast Track.
“Our relationship with Richard, Alan and Steve began close to a decade ago and since then, they’ve done a tremendous job strategically growing their business to make it what it is today. We are honored to have advised them on the sale of the incredible company they’ve worked so hard to build,” said Fortemps.
Charles Muller II and Michael Schwartz of Muller Lebensburger & Schwartz served as legal counsel for Land O’ Sun Management. Fred Whitaker, Ashley Bolduc and Wendy Hsu of Cummins & White, LLP served as legal counsel for Anabi Real Estate Development.
Founded in 1988, Richmond, Virginia-based Matrix Capital Markets Group provides M&A and financial advisory services. Its Downstream Energy & Convenience Retail Investment Banking Group provides transactional advisory services to companies in the downstream energy and multisite retail sectors including convenience retailing, petroleum marketing and distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals, car washes and QSRs.
JobbersWorld - Matrix Leads Capital Raise for G&M Oil Company
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Matrix Leads Capital Raise for G&M Oil Company
Matrix Capital Markets Group, Inc., a leading, independent investment bank, announces that it served as lead advisor on G&M Oil Company’s syndicated debt financing.
Established in 1969, G&M Oil is one of California’s largest independently owned fuel retailers with over 200 locations throughout Los Angeles, Orange, San Bernardino, Riverside, San Diego and Ventura Counties. The Company maintains successful partnerships with Chevron and ExtraMile and has been consistently lauded for its outstanding performance in their Retail Excellence programs.
Adam Sparks, General Manager of G&M commented, “We were fortunate to work with Matrix to structure and intermediate this important financing. Their experience, expertise, and objective approach were critical to securing capital on terms that were very attractive to the Company.”
Matrix provided capital advisory services to G&M, which included financial modeling, assessment of optimal financing strategy, selection of capital providers, and negotiation of the transaction. The financing was managed by John Whalen, Head of Matrix’s Capital Advisory Investment Banking Group; Ryan Weir, Director; and Garrett Novotny, CFA, CPA, Senior Analyst.
Scott Olson, Director of Strategy & Corporate Development of G&M stated, “The Matrix team delivered outstanding support and insight throughout the process. Their dedicated and adaptable approach, coupled with their robust execution, ensured a favorable result for all involved. Their expertise was critical to a successful outcome.”
Mr. Whalen added, “We deeply value the trust G&M placed in us to guide them through this capital raise. G&M is a best-in-class operator and this transaction is a testament to the Company’s strong profile. In addition to providing the Company with significant structural latitude, the new capital base will support G&M’s immediate and long-term growth initiatives. We couldn’t be more pleased to support G&M Oil – truly a privilege to work with them!”
About Matrix Capital Markets Group, Inc.
Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and New York, NY. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions.
Our industry focused, dedicated sector advisory groups serve clients in the automotive aftermarket, downstream energy & convenience retail, healthcare and outdoor recreation & marine markets. Our broad sector advisory groups serve clients in a wide range of industries including business services, consumer, diversified industrials, restaurants and transportation & logistics. For additional information or to contact our team members, please visit www.matrixcmg.com.
Convenience Store News – H&S Energy Acquires Andretti Petroleum Group
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The portfolio of c-stores, fuel distribution and more is expected to add significant synergies.
ORANGE, Calif. — H&S Energy Products LLC is expanding its presence on the West Coast and in the Pacific Northwest with the acquisition of Andretti Petroleum Group.
The deal includes Andretti's convenience retail, fuels distribution, cardlock, fleet card, commercial fueling, car wash, lubricants and transportation businesses.
Financial terms of the acquisition were not disclosed. Matrix Capital Markets Group Inc. advised Andretti on the sale.
"We are honored to take on this great portfolio of retail sites, wholesale distributorship, cardlocks, lubricants, and transportation assets," said Sal Hassan, H&S founder and CEO. "We believe the people on both ends of this transaction, when put together, will bring great synergies and help take H&S to the next level. Working through this transaction with the help and professionalism of everyone involved made the process smooth and simple. We thank the entire group for their efforts."
Andretti Petroleum Group launched in 1997 when racing icons Mario and Michael Andretti teamed with their longtime advisor John Caponigro and Texaco executive M.J. Castelo to launch a startup Texaco wholesale business in northern California. The next year, they developed their flagship Texaco facility in downtown San Francisco, which featured an Andretti SpeedMart convenience store, an Andretti Winning Finish car wash, a Burger King and the first Starbucks integrated into a convenience store.
