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:
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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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