Convenience Store News - Petroleum Marketing Group Acquires Assets of Phoenix Mart Parent Company
Nine convenience stores and one travel center are part of the transaction.
WILMINGTON, N.C. — An affiliate of Petroleum Marketing Group Inc. (PMG) acquired the assets of Springer Eubank Co. Inc., which include retail and fuels operations.
According to Matrix Capital Markets Group Inc., the transaction is comprised of Springer Eubank's travel center and convenience and gas division (TC&G Division), as well as its delivered fuels and fuel transport divisions.
Springer Eubank dates back to the 1800s when Springer Coal and Eubank Oil began marketing petroleum products in the coastal Carolinas. In 1976, the two companies merged to form Springer Eubank Oil Co. It became Springer Eubank Co. Inc. following its 2004 acquisition by W. Cecil Worsley III, who retained Springer Eubank after selling Worsley Cos., parent of Scotchman Stores, in 2008.
Springer Eubank's TC&G Division is comprised of nine company-operated convenience stores, one travel center, one cardlock, six dealer/agent operated sites and one greenfield landbank site located in the greater Wilmington area, as well as eastern South Carolina. The convenience stores operate under the Phoenix Mart banner, while the travel center is branded Phoenix Travel Center.
The stores market major fuel brands including Amoco, Exxon and Sunoco, and three locations feature the company's proprietary Coastal Fuels gasoline and diesel. Three locations offer quick-service restaurant concepts, including two Subway and one Jimmy Johns eateries.
The delivered fuels segment operates out of the company's bulk plant located near the port of Wilmington and distributes diesel, gasoline and kerosene to a variety of commercial and marine customers. Springer Eubank's fuel transport division supports both the TC&G and delivered fuels divisions, and consists of a fleet of nine transports.
"I have known the Matrix team for many years and was aware of the outstanding reputation that they have in the industry. Their knowledge of the market and skill in executing a highly effective M&A process made them the clear choice when deciding who to hire as an advisor. Matrix was instrumental in achieving my goals for the sale of Springer Eubank," Worsley said.
Matrix provided merger and acquisition advisory services to Springer Eubank, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by David Corbett, director; Spencer Cavalier, cohead of Matrix's Downstream Energy & Convenience Retail Investment Banking Group; John Mickelinc, senior associate; and Alexander Rakos, senior analyst.
"Cecil and the Worsley family have been well respected in the industry for many years. Cecil has built Springer Eubank into one of the leading petroleum marketers in Wilmington and the surrounding areas. We were honored to represent him in the sale of the company as he transitions his focus to his other entrepreneurial ventures," Corbett added.
Stephen Diab, Berry Trice and Lauren Williams of Murchison, Taylor & Gibson PLLC served as legal counsel for Springer Eubank.
PMG has been busy on the M&A front this year. In August, the company entered into an agreement to purchase Mystic Oil Co. Inc. and its affiliates. The deal was its the third major acquisition in less than12 months. In April, it purchased 43 petroleum marketing and convenience retail stores from Li'l Thrift Food Marts Inc., and in November 2022, it took over the convenience store business of Holt Oil Co., precipitating Holt's exit from the channel.
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Convenience Store News - Mystic Oil Sells to Petroleum Marketing Group
The transaction expands the company's consignment and wholesale fuels business in New England and New York.
MYSTIC, Conn. — Petroleum Marketing Group Inc. (PMG) entered into an agreement to purchase Mystic Oil Co. Inc. and its affiliates.
This is the third major acquisition by PMG over the last year. In April, it purchased 43 petroleum marketing and convenience retail stores from Li'l Thrift Food Marts Inc., and in November 2022, it took over the convenience store business of Holt Oil Co., precipitating Holt's exit from the channel.
Mystic Oil sells fuels on a consignment and wholesale basis to approximately 150 Gulf, CITGO, ExxonMobil, Shell and unbranded customers in Connecticut, Massachusetts, Rhode Island, New York and Vermont.
The company was founded in 1956 by Aaron Agrin and is a fourth-generation, family-owned and operated business with deep roots in the Mystic area. During its first few decades, Mystic Oil expanded its fuels offerings by becoming a distributor of fuels brands such as ExxonMobil and Gulf while also developing a chain of company operated convenience stores.
In 2008, Mystic Oil divested its company operated c-store business and transitioned its focus to the wholesale fuels business. Peter Zelken became president of Mystic Oil in 2017 and acquired the company from his father, Scott Zelken, that same year. Since that time, Mystic has grown to become one of the leading fuels distributors in New England, according to the company.
As part of the sale, Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Mystic Oil, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Cedric Fortemps, co-head of Matrix's downstream energy and convenience retail investment banking group, and Michael Tucker, associate.
"Matrix demonstrated an extraordinary understanding of the downstream petroleum business. They were patient, diplomatic, intelligent and trustworthy," said Peter Zelken. "It's not easy handing the keys to a multigenerational family business to just anyone. My sincere thanks to Cedric Fortemps and Mike Tucker on a job well executed from start to finish."
Otto Konrad and Kaitlin Cottle of Williams Mullen provided legal counsel to Mystic Oil on the transaction.