Over the next 25 years, the company expanded to become one of the largest convenience retail and fuels distribution businesses in the West through both organic growth and a series of acquisitions.
Prior to the deal with H&S Energy, Andretti Petroleum Group consisted of nearly 170 convenience retail and fuels distribution assets in California, Oregon and Washington.
"We are delighted to transact with H&S Energy as the new steward of our enterprise. Our companies share similar stories, starting with single sites, then growing into formidable players in our industry," said Castelo, CEO and managing member of Andretti Petroleum Group. "This transaction will be a win for all stakeholders. We especially appreciate the great work of Matrix in assisting us with finding the perfect buyer and perfect transaction."
Matrix's merger and acquisition advisory services included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale.
"M.J. and the Andretti team have built an incredible business through thoughtful, strategic growth, meticulous execution, and unparalleled passion to be the best across the entire organization," said Cedric Fortemps, CFA, co-head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group. "We are honored to have been chosen to advise them on the sale of the exceptionally successful business that they built and know that their successes will continue in their future endeavors — both on and off the racetrack."
Orange-based H&S Energy has more than 160 convenience stores under the Chevron, Texaco, Shell and 76 fuel brands. It operates its stores under the ExtraMile banner and under its own proprietary brand, Power Market.
C-Store Dive - H&S Doubles Store Count With Acquisition
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The deal for fuel and convenience retail businesses from Andretti Petroleum Group includes nearly 170 c-stores along with car washes, a commercial fueling business and more.
Dive Brief:
H&S Energy has acquired fuel and convenience retail businesses from Andretti Petroleum Group for an undisclosed amount, according to an emailed press release from Matrix Capital Markets Group, which advised Andretti.
The assets H&S Energy purchased include convenience retail, fuels distribution, cardlock, fleet card, commercial fueling, car wash, lubricants and transportation businesses on the West Coast and in the Pacific Northwest.
With this deal, H&S Energy is adding close to 170 convenience retail sites and gas stations in Oregon, Washington state and California, including the Pinnacle 365 banner, to its portfolio.
Dive Insight:
This move roughly doubles H&S Energy’s retail footprint. The company already had more than 160 convenience stores under the ExtraMile and Power Market banners.
“We are delighted to transact with H&S Energy as the new steward of our enterprise. Our companies share similar stories, starting with single sites, then growing into formidable players in our industry,” said M.J. Castelo, CEO and managing member of Andretti Petroleum Group.
Andretti Petroleum was founded in 1997 by racing icons Mario and Michael Andretti along with several business partners. Over the years, it grew both organically and via several acquisitions of its own from one Andretti SpeedMart site in San Francisco to dozens of sites plus a number of additional businesses.
“We believe the people on both ends of this transaction, when put together, will bring great synergies and help take H&S to the next level,” said Sal Hassan, founder and CEO of H&S.
2023 was a busy year for c-store M&A, and that momentum has carried into the first quarter of 2024 as well. While this 170-store deal is one of the largest so far, the industry has also seen moves like 7-Eleven buying the last 204 Stripes locations from Sunoco, CrossAmerica acquiring 59 locations from Applegreen and Smoker Friendly picking up 54 Low Bob’s Discount Tobacco shops, along with several smaller deals.
Fuels Market News - Hicks Oils’ Lubricants Sold to Schaeffer Manufacturing Co.
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Hicks Oils & Hicksgas, Incorporated sold its Hicks Oils lubricants business to Schaeffer Manufacturing Company. Hicks Oils is a premier independent lubricant blending and packaging business in southern Illinois that produces automotive and industrial lubricants. Schaeffer, founded in 1839 and based in St. Louis, produces and sells a broad range of synthetic motor oils, industrial lubricants, hydraulic fluids, and other related products. Matrix Capital Markets Group, Inc., a leading, independent investment bank, announced that it advised the sale.
