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.
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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.
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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.”
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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.
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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."
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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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Secured Finance Network - Matrix Announces Capital Raise for Saratoga Casino Holdings
RICHMOND, VA / BALTIMORE, MD – May 18, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it served as lead advisor on Saratoga Casino Holdings’ (“SCH” or the “Company”) financing and acquisition of Magnolia Bluffs Casino Hotel in Natchez, Mississippi (acquisition subject to regulatory approvals and other customary closing conditions).
SCH owns and operates Saratoga Casino Hotel, in Saratoga Springs, NY featuring more than 1,300 slot machines, electronic table games, a live-entertainment venue, a variety of dining options and bars, live harness racing, and simulcast wagering. The Company also owns and operates Saratoga Casino Black Hawk, located in the historic town of Black Hawk, CO featuring over 380 slot machines, six table games, a full-service restaurant, bar, and a variety of guest services. SCH is also a partner with Delaware North Companies in the operation of Gideon Putnam Resort and Roosevelt Baths in Saratoga Springs.
“We are proud to add Magnolia Bluffs Casino Hotel to our portfolio of gaming assets and further diversify our business,” said Sam Gerrity, Chief Executive Officer of SCH. “We are committed to operating first class gaming facilities, and we do that by creating lasting relationships with our guests, team members and the communities that we serve. We look forward to welcoming Magnolia Bluffs guests and team to the Saratoga family. As we continue to expand our presence, 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.”
Located on the Mississippi River, Magnolia Bluffs Casino Hotel opened in 2012 and features over 450 slot machines, 14 table games, a restaurant and bar, a sportsbook, and a 141-room hotel located off-site in the heart of the Natchez, MS.
Matrix provided buy-side and capital advisory services to SCH, 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.
Alex Tucker, COO and Treasurer of SCH commented, “Throughout the entire process, the Matrix team provided excellent guidance and advice. 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.”
Mr. Whalen added, “We very much appreciate the trust that Saratoga placed in us to advise them on the capital raise. SCH is a best-in-class regional gaming operator and the acquisition of Magnolia Bluffs represents a transformational acquisition for the Company as it further scales and diversifies. Matrix is privileged to work with the SCH Team.”
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