View original article here.
CSP Daily News - Nouria Energy Acquires H.A. Mapes Inc.
Deal includes 9 Harry's c-stores and numerous dealer sites
Nouria Energy Corp. has acquired the assets of H.A. Mapes Inc., a distributor of fuel and convenience-store operator in Maine.
The acquisition includes 13 “owned series locations” and 9 stores previous branded Harry’s, as well as other dealer locations.
“The Mapes family believes that it is our employees and customers who expanded our 87-year-old business,” said Jonathan Mapes, CEO and owner of H.A. Mapes Inc. “Exiting the essential petroleum business, we are comforted knowing staff, customers and the communities we serve will transition favorably into the like-minded organization of Nouria."
Nouria Energy ranked No. 48 on CSP's 2023 Top 202 list of the largest c-store chains in the country.
Nouria Founder and CEO Tony El-Nemr welcomes Mapes' employees to the Nouria family.
“Today marks the beginning of an exciting journey where our collective talents and expertise will merge to create something truly exceptional for our customers and team members,” he said. "This acquisition marks a significant milestone for Nouria. With this purchase, we continue our mission to grow and deliver more value to our customers and employees. The addition of the Harry's brand of convenience stores (and the dealer locations) further strengthens our position in the Northeast market."
In a simultaneous move, Nouria Energy has strategically arbitrated the purchase of H.A. Mapes’ transportation business by Brown Bear Co. This sale enables Nouria to streamline its operations, maintain strategic focus and leverage core competencies to drive long-term growth, the company said.
"We are excited about this opportunity to expand our retail footprint and diversify our dealer network," said El-Nemr. "While we've had a brief ownership of H.A. Mapes’ Transportation Division, we believe that under the stewardship of Brown Bear Company, the legacy of the brand will continue to flourish."
In business since 1936, H.A. Mapes is based in Springvale, Maine. Investment bank Matrix Capital Markets Group Inc., Richmond, Virginia, advised H.A. Mapes Inc. in the deal. Springfield, Massachusetts-based Brown Bear Co. provides bulk fuel delivery services throughout the Northeast.
Worcester, Massachusetts-based Nouria Energy Corp., founded in 1989, is a family-owned business that operates convenience stores and fuel retailers across New England. Its c-store operations include 175 company-owned locations and a vast dealer network. It also owns and operates almost 60 independent car wash locations in New England under the Golden Nozzle brand.
View original article here.
PlasticsToday - Vital Plastics Sold to Wolverine Capital
The company provides injection molding, assembly, and tooling services to a range of sectors.
Injection molder Vital Plastics has been sold to private investment firm Wolverine Capital Partners for an undisclosed amount.
Headquartered in Baldwin, WI, Vital Plastics provides injection molding, assembly, and tooling services to a range of sectors. The company operates two facilities, manufacturing products such as automotive and window clips, industrial components, and medical parts for a number of Fortune 500 businesses across the United States, according to a news release on the Matrix Capital Markets Group website. (The private investment bank facilitated the transaction through its M&A advisory services to Vital Plastics.)
Over the past decade, leadership of Vital Plastics has transitioned from majority owner Terry Townsend to CEO George Hauser and President and CFO Matthew Fish, noted the news release. Hauser and Fish reportedly helped grow and modernize the company during that period, notably by implementing automation and reporting systems. Fish will continue as the lead of day-to-day operations.
Wolverine Capital's portfolio includes Baytech Plastics, an injection molder based in Midland, ON, and metal fabricator Burkland, located in Goodrich, MI.
“We are pleased to partner with the Wolverine Capital team,” commented Fish. “Of all the groups we interacted with, their team resonated most deeply with us given their straightforward approach and passion for building businesses. We are uniquely aligned in recognizing the attributes that have driven the company’s success: Its loyal employee base and longstanding customer relationships, most of which date back multiple decades. We look forward to our next chapter of growth with Wolverine Capital.”
View original article here.
ABF Journal - Matrix Capital Markets Group Advises BeWell Network on Sale to HER Management
Matrix Capital Markets Group, an independent investment bank, advised BeWell Network on its sale to H.E.R. Management.
BeWell is a residential and outpatient behavioral health provider focused on the treatment of substance use disorder. The company operates in two markets, San Juan Capistrano and Dana Point in Orange County, CA and Santa Barbara, CA.
BeWell’s service offerings include detoxification, residential care, a partial hospitalization program (PHP), and an intensive outpatient program (IOP) for substance use disorder treatment in both Orange County and Santa Barbara, as well as PHP and IOP for primary mental health care treatment in Santa Barbara. To support patients enrolled in BeWell’s outpatient programs, the company also operates sober living homes in each of its two markets. The company is contracted with many of the payors that have a significant presence in Southern California.
Matrix provided M&A advisory services to BeWell, including marketing the transaction, advising on valuation, deal structure and other transaction terms, and ultimately achieving a successful execution. The transaction was managed by Vasanta Pundarika, head of Matrix’s healthcare investment banking group, Casey Van de Walle, director and Barrett Smith, analyst.