Based in Du Quoin, Illinois, Hicks Oils was formed in 1978 by C. W. Hicks as a further expansion of his integrated petroleum operations, with the initial goal of providing products and services to the local coal mining industry. In 1989 upon the passing of Mr. Hicks, his grandsons Todd and Shawn Coady joined the Company and took over running the lubricants business and the family’s multiple other companies. Shawn Coady currently serves as President of the business and Todd as Vice President. Throughout the 1980’s and 1990’s as markets changed, the business evolved and expanded to include contract packaging, private label, and company branded products. Today, Hicks Oils blends and packages motor oil, hydraulic fluid, gear lubes, transmission fluids and various specialty lubricants for distributors, major oil companies, OEMs, and after-market providers.
Matrix provided merger and acquisition advisory services to the Company, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by John Underwood, Managing Director; Vance Saunders, CPA, Managing Director; Andrew LoPresti, CPA, CFA, Vice President; Jared de Perio, Analyst.
Dr. Shawn Coady, President of Hicks said, “When I decided to sell the business, I had significant experience with Matrix from various propane market transactions and was confident they were the right company to handle the transaction. Hicks Oils is a unique business, and they did an exceptional job handling the sale. I am very pleased with Schaeffer as the buyer. I believe the strategic and cultural fit of the two companies will provide significant growth opportunities, as well as a great work environment for Hicks’ employees.”
Mr. Underwood added, “We have valued our relationship with Dr. Coady for many years and we were honored when he chose Matrix to sell the Hicks’ lubricants blending and packaging business. We very much appreciate the trust that Shawn placed in the Matrix team and the contributions from him and his operating team during the sales process.”
Bill Scott of Allen & Korkowski & Associates served as legal counsel for Hicks.
LPGas - Ferrellgas purchases Eastern Sierra Propane
Overland Park, Kansas-based Ferrellgas Partners LP has purchased Eastern Sierra Propane, based in Bishop, California.
Founded in 1993 by Tom Sigler and Rudy Forster, Eastern Sierra is a propane retailer serving residential and commercial customers in the Eastern Sierra Nevada Mountain range.
Sigler’s house served initially as company headquarters, and for its propane storage Eastern Sierra used a 12,000-gallon tank at a customer location in exchange for installing vapor meters on its gas dryers. Eastern Sierra expanded to a leased property nearby and installed its first 30,000-gallon tank.
Sigler acquired Forster’s 50 percent ownership and has grown Eastern Sierra alongside his son Jason, who joined in 1998.
“When I decided to sell my business, I researched companies who had the best transaction closing results, and I found that Matrix Capital was the top firm,” Sigler says. “They were helpful by first providing me with a valuation of my business and then finding a buyer who was the best fit for my employees and customers.”
Matrix Capital Markets Group provided merger and acquisition advisory services to Eastern Sierra Propane, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Sean Dooley, managing director; Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; and Nate Wah, senior associate. Stephen Kappos served as legal counsel for Eastern Sierra.
“We very much appreciate the trust that Tom placed in us to advise him on the sale of the company that he and his family worked so hard to build,” Dooley says. “It was a pleasure working with him and the Ferrellgas team on this transaction, and we wish Tom and Jason all the best in their future endeavors.”
Ferrellgas, the nation’s second-largest propane retailer, serves propane customers in all 50 states, the District of Columbia and Puerto Rico. Its Blue Rhino exchange brand is sold at 60,000 locations nationwide. LP Gas inducted Blue Rhino founder Billy Prim into the LP Gas Hall of Fame during a black-tie dinner last year in Nashville, Tennessee.
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Tech and Science News - Matrix Advises on the Sale of Shape LLC
RICHMOND, Va. and BALTIMORE, Md., Jan. 26, 2024 (SEND2PRESS NEWSWIRE) — Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Shape LLC (“Shape” or the “Company”) to an undisclosed buyer. Prior to the sale, Shape was owned by funds managed by Gen Cap America, Inc. (“Gen Cap”), a private investment firm headquartered in Nashville, Tennessee.
For over half a century, Shape has operated as the premier manufacturer and designer of custom electrical transformer equipment, with its products utilized to regulate output current and ensure constant power across multiple end-uses. From its 40,000 square foot facility in Addison, Illinois, the Company supports the mission-critical needs of its international customer base. Shape’s engineers and management team possess over a century of collective experience and were the architects of the ferroresonant transformer, a power supply that uses nonlinear magnetic properties and a resonant circuit to provide a stable output. This technology is particularly applicable to airport lighting, semiconductors, power supplies, and ultraviolet curing. Shape has become an integral piece of its customers’ supply chains, as evidenced by numerous decades-long relationships. Following the transaction, all three of Shape’s management-owners, Greg Babecki (CEO), Doug Hickey (COO), and David Lanes (CFO), will retain all existing day-to-day responsibilities.
