Matrix Announces the Successful Sale of GOGAS Corporation's Assets to Quality Oil Company, LLC
RICHMOND, VA - August 18, 2015 - Matrix Capital Markets Group, Inc. ("Matrix") announces the successful closing on the sale of GOGAS Corporation's ("GOGAS" or the "Company") assets to Quality Oil Company, LLC ("Quality Oil").
Prior to the sale, Wilmington, NC based GOGAS directly operated twenty (20) high volume retail motor fuel outlets in southeastern North Carolina with total annual fuel volumes of over 53 million gallons. Nineteen (19) of the sites were owned fee simple with the remaining site leased from a third party. The GOGAS portfolio consists of large, well maintained fueling facilities with modern equipment designed to maximize fuel traffic. Each site features a kiosk style building for accepting fuel payments and selling top-tier cigarettes at the lowest prices in their markets. As part of the transaction, Quality Oil has also acquired the GOGAS brand, which is very well respected and a primary reason for the Company's loyal customer base. All of the Company's eligible store employees and field staff were retained by Quality Oil.
GOGAS is a wholly owned subsidiary of K. E. Austin Corporation, a private company founded by Kit and Deborah Austin in 1976. The Company started with two stores and has grown over the years through acquisitions of individual sites and building new-to-industry gas stations. Kit Austin, the Company's President, continued to manage day-to-day operations up until the closing of the transaction. The sale represents a complete exit for him from the motor fuels business.
Matrix provided merger and acquisition advisory services to GOGAS, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Cedric Fortemps, Managing Director and Vance Saunders, Director. Kyle Profilet, Analyst, also advised on the transaction.
Mr. Kit Austin, President of GOGAS said, "We are fortunate to have found a buyer that is based in North Carolina and matches GOGAS's culture of customer service, employee relations and vendor relationships. This will make for a seamless transition. We are very grateful for the wonderful loyal customer support that GOGAS has received over the last 39 years."
Mr. Fortemps commented, "It was a pleasure advising Mr. Austin on a successful sale of the tremendous business that he and his management team have built. We're extremely pleased to have found a buyer in Quality Oil that was eager to add the Company's strong employee base and unique format of stores to their growing portfolio." Thomas Kelso, Managing Director & Head of Matrix's Downstream Energy and Retail Group added, "It has been a great honor to represent Mr. Austin in his exit from an industry where he was a respected leader for so many years. We wish him much success in his future ventures."
W. Berry Trice of Murchison, Taylor & Gibson PLLC served as legal counsel for GOGAS.
Based in Winston-Salem, NC, Quality Oil Company is a large, diversified petroleum marketer and fuels distributor with operations throughout the southeast United States from Virginia to Florida. Its products and service lines include gas stations and convenience stores, wholesale motor fuels, commercial fuels and lubricants, heating oil and propane, motor fuels transportation, HVAC sales and service, and hotels.
Matrix Announces Media & Communications Group Transaction Closing
RICHMOND, VA – August 12, 2015 - Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce that AllOver Media, the largest alternative out-of-home advertising platform in the U.S., and a portfolio company of Audax Private Equity, has acquired certain assets of Zoom Media, the world’s largest provider of digital place based media targeting the fitness industry. Zoom Media is a portfolio company of ABS Capital Partners.
Matrix served as exclusive financial advisor to Zoom Media. The transaction was led by Michael McHugh, Head of Matrix’s Media & Communications Group. Brady Hill, Senior Analyst, also advised on the transaction.
François de Gaspé Beaubien, Chairman with Zoom Media said, “Michael McHugh and Matrix were instrumental in finding a home for our former Social and Family networks. We were able to take the proceeds from the sale and re-invest in our expanding global fitness network. As the purchaser, AllOver Media was able to bolster their core offerings.”
LNC Partners Invests in Narcote, LLC
Reston, VA – July 7, 2015. LNC Partners (“LNC”) is pleased to announce that on June 30, 2015, it invested senior secured debt and equity in Narcote, LLC (“Narcote” or the ”Company”) through a recapitalization led by LNC Partners and the Company’s management team. Narcote designs, engineers, and applies coatings and laminates to textiles requiring advanced barrier properties to meet specific customer requirements. Led by CEO Cary Green and EVP Rolf Rupprecht, Narcote’s executive team will remain significant investors in the Company and will continue to manage day-to-day operations.