“We are happy to have worked with the owners of BeWell Network as their financial advisors on this transaction,” Pundarika said. “Under new ownership, we look forward to seeing BeWell implement an enhanced growth strategy, while continuing to provide high quality care to its patients.”
View original article here.
ABF Journal - Matrix Capital Markets Group Sells Lawn and Garden Division of Antilles Power Depot to Freije Supply
Matrix Capital Markets Group, an independent investment bank, sold the lawn and garden division (Antilles L&G) of Antilles Power Depot (APD) to Freije Supply (Freije Supply). Antilles L&G is a distributor of Stihl, Walker and other brands in the lawn maintenance and equipment marketplace.
Headquartered in Carolina, Puerto Rico, with additional locations in the Dominican Republic, St. Thomas, St. Croix and St. Maarten, APD is a distributor and service provider of power generation systems, as well as equipment and tools for lawn care.
Matrix provided merger and acquisition advisory services to Antilles L&G and APD, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by David Shoulders, managing director and head of Matrix’s consumer & industrial investment banking group; William O’Flaherty, managing director; Matt Oldhouser, senior associate; and Sahan Pandey, senior analyst.
“We’re thrilled to have assisted the APD team in this important carve-out transaction, allowing them to focus on their core business,” Shoulders said. “We enjoyed working with the company and its exceptional management team and congratulate all parties on this successful outcome.”
“Matrix did an exceptional job navigating this highly complex corporate carve-out,” Jason Hebert, president of APD, said. “I commend their knowledge of these nuanced transactions and am grateful for their assistance. We believe this divestiture creates exceptional value for all parties. The Freije Supply team is acquiring a complementary business with exceptional recurring revenue, and I’m confident they’re positioned to grow the business line. This additional capital allows APD to focus on and grow our core business, generator sales and service, while also supporting our growth in yacht and marine services, as well as our expansion into new physical locations throughout the Caribbean.”
Bill Lowman and Jason Davis of ShuffieldLowman served as legal counsel for Antilles L&G and APD.
View original article here.
Pet Business - Matrix Serves as Lead Advisor on Recapitalization, Acquisition of Pet Stores
In its role as sole intermediary, Matrix provided capital advisory services to Apollo.
Matrix served as lead advisor on Apollo Veterinary Medical Hospitals and AVMH Ventures' recapitalization and acquisition of a multi-state portfolio of Pet Supplies Plus retail pet stores.
A privately-owned company established in 1999 by Dr. Steven Whatley in Albany, GA, Apollo is a veterinary care provider in the Southeast. The Company is comprised of nine full-service veterinary hospital locations throughout Alabama, Georgia, South Carolina, and Florida.
"We are proud to add this most recent portfolio of Pet Supplies Plus stores to our existing portfolio and further diversify and expand our business," said Dr. Whatley, chief executive officer of Apollo. "We are committed to operating best-in-class veterinary hospitals and Pet Supplies Plus stores, and we do that by forging personal relationships with our clients, patients, team members and the communities that we serve. As we continue to expand our presence, we were fortunate to work with Matrix to structure and intermediate this important transaction. Their experience, functional expertise, and objective approach were critical to securing capital on terms that were very attractive to the Company."
In its role as sole intermediary, Matrix provided capital advisory services to Apollo including financial modeling and sensitivity analysis, capital structure assessment, negotiation with counterparties, and placement of both debt and equity capital. The 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.
View original article here.
ABF Journal - Matrix Advises TBC Corporation on Sale of NTB Tire and Tire Kingdom Service Centers
Matrix Capital Markets Group advised TBC Corporation on the sale of TBC’s company operated retail businesses to Mavis Tire Express Services. The sale includes TBC’s retail network of 595 tire and automotive service centers that utilize the NTB Tire & Service Centers and Tire Kingdom Service Centers brands.
TBC, a joint venture between Sumitomo Corporation of Americas and Michelin North America, is based in Palm Beach Gardens, FL, and is a marketer of automotive replacement tires. The company executes a multi-channel marketing strategy that includes automotive retail, wholesale and distribution and franchise operations. As part of the transaction, Mavis and TBC entered into a distribution agreement through which TBC will provide tire distribution and wholesale services for Mavis retail locations.
Matrix provided merger and acquisition advisory services to TBC, which included valuation advisory; the marketing of the business through a confidential, structured sale process; and the negotiation of the transaction. The transaction was led by Stephen Lynch, CFA, CPA, managing director at Matrix, and William O’Flaherty, director at Matrix. David Shoulders, head of Matrix’s consumer and industrial investment banking group; Kyle Tipping, CFA, senior associate; Matt Oldhouser, CPA, senior associate; and Alexander Rakos, senior analyst, also advised on the transaction.
“This transaction was complex and lengthy in duration, yet the efforts, professionalism and attention to detail from the entire Matrix team have made it as seamless as possible to finalize the agreement and partnership between TBC and Mavis,” Brian Maciak, executive vice president and general counsel of TBC, said.
“We are honored to have been chosen by TBC to not only market the NTB and Tire Kingdom brands, which are both incredibly well-known and respected within the automotive industry, but also to help the company further develop this strategic partnership,” Lynch said. “The success of this transaction is a great reflection of the world-class organization that TBC and its shareholders have built, and we are very excited to watch TBC and Mavis grow and strengthen their partnership.”