Regarding the transaction, Mr. Babecki commented, “We are excited to have found a partner that both appreciates and complements our Company’s unique offerings. We believe there are numerous benefits to this acquisition for our valued employees, customers, and vendors.” He added, “We are grateful for Gen Cap’s stewardship and partnership over the past nine years and are thrilled for what the next chapter alongside our new partners will bring us.”
Matrix provided merger and acquisition advisory services to Gen Cap and Shape, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by William O’Flaherty, Managing Director; David Shoulders, Managing Director; and Matt Oldhouser, CPA, Vice President.
Regarding Matrix’s services, Gen Cap Director, James Byrd added, “The Matrix team took a thoughtful and hands-on approach to all aspects of the transaction. At every juncture, they provided us with sound explanations underlying their advice. We believe we achieved the optimal outcome based on their experience and counsel.”
“It was a pleasure to represent Gen Cap on another divestiture from their portfolio. This is yet another example of a successful investment by their talented team,” Mr. O’Flaherty noted. “Shape is a fantastic business managed by exceptional people. I have no doubt that Greg, Doug, and Dave will find success alongside their new partners.”
Edward Burrell, Stuart Campbell, and Thomas Dozeman of Stites & Harbison, PLLC served as legal counsel for Shape. Mark Patterson and Chris Hight of KraftCPAs PLLC provided tax and accounting advisory services to the Company.
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LPGas - Parker Oil acquires Bobby Taylor Oil
Parker Oil Co., based in South Hill, Virginia, acquired Bobby Taylor Oil Co. and T&S Transport, based in Fayetteville, North Carolina.
Bobby Taylor Oil was founded in August 1963 by Bobby Taylor, and it operated at the time out of Taylor’s home in Fayetteville. During its first years of business, the company sold fuel oil, kerosene and gasoline to its local customer base with one tank wagon. The company added propane and racing fuels to its product mix and further expanded its customer base throughout central North Carolina. Following his father’s retirement in the early 2000s, Johnny Taylor Jr. assumed the role of president and, with his brothers David and Mark, led the company through several decades of continued growth.
Today, the company operates two refined fuels and propane bulk plants in Fayetteville and Elizabethtown, North Carolina, and employs more than 30 associates. It supplies retail propane, commercial refined fuels and racing gas to a diverse customer base of residential and commercial accounts throughout North Carolina.
Parker Oil serves businesses and residences in southern Virginia and northeastern North Carolina with a range of energy-related products and services. It delivers oil, propane and other petroleum products, including renewable biodiesel, and services heating and cooling systems.
Matrix Capital Markets Group provided merger and acquisition advisory services to Bobby Taylor Oil, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by John Duni, vice president; Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; and Jared de Perio, analyst.
View original article here.
C-Store Dive - Par Mar Oil acquires 14 c-stores in Ohio
All locations operate under the Red Rover banner formerly owned by Santmyer Companies.
Dive Brief:
Par Mar Oil has acquired 14 convenience stores from convenience and fuel retailer Santmyer Companies, Inc., according to a Monday announcement from Matrix Capital Markets Group, which coordinated the deal.
All 14 locations are based in Ohio and operate under Santmyer’s Red Rover c-store banner. In another part of the deal, Santmyer has sold its branded dealer wholesale business to fuel distributor Countywide Petroleum Company.
For Par Mar, this expands its footprint throughout its home state of Ohio, where it already operates around 60 convenience stores, according to its website.
Dive Insight:
While Par Mar is no stranger to Ohio, many of the Red Rover stores it’s acquiring are located in cities where Par Mar has yet to establish its footprint. Those regions include Marengo, Mount Vernon, Canton, Dalton, Millersburg and Sugarcreek.
Some of the Red Rover stores are located in Wooster, Howard and Dundee, where Par Mar already operates several locations.
Most of the locations allow 24-hour access to both the convenience store and fuel pumps, according to Santmyer’s website. Some offer Santmyer’s own fuel, while others provide gasoline from Exxon Mobil or Marathon Petroleum.