“We are very excited about our partnership with LNC. They have experience building lower middle market companies and flexible capital to help us meet our growth objectives,” said Cary Green, CEO of Narcote. He went on to add, “LNC has demonstrated a true partnership approach throughout this process that we believe will help us take advantage of opportunities to enhance our capabilities and grow Narcote to its full potential.”
“We are extremely impressed by Narcote’s talented management team. Cary and Rolf represent ideal partners for LNC, and we are thrilled to support them and their pursuit of growth opportunities for the business,” said Mark Raterman, Managing Partner of LNC.
Richmond, VA based Matrix Capital Markets Group served as Narcote’s exclusive financial advisor.
About LNC Partners
Based in Northern Virginia, LNC Partners is a licensed Small Business Investment Company with over $235 million of capital under management that provides debt and equity capital to lower middle market companies. LNC Partners invests across a broad range of industries and typically provides between $5 million to $20 million of capital to companies in support of buyouts, recapitalizations, refinancings, and acquisition and growth financings. The firm seeks companies that generate at least $2 million of EBITDA and places an emphasis on management-owned and family-owned businesses.
For More Information
Mark Raterman
Tel. 703-651-2149
Fax: 703-651-2149
www.LNC-partners.com
View original article here.
Matrix Healthcare Group and Industrial Products Group Announce Transaction Closings
RICHMOND, VA – July 6, 2015 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading middle-market investment bank, is pleased to announce that they have provided corporate advisory services to Arista Laboratories (“Arista”) in the sale of its assets. Arista, based in Richmond, VA, is a leading independent tobacco testing laboratory and subsidiary of Molins PLC. David Keys, who leads the Healthcare Group at Matrix, David Endom and Brady Hill assisted Arista in creating and maintaining a competitive dynamic among a select group of industry participants that resulted in a successful sale for Molins PLC.
In addition, Matrix is pleased to announce the recapitalization of Narcote, LLC (“Narcote” or the “Company”) with LNC Partners (“LNC”). Narcote, headquartered in Piney Flats, TN, is a leading provider of technical textile solutions, including coated and laminated composite fabrics. LNC is a Reston, VA based private investment firm with over $235 million of capital under management. Cary Green, CEO of Narcote, along with Rolf Rupprecht, Executive Vice President, will own a substantial stake of the Company alongside LNC. Exiting shareholders include Charles Green and Harbert Mezzanine Partners II, LP.
Matrix served as exclusive financial advisor to Narcote. The transaction was led by Mike Morrison, David Shoulders, William O’Flaherty and Pratik Thakral. David Shoulders, Director at Matrix, commented, “Cary has built a tremendous business and we are thrilled to have represented him and the Company during this process. We are confident the partnership between Cary, Rolf and the LNC team will allow Narcote to realize the numerous growth opportunities that exist. LNC’s ability to provide both the equity and debt for the transaction streamlined the process and allowed for an expedited closing.”
Cary Green commented, “I am excited to invest alongside LNC. I think this transaction will help us expand our capabilities and continue to serve our growing customer base.” He continued, “Matrix has done an outstanding job managing our transaction. Their process certainly identified the ideal partner to continue to grow Narcote’s market presence.”
"We have been very impressed with Cary Green and the organization he has built, and are eager to support the growth initiatives that Narcote will continue to pursue,” added Mark Raterman, Managing Partner at LNC. "Cary and Rolf are tremendous operators and are precisely the type of individuals we seek as partners. We are excited for the opportunities this combination presents."
Baker, Donelson, Bearman, Caldwell & Berkowitz, PC acted as legal advisor to Narcote in the transaction. LNC was represented by Moore & Van Allen, PLLC.
Matrix Capital Announces Industry Team Additions and Promotion
RICHMOND, VA – June 2, 2015 – Matrix Capital Markets Group, Inc. ("Matrix") is pleased to announce the addition of John D. Ellison, CFA, Associate to the Media & Communications Group and John C. Duni, CPA, Senior Analyst to the Downstream Energy & Retail Group. In addition, Stephen C. Lynch, CFA, CPA has been promoted to Senior Associate in Matrix's Downstream Energy & Retail Group.
Prior to joining Matrix, Mr. Ellison was an Associate with Ewing Bemiss & Company, Equity Research Associate in the Engineering & Construction and Energy Infrastructure Group with BB&T Capital Markets, and a Business Valuation Associate at Keiter, a regional accounting firm. Mr. Ellison graduated from the College of William & Mary with a B.A. in Finance and a second major in Economics. He is a CFA Charterholder and member of the CFA Institute.