“Matrix is thrilled to have achieved such an excellent outcome for our client, creating value in both the near and long term for the company,” O’Flaherty said. “We were uniquely positioned to drive value in this transaction given our rich history of multi-site retail expertise paired with our knowledge and experience in the automotive aftermarket value chain. We congratulate TBC, Mavis and their various stakeholders on this successful outcome.”
Bradley Edmister and Aafke Pronk of Hogan Lovells served as legal counsel for TBC.
View original article here.
Convenience Store News - Boyett Petroleum & United Pacific Swap Assets
Boyett sells off its Cruisers-branded c-stores while acquiring United Pacific’s wholesale fuels distribution network.
BALTIMORE — Boyett Petroleum sold its 10 company-operated petroleum marketing and convenience retail stores to Apro LLC dba United Pacific, while in a separate transaction, Boyett acquired United Pacific's wholesale fuels distribution business consisting of approximately 200 fuel supply accounts.
United Pacific will lease nine of the stores it acquired from Boyett and related-party landlords under long-term lease agreements.
Stan and Carol Boyett founded Boyett Petroleum in 1940 as an operator of gas stations in and around Modesto, CA. The Stan and Carol Boyett were joined in the business by their son, Carl, in 1970. Carl Boyett dramatically expanded the company's wholesale distribution division and added to its growing stable of fuel brands. In 1993, Carl's son Dale Boyett joined the family business, whereupon he expanded the family-owned company to one of the largest independent fuel distributors in the United States.
The divestment of Boyett's 10 Cruisers-branded convenience stores will allow the company to refocus on its wholesale fuels distribution business and the newly acquired United Pacific network, which consists of Shell, Marathon, Phillips 66 and Valero branded, as well as unbranded, dealer accounts across California, Oregon and Washington.
As part of the transaction, Boyett also gained United Pacific's distribution rights in and to the Shell brand.
"[United Pacific has] a fantastic retail team and have welcomed our employees with open arms," said Scott Castle, Boyett president. "It was important to us to find a company that valued our team as much as we did, and United Pacific did just that. We're also very excited to bring United's wholesale customers and team into the Boyett family and look forward to growing the network of dealers."
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Boyett, which included valuation advisory, marketing the business through a confidential, structured sale process, buy-side advisory and negotiation of the transactions and lease agreements.
[Read More: United Pacific to Roll Out CBD Wellness Centers Chainwide]
United Pacific is one of the largest independent owners, suppliers and operators of gas stations and convenience stores in the western United States and offers convenience products through the We Got It! Food Mart, My Goods Market and Circle K brands. It is a portfolio business of Fortress Investment Group LLC.
View original article here.
LPGas - Santmyer Companies purchases Cole Distributing
Santmyer Companies, based in Wooster, Ohio, acquired Cole Distributing, located in Shelby, Ohio.
A privately owned and family-operated company established in 1952, Santmyer is a full-service petroleum marketer in northeast and central Ohio. Santmyer’s primary offerings include diesel, gasoline, propane, lubricants, diesel exhaust fluid and logistics services.
“We are proud to welcome Cole Distributing to the Santmyer family of companies,” says Zach Santmyer, president and CEO of Santmyer. “The Cole family has built a phenomenal business, and we are excited to build upon their legacy of propane and fuels distribution in north-central Ohio.”
“The synergies between our teams make it a natural partnership, and we look forward to the opportunity for growth,” he adds.
Cole Distributing provides propane, commercial fuels and lubricants. The company was founded in 1980 by Rodney and Kathleen Cole and serves thousands of central Ohioans’ energy needs.
“For over 40 years, the Cole ownership and employees have built a strong, loyal customer base, and we look forward to continuing these relationships,” says Terry Santmyer, chairman of Santmyer.
Adds Nate Santmyer, general manager of Santmyer: “We are thoroughly impressed with the quality addition of Cole’s operations, equipment and facilities to our existing infrastructure.”
Matrix Capital Markets Group provided capital and acquisition advisory services to Santmyer, which included financial modeling, assessment of optimal financing strategy, enhanced structural flexibility and negotiation of the financing. The transaction was managed by John Whalen, head of Matrix’s Capital Advisory Investment Banking Group; Ryan Weir, director; and Garrett Novotny, analyst.
View original article here.
Fuels Market News - Sale of Li’l Thrift Food Marts, Inc.
Matrix Capital Markets Group, Inc., a leading, independent investment bank, announces that it has advised Fayetteville, NC-based Li’l Thrift Food Marts, Inc. and its affiliates d/b/a Short Stop on the sale of the Company’s 43 company-operated petroleum marketing and convenience retail stores to an affiliate of Petroleum Marketing Group, Inc.