Red Rover convenience stores also offer an in-store deli, featuring hot and cold handmade sandwiches, fruit cups and more.
Santmyer, which was founded in 1952, undertook a strategic review in 2021 to assess its capital allocation and return on investment throughout its business, according to the announcement. The company then decided to solely focus on its commercial fuels, propane and lubricants segments and divest its c-store and branded wholesale division.
“Based on our strategic goals, we decided to divest our convenience retail and branded dealer wholesale businesses to narrow our strategic focus on commercial fuels, propane, lubricants, automated cardlocks and car washes,” Zach Santmyer, president of Santmyer, said in the announcement.
Founded in 1967, Marietta, Ohio-based Par Mar Oil operates about 250 convenience stores across Ohio, West Virginia, Pennsylvania, Kentucky, Virginia and Maryland. The retailer also operates several Dairy Queen and Arby’s restaurants, as well as one IHOP location.
View original article here.
CSP Daily News - Coborn’s Sells Franchised C-Stores to Holiday Stationstores
Retailer focusing on growth efforts in grocery channel
Coborn’s Inc. has sold its 14 Holiday franchised fuel and convenience stores to Holiday Stationstores LLC. The deal also includes one site under development.
St. Cloud, Minnesota-based Coborn’s is a 102-year-old, employee-owned grocery retailer with nearly 10,000 employees and 77 grocery stores across Minnesota, North Dakota, South Dakota, Wisconsin, Michigan and Illinois under the banners Coborn’s, Cash Wise Foods, Hornbacher’s, Tadych’s Marketplace Foods and Sullivan’s Foods.
Coborn’s entered the convenience store business in 1986 with its Little Dukes-branded c-stores and converted 14 locations to Holiday franchised stores in 2006. Coborn’s operates several fuel, liquor and pharmacy locations as well. To support its 200 various retail business units, Coborn’s also operates its own central bakery, dry cleaning facility and grocery distribution center.
Coborn’s is No. 158 on CSP’s 2023 Top 202 ranking of U.S. convenience-store chains by number of company-owned retail outlets.
Coborn’s was founded in 1921 by Chester A. Coborn who opened a one-room produce store in Sauk Rapids, Minnesota. Chris Coborn, a fourth-generation family member, is the current CEO and Chairman of the Board and his daughter Emily Coborn Wright, vice president of retail support services, and his son Peter Coborn, director of liquor operations, are fifth-generation family members in leaderships roles.
Holiday Stationstores—which Alimentation Couche-Tard Inc. acquired in mid-2017—operates about 375 stores and franchisees operate about 150 stores. It is based in Bloomington, Minnesota and has a presence in 10 states: Minnesota, Wisconsin, Washington, Idaho, Montana, Wyoming, North Dakota, South Dakota, Michigan and Alaska. Laval, Quebec-based Couche-Tard has kept the Holiday brand rather than convert the stores to its otherwise global Circle K brand.
Independent investment bank Matrix Capital Markets Group Inc., Richmond, Virginia, provided merger-and-acquisition (M&A) advisory services to Coborn’s, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale. Spencer Cavalier, co-head of Matrix’s Downstream Energy and Convenience Retail Investment Banking Group; John Underwood, managing director; Nate Wah, senior associate; and G. Reilly Erhardt, analyst, managed the transaction.
“This is part of Coborn’s overall strategy to focus our growth efforts on the grocery store market,” said Chris Coborn, CEO of Coborn’s. “Matrix’s efforts have led to the successful sale of our Holiday franchise stores to our long-term franchisor partner, Holiday. The transaction provides continuity to our store employees and customers, as the stores will remain Holiday branded and continue to accept the Coborn’s MORE Rewards program. Matrix did an excellent job at meeting our strategic objectives in the sale.”
“Chris and his team have done a tremendous job growing the Coborn’s family business. The family legacy is incredibly impressive with what they have achieved over the last century since the company’s founding,” Underwood said. “I am very pleased that Matrix was able to contribute to Coborn’s future growth by selling the Holiday franchised stores to allow for more capital deployment for Coborn’s strategic growth initiatives.”
Robert Rosenbaum and Morgan Helme of Dorsey & Whitney LLP served as external legal counsel for Coborn’s Inc.
View original article here.