Mike McHugh, Managing Director and Head of the Media & Communications Group at Matrix said, “John brings substantial experience in M&A and capital raising that will add significant value to our growing team. His investment banking background serving middle-market clients is a perfect fit for our firm. He is already actively involved in several engagements, as well as business development responsibilities.”
Mr. Duni was previously an Associate Equity Analyst with BB&T Capital Markets and a Senior Associate with the Assurance & Advisory Services Group at Keiter. He received a B.B.A in Management from James Madison University and a Post-Baccalaureate Accounting Certificate from Virginia Commonwealth University. He holds the Certified Public Accountant designation.
Since joining the Downstream Energy & Retail Group in 2011, Mr. Lynch has helped advise on over a dozen successful transactions. He received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Polytechnic Institute. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute.
Tom Kelso, Managing Director and Head of the Downstream Energy & Retail Group at Matrix said, “We are particularly excited to have John begin his M&A career at Matrix. His background and experience will be a good addition to our Downstream Energy & Retail Group.”
Mr. Kelso added, “Stephen has worked exceptionally hard during his time at Matrix and has become an integral part of our Downstream Energy & Retail Group. His efforts have helped us derive exceptional value for our clients and his promotion is well deserved.”
Matrix Announces Recent Transactions & Personnel Updates
RICHMOND, VA – April 2, 2015 - Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce several recent transactions, including two sell-side engagements, Area Equipment Rentals & Sales, based in Chesapeake, VA, was acquired by Blue Line Rental, a portfolio company of Platinum Equity; the retail assets of Best Oil Company d/b/a Little Store were acquired by Travel Centers of America LLC (NYSE: TA) and Best Oil Company’s wholesale fuel supply business and transportation division were acquired by NuWay Cooperative; as well as a buy-side advisory assignment for Schurz Communications, Inc., which acquired Long Lines.
In other news, Thomas E. Kelso has been appointed as Chairman of the Maryland Stadium Authority (“MSA”) by Maryland Governor, Larry Hogan. In addition to Mr. Kelso’s long standing role as Managing Director and Head of the Matrix Downstream Energy & Retail Group, this new appointment will also allow him to honor his continued commitment to the education system and community in the greater Baltimore, MD area. The MSA owns the Camden Yards Sports Complex and serves as landlord to the Baltimore Orioles and Baltimore Ravens. In addition, the MSA has completed projects in partnership with local governments, universities, and the private sector throughout Maryland and is currently managing the $1.1 billion Baltimore City Schools Replacement and Revitalization Program.
David W. Shoulders has been promoted to the position of Director. Mr. Shoulders has been a member of the Matrix Consumer & Industrial Products Group since joining the firm in 2006. Over the years he has been instrumental in closing a number of successful transactions including more recently, Area Equipment Rentals & Sales, Southern Filter Media, Stevens Manufacturing Co., Inc., Ashton Lewis Lumber Co. and Dimex, LLC.
Vance Saunders, CPA, has been promoted to the position of Director. He has been a member of the Matrix Downstream Energy & Retail Group for nine years and has participated in recent transactions such as Warren Equities, Manchester Marketing Incorporated and Express Lane, Inc. He holds the Certified Public Accountant designation.
Andrew A. LoPresti, CPA, has been promoted to Associate in the Matrix Downstream Energy & Retail Group. He joined the firm in 2012 and has been involved in recent transactions such as Erickson Oil Products, Mutual Oil Co. and Mid-Atlantic Petroleum Properties, LLC. He is a Certified Public Accountant and CFA Level III candidate.
David H. Endom, Senior Associate, has joined the Matrix Healthcare Group. He has more than 14 years of advisory and financial operations experience across a number of industries, including healthcare services, manufacturing and multi-site retail. Prior to joining Matrix, Mr. Endom was Director of Financial Planning of KIPP DC, a leading network of charter schools based in Washington, DC. Previously, he was an Associate at Harris Williams & Co. and a Manager in Arthur Andersen’s Business Consulting practice. He graduated from the University of Richmond with a BA in Economics with Honors and received his MBA from the University of Virginia Darden School of Business.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with offices Baltimore, MD and Chicago, IL. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies, including sell-side M&A advisory, company sales, recapitalizations, asset divestitures, corporate valuations, corporate recovery, buy-side M&A advisory, capital raises of debt & equity, management buyouts, corporate advisory and fairness opinions. Matrix has served clients in a wide range of industries, including building products, business services, consumer products, downstream energy & retail, healthcare, industrial products, lumber and media & communications. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, an affiliate of Matrix Capital Markets Group, Inc., Member of FINRA and SIPC.