Li’l Thrift was founded in 1971 by Vance B. Neal with a single store in Burlington, NC. The Company nearly doubled in size in 1985 with the acquisition of E-Z Shop, a 23-store North Carolina convenience retailer and in 2004, added seven Exxon-branded locations to its portfolio, which provided an expanded presence in the Fayetteville market. In 2010, Vance Neal’s son, Chris, became President of the Company, and along with his sister, Mary Morketter, Vice President, have continued to build upon their father’s legacy. They successfully implemented a program to modernize Li’l Thrift’s IT systems, by integrating scanning and fuel equipment software, and have remained truly committed to the Company’s high standards of cleanliness and customer service.
All stores operate under the Short Stop backcourt branding, which is recognized as highly reputable in the Company’s markets of operation. The stores offer a variety of fuel options including 19 locations that market Exxon-branded fuel, five sites that feature the Marathon banner, 18 sites that offer unbranded fuel and one location that does not offer fuel. A related entity owned by Chris Neal, Ace Fueling, LLC, will continue to serve as a common carrier hauler for the Short Stop stores.
Matrix provided merger and acquisition advisory services to Li’l Thrift, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by David Corbett, CFA, Director; Spencer Cavalier, CFA, ASA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Mickelinc, CFA, Senior Associate and Alexander Rakos, Senior Analyst.
Chris Neal, President, Li’l Thrift, said, “I would like to thank David, Spencer, John and Alex for all that they have done in helping our family exit the convenience store business that we have been involved in for over 50 years. Matrix was instrumental in shaping the way we went to market, how we evaluated bids and eventually choosing PMG as the successful bidder. My family is extremely grateful to Matrix for guiding us through the whole process. We believe that PMG will continue the same family traditions that have guided us over the years.”
Mr. Corbett added, “Vance, Chris and Mary have worked tirelessly for more than 50 years to build Li’l Thrift and the Short Stop chain into one of the leading convenience retail portfolios in the Carolinas. It was a pleasure and an honor to represent the Neal family in the sale of the business during such a transformative and important time.”
Larry Parker and Rakesh Parikh of Williams Mullen served as legal counsel for Li’l Thrift.
View original article here.
Convenience Store News - Alpena Oil Co. Sells Assets to Blarney Castle Oil
The sale comprises 14 convenience stores, six Louie’s Fresh Market full-service grocery stores, plus a cardlock.
ALPENA, Mich. — EZ Mart operator Blarney Castle Oil Co. acquired the assets of Michigan-based Alpena Oil Co. The transaction includes six Louie's Fresh Market full-service grocery stores and 14 traditional convenience stores, plus a cardlock.
Alpena Oil dates back to 1849, when Jeremiah Douville, the great-grandfather of the company's current ownership, opened a single bakery in Alpena. The second generation of the Douville family expanded into grocery wholesaling, which remained the primary business until they acquired their first gas station portfolio in 1996. Jere Johnston, Alpena's president, focused on growing the chain through larger format stores and shortly thereafter opened the first Louie's Fresh Market in Alanson, Mich. The original market spurred an expansion into five additional large format grocery stores.
Matrix Capital Markets provided merger and acquisition advisory services to Alpena Oil, which included valuation advisory, marketing the business through a confidential, structured sale process and sale negotiations. Tammera Diehm, Noreen Sedgeman and Beth Harper of Winthrop & Weinstine, P.A. served as Alpena's legal counsel.
"Jere and Sharon built and operated a very successful retail chain that offered customers high-value products in a clean and friendly environment," said Spencer Cavalier, co-head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group. "We thank Jere and Sharon for trusting Matrix to advise them on the sale of their company in which they invested so much time and energy to create, build and grow."
Founded in 1933 by Dennis E. McCarthy and now run by his sons and grandsons, Blarney Castle Oil currently runs 139 EZ Mart locations and employs more than 800 people in Michigan.
View original article here.
ABF Journal - Matrix Capital Markets Group Provides Capital Raise for Carroll Independent Fuel
Matrix Capital Markets Group, an independent investment bank, served as lead financial advisor on Carroll Independent Fuel’s syndicated debt refinancing.
A privately-owned, full-service fuel company established in 1907 in Baltimore, Carroll is a petroleum marketing and convenience store operator with several hundred retail locations throughout the Mid-Atlantic. In addition to retail fuel distribution, Carroll’s commercial services include gasoline and diesel sales and delivery, fuel filtering, diesel exhaust fluid supply, unbranded and branded gasoline and station services, commercial motor fuel supply, tank loan services, transportation and business planning.
“We were fortunate to work with Matrix to structure and intermediate this important financing,” John Phelps, president and CEO of Carroll, said. “Their experience, expertise and detailed approach were critical to securing capital with very attractive terms.”
Matrix provided capital advisory services to Carroll, which included financial modeling, assessment of optimal financing strategy, enhanced structural flexibility and negotiation of the financing. The transaction was managed by John Whalen, head of Matrix’s Capital advisory investment banking group, Ryan Weir, vice president and Garrett Novotny, analyst.
“Throughout the entire process the Matrix team provided excellent guidance and advice,” Juergen Laue, CAO of Carroll, said. “Their determined, yet flexible approach and proven methodology allowed for the best outcome for all parties. Simply put, we could not have achieved this without them.”
“We very much appreciate the trust that Carroll placed in us to advise them on this financing,” Whalen said. “Carroll is a best-in-class operator and the success of this refinancing not only reflects the company’s existing strong credit profile, but also affords greater flexibility to the company as it further scales and diversifies. It was a privilege to work with the Carroll team.”
View original article here.
Fuels Market News - Community Service Stations Sold
Matrix Capital Markets Group, Inc., a leading, independent investment bank, announces that it has advised Community Service Stations, Inc. (“CSS” or the “Company”) on its sale to CrossAmerica Partners LP. CSS is a leading New England based wholesale motor fuels distributor, supplying approximately 75 million gallons annually.
Community Service Stations, Inc. was founded in Boston, Massachusetts in 1918 by George C. Riley Sr. and his business partner, Paul Strang. George and Paul operated a single service station that offered auto repairs and retailed motor fuels. During its first few decades, the Company expanded its fuel offerings into home heating oil and kerosene, constructing one of the first bulk heating oil and kerosene distribution depots in the suburbs west of Boston. George C. Riley Sr.’s son, George C. Riley Jr., eventually assumed the role of President, a title he would hold for 66 years, during which he tripled the Company’s fuel volume.
In 1979, Chris Riley, George Riley Sr.’s grandson, joined the Company and currently serves as President. As the industry shifted to more of a convenience store model, CSS was among the first Mobil-branded distributors to encourage independent dealers to rebuild outdated repair bay sites into convenience stores. With Chris Riley at the helm, fuel volume continued to significantly increase, and in 2011 CSS became one of the four exclusive fuel distributors authorized and licensed by ExxonMobil to distribute Mobil (and Exxon) branded motor fuels in New England.
Matrix provided merger and acquisition advisory services to CSS, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Sean Dooley, CFA, Managing Director; Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Nate Wah, CPA, Associate; and James Mickelinc, CPA, Senior Analyst.
Chris Riley, President of CSS, stated, “It was not an easy decision to sell the company that we had built over the past century. The Matrix team provided professional guidance and advisory expertise throughout the entire process and were truly instrumental in securing a successful outcome. CrossAmerica was a natural fit as a buyer for CSS as they share our long tradition of excellence and strong commitment to their customers and employees.”
Dooley added, “It is not often that you are entrusted to advise a 100-plus year old company on its exit from the industry. Chris has been a great steward to the industry and evolved CSS into a first-class enterprise; he and his team have a lot to be proud of. We wish Chris all the best in the next chapter of his life and future endeavors.”
Otto Konrad and Lauren Pennington of Williams Mullen served as legal counsel for Community Service Stations, Inc.
View original article here.
Convenience Store News - Holt Oil Co. Exits the C-store Business
Petroleum Marketing Group picks up the company's 19 convenience stores.
FAYETTEVILLE, N.C. — Holt Oil Co. will exit the convenience retail channel following the sale of its 19 convenience stores and gas stations to Petroleum Marketing Group (PMG) Inc.
The transaction also includes Holt's wholesale dealer business.
A third-generation, family-owned and -operated business, Holt opened its doors as Crystal Oil Co. in downtown Fayetteville in 1930. It operated several gas stations before moving into the home heating oil business. Founder William D. Holt's youngest son Henry later joined him as a partner and helped to run the business for more than 40 years.
Additional family members Hannah Holt and Louis Cox, as well as brothers Walter and Bill Holt, also joined the company and contributed to its c-store expansion across four North Carolina counties. The company 1989 opened its first Subway franchise.
Matrix Capital Markets Group Inc., an independent investment bank, provided merger and acquisition advisory services to Holt. These included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the sale.
"It has been a pleasure to be involved in this family business serving the motoring public for all these many years. It has been an honor to work alongside the best group of people I could ask for," said Holt President Louis Cox. "We had very specific guidelines in choosing a buyer. Matrix was instrumental in that process. I am confident that we made the right choice with PMG."
The transaction was managed by Sean Dooley, CFA, managing director; Spencer Cavalier, CFA, co-head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group; Kyle Tipping, CFA, associate; and James Mickelinc, CPA, senior analyst.
"We are honored to have been chosen as a trusted advisor to the shareholders of Holt to execute on the sale of their third-generation, family-run business," Dooley said. "We are extremely happy for them, as well as all the Holt employees that will be joining the PMG family."
View original article here.
Fuels Market News - Global Partners Acquires Tidewater Convenience
The deal includes 14 company-operated gas stations and c-stores throughout southeast Virginia.
WALTHAM, Mass. — Global Partners LP is expanding its retail footprint in the Mid-Atlantic region with the acquisition of Tidewater Convenience Inc.
The deal includes 14 company-operated gas stations and convenience stores, and one company-owned commission marketing location. The sites are located throughout Norfolk, Chesapeake and Virginia Beach, Va.
With approximately 1,700 locations primarily in the Northeast, Waltham-based Global Partners is one of the region's largest independent owners, suppliers and operators of gasoline stations and convenience stores.
Global Partners also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers.
"We are committed to continuing to expand by adding strategic locations to our vertically integrated network. Virginia is a key market that complements our existing portfolio," said Mark Cosenza, senior vice president, gasoline, distribution and station operations, for Global Partners. "We share Tidewater's values around community and a commitment to guest experience, and we look forward to continuing to deliver high-quality service at these locations."
Tidewater Convenience was incorporated in 1992 by Charles "Chuck" and Carol Weaver when they acquired two Texaco stores in Virginia Beach. The company grew to a total of 17 locations at one time.
Matrix Capital Markets Group Inc. served as the exclusive financial advisor to Tidewater Convenience.
"It has been an honor and a pleasure to serve the people of Hampton Roads by providing motor fuel and other products for the past 30 years. We are very thankful for the many talented people who helped build Tidewater Convenience into what it is today," said Chuck Weaver.
"When Carol and I agreed that it was time to retire, we knew that we could rely on Matrix to find the next steward of our business," he said. "We are very satisfied with the result and know that Global Partners will continue our legacy of delivering high-quality service in each of our locations."
Matrix provided merger and acquisition advisory services to Tidewater Convenience, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.
The transaction was managed by Cedric Fortemps, co-head of Matrix's Downstream Energy & Convenience Retail Investment Banking Group, and Martin McElroy Jr., senior associate.
"We've greatly enjoyed working with, and getting to know, the Weavers while advising them on their strategic planning decisions at various times over the last decade," Fortemps stated. "We were honored to have been chosen to advise on the sale of the incredible business Chuck and Carol have built after they told us earlier this year that based on our feedback about market conditions combined with the performance of their business, the timing was right for them to sell. We are extremely happy for them as well as all the Tidewater employees that will be joining the Global Partners team."
Otto Konrad, Cartwright Reilly, Lauren Pennington and David Allen of Williams Mullen served as legal counsel for Tidewater Convenience.
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Fuels Market News - GPM Completes Acquisition of Quarles Assets
ARKO’s 21st deal marks fleet fueling cardlock operator’s exit from petroleum marketing
RICHMOND, Va. — GPM Investments LLC has completed the acquisition of certain assets of Quarles Petroleum Inc., including 121 proprietary Quarles-branded cardlock sites, management of 63 third-party cardlock sites for fleet fueling operations, 46 independent dealer locations including certain lessee-dealer sites and a small transportation fleet, convenience store operator and fuel wholesaler ARKO Corp. said.
The closing of this transaction with GPM represents Fredericksburg, Va.-based Quarles’ final exit from the petroleum marketing industry.
“We plan to continue to pursue acquisitions like the Quarles Acquisition as we focus on strategic growth that generates long-term shareholder value,” said Arie Kotler, president and CEO of ARKO, which is GPM’s parent company. “The acquired Quarles assets comprise a complementary business that has operated continuously for more than 80 years, and we believe we can grow and expand the company’s fleet fueling platform and continue to provide best-in-class fuel services and solutions to our customers. In addition, nearly 100 Quarles employees will be retained and become employees of GPM. They are accomplished operators, and we welcome them into our family of community brands.”
The Quarles acquisition is ARKO’s 21st acquisition since 2013, emphasizing the company’s aggressive growth strategy. The deal includes proprietary cardlock locations that fulfill the fuel needs of multiple industries at easily accessible, unmanned fuel sites in prime locations in Virginia, North Carolina, Maryland, Pennsylvania and the District of Columbia, management of third-party fueling sites and the marketing of fuel cards that give customers access to a nationwide network of fueling sites, the company said.
ARKO expects the Quarles acquisition to add approximately $17.5 million of adjusted EBITDA on an annualized basis after incremental rent of approximately $7.8 million to be paid to Oak Street Real Estate Capital, Chicago, a division of New York-based Blue Owl Capital, the private equity real estate firm that funded approximately $130 million of the aggregate purchase price.
The company expects the acquisition to add approximately 160 million gallons, primarily diesel, to the approximately 2 billion gallons ARKO currently sells annually, it said, as well as fleet fueling card operations it expects to facilitate the sale of approximately 50 million gallons at third-party locations nationwide.
The transaction did not include Quarles’ propane and refined products distribution business, which it sold to Superior Plus Energy Services, Toronto, for $144 million in early June.
Quarles was founded in 1940 by Douglas Quarles Sr. and his son, Douglas Quarles Jr. by purchasing The Home Oil Co. in Warrenton, Va. Over the next 40 years, the company expanded into new regions in Virginia and acquired a storage terminal in Virginia, providing a connection to the Plantation Pipeline. In the 1980s, it began opening cardlocks and convenience stores, as well as the propane business. In the two decades that followed, Quarles opened 31 Q-Stop c-stores before selling them to Irving, Texas-based 7-Eleven Inc. in 2010 to focus on the delivered fuels and fleet fueling businesses.
The company grew over the last 10 years through the continued development of its cardlock network and fleet fueling program, as well as several acquisitions of propane and refined products distribution companies.
Independent investment bank Matrix Capital Markets Group Inc., Richmond, provided merger-and-acquisition advisory services to Quarles.
“This has been a very complex, bifurcated sale process, which was structured to maximize value and deal terms for the shareholders. We appreciate the opportunity to advise such a great company on their final exit from the industry,” said Vance Saunders, Matrix managing director, who managed the transaction with Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, vice president; and Michael Tucker, associate.
GPM is No. 6 on CSP’s 2022 Top 202 ranking of U.S. convenience-store chains by store count.
Founded in 2003, Richmond, Va.-based GPM has grown through acquisitions to become the seventh largest convenience store chain in the United States, with approximately 2,950 locations, including approximately 1,350 company-operated stores and approximately 1,600 dealer sites to which it supplies fuel in 33 states and Washington, D.C.
The company operates in three segments: retail, which consists of fuel and merchandise sales to retail consumers; wholesale, which supplies fuel to third-party dealers and consignment agents; and GPM Petroleum, which supplies fuel to GPM and its subsidiaries selling fuel, as well as sub-wholesalers and bulk purchasers.
Brands include Fas Mart, Shore Stop, Scotchman, BreadBox, Young's, Li'l Cricket, Next Door Store, Village Pantry, Apple Market, Jiffi Stop, Admiral, Roadrunner Markets, Jiffy Food Marts, E-Z Mart, 1 Stop and TownStar.
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Business Wire - Plaskolite Acquires MXL Industries
Expands Coatings Business Across Aviation, Medical, Marine and Life Safety Markets
COLUMBUS, Ohio--(BUSINESS WIRE)--Plaskolite LLC (“Plaskolite”), a global leader in the manufacturing of engineering thermoplastics, including Acrylic, Polycarbonate, ABS and PETG Sheet, Lighting Profiles and PMMA Polymers, today announced the acquisition of MXL Industries (“MXL”), a manufacturer of high-quality optical plastic products. The addition of MXL strengthens Plaskolite’s existing coatings business that serves aerospace, defense, motorsports, security and construction markets, complements existing polycarbonate production and expands its broad product offering to include specialty-crafted optical thermoplastic solutions. Financial terms were not disclosed.
Headquartered in Lancaster, PA, MXL Industries manufactures and coats specialty-crafted optical engineering thermoplastic parts for various military, motorsport, life safety, medical, aviation and marine applications. MXL is a one-stop shop for customers, offering mold design and construction, injection molding, coating, routing and assembly. The company’s specialty-crafted optical plastic parts are used in mission-critical products including fighter jet helmets, medical-grade light fixtures and life safety equipment.
Ryan Schroeder, Plaskolite President and CEO, said, “MXL’s highly customizable in-house manufacturing capabilities, ability to manufacture high-quality low distortion optical components and niche end market exposure are an exciting complement to Plaskolite’s coatings offering and operational infrastructure. With our combined resources, we will expand our footprint into more specialty end markets, strengthen customer relationships and solidify our leadership position in specialty plastics and coatings.”
Jim Eberle, President and CEO of MXL, said, “For nearly 50 years, MXL has produced high-quality, customized specialty plastics and coating solutions for customers across a range of essential industries. Our partnership with Plaskolite represents an exciting new chapter of growth for our company. I look forward to working with Ryan and the Plaskolite team to provide our customers with innovative products and outstanding service.”
Thomas Chadwick, Principal – Manufactured Products at Pritzker Private Capital, added, “The strategic acquisition of MXL represents a compelling opportunity for Plaskolite to expand its existing coatings business into new specialty products and markets, and provides opportunities to further accelerate growth through additional investment and strategic M&A. We are pleased to continue our successful partnership with Plaskolite and welcome MXL to the Plaskolite and PPC families.”
About Plaskolite, LLC
Founded in 1950 in Columbus, Ohio, by Donald G. Dunn and family, Plaskolite, LLC is a global leader in the manufacturing of engineering thermoplastics, including Acrylic, Polycarbonate, ABS and PETG Sheet, Lighting Profiles and PMMA Polymers. Plaskolite is owned by Pritzker Private Capital along with the Dunn family, management and other co-investors. Plaskolite’s customized products are used in a wide variety of applications, including windows, doors, lighting, signs, point-of-purchase displays, transportation, security and bath products. Plaskolite serves a diverse customer base including distributors, OEMs and retailers. For more information, please visit www.plaskolite.com.
About MXL Industries
MXL Industries manufactures specialty-crafted optical plastic parts for various military, motorsport, life safety, medical, aviation and marine applications. From its headquarters and operating facility in Lancaster, Pennsylvania, MXL Industries offers mold design and construction, injection molding, coating, routing and assembly capabilities. Using innovations in clear and tint polycarbonate, MXL’s products are designed to perform in a wide variety of environments and light conditions. The company has specialized in manufacturing high-quality parts with stringent optical performance requirements for nearly 50 years, allowing the company to provide its longstanding customers with comprehensive and customized end-to-end solutions. For more information, please visit www.mxl-industries.com.
About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products and services sectors. The firm's differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur- and family-owned companies. Pritzker Private Capital is a signatory to the United Nations Principles for Responsible Investment (PRI). For more information, visit PPCPartners.com.
Contacts
Media:
Abernathy MacGregor
Dan Scorpio / Kyla MacLennan
(646) 899-8118 / (646) 939-3062
dps@abmac.com / kam@abmac.com
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