Matrix Announces the Successful Sale of Best Oil Company
RICHMOND, VA - March 20, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of the nineteen (19) Little Store brand c-stores of Best Oil Company (the “Company”) to TravelCenters of America LLC (NYSE: TA) and the sale of Best Oil Company’s wholesale fuel supply business and transportation division to NuWay Cooperative, a Minnesota Cooperative based in Trimont, MN. Best Oil Company, headquartered in Cloquet, MN, directly operated all nineteen (19) Little Store prior to the sale. Eighteen (18) of the sites were owned fee simple with one (1) site being a leasehold. The stores are located in Northeastern Minnesota and Superior, Wisconsin and offer high quality fuels, as well as a full range of convenience items to their customers. Best Oil Company’s wholesale fuel supply business consists of annual sales of over 27 million gallons serving approximately 110 customers in Minnesota and Wisconsin. The transportation division has eight (8) tractors and eight (8) trailers that deliver fuel to Best Oil’s company operated stores and wholesale customers.
The Best Oil Company was founded in 1939 by Mr. R.W. Lindholm who was later joined in the business by his son-in-law, Mr. Daryl L. McKinney. Mr. McKinney managed the Company from 1961 to 1999, and opened the first of the Little Store in 1971. Mr. McKinney transitioned the business to his sons John, Michael and Christopher in 1999 who together continued to grow the Little Store brand and the Company’s wholesale fuel business and transportation division. Throughout the 2000’s, the McKinney brothers continued to focus on the Little Store division by razing and rebuilding several locations and upgrading all stores in order to provide exceptional service to their customers. Over the years, several generations of McKinneys have contributed to growing the Little Store division to nineteen (19) company-operated stores and one (1) franchise location, and growing the wholesale fuel supply business.
Matrix provided merger and acquisition advisory services to Best Oil Company, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Team and John Underwood, Director. Stephen Lynch, Associate also advised on the transaction.
Mr. John McKinney, President of Best Oil said, “Matrix has helped Best Oil management review its strategic options since 2008. When the decision was made to sell we chose Matrix for their extensive industry expertise and professionalism. The Matrix team did a great job of leading the sales process and maximizing the value of the Little Store division, the wholesale supply operations, and the transportation division. They helped guide Best Oil management through the sale process, worked with Best Oil's legal counsel to negotiate the transaction and helped manage the due diligence and closing process. We greatly appreciate the job the Matrix team did."
Mr. Underwood commented, “It was a real pleasure to work with the McKinney family and the Best Oil leadership team. Through our work with Best Oil over the past several years we knew this was a unique opportunity for prospective buyers to acquire a high quality convenience store chain, a wholesale fuel supply business and high quality transportation assets. We know how difficult it is to a sell a family business and it was a very positive experience working with the Best Oil team through the entire sale process. We are very grateful for the opportunity to have represented Best Oil Company in the sale of the Little Store division and the confidence the McKinney family has shown in Matrix."
William M. Burns of Hanft Fride served as legal counsel for Best Oil Company. McGladrey LLP provided tax, accounting and structuring advice.
About Matrix’s Downstream Energy & Retail Group
Matrix's Downstream Energy & Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate restructurings, corporate valuations, and strategic planning engagements. Since its inception in 1997, this dedicated group has successfully advised on more than 140 engagements in these sectors with a total transaction value of nearly $5.5 billion. For additional information, please visit www.matrixcmg.com.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with offices Baltimore, MD and Chicago, IL. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies, including sell-side M&A advisory, company sales, recapitalizations, asset divestitures, corporate valuations, corporate recovery, buy-side M&A advisory, capital raises of debt & equity, management buyouts, corporate advisory and fairness opinions. Matrix has served clients in a wide range of industries, including building products, business services, consumer products, downstream energy & retail, healthcare, industrial products, lumber and media & communications.
Securities offered by Matrix Private Equities, an affiliate of Matrix Capital Markets Group, Inc., Member of FINRA and SIPC.
Matrix Launches New Website
Richmond, VA – March 6, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the launch of their newly designed website, www.matrixcmg.com, which highlights the look and feel of the firm’s updated national brand.
Informative and easy to navigate, the new site reflects the firm’s many years of experience, industry vertical growth and the true depth of the company and its people. Visitors to the site can easily access information about Matrix team members, previously closed transactions, industry expertise and service offerings, ranging from sell-side and buy-side M&A advisory to valuation and corporate advisory services.
The website re-design is part of an on-going strategic plan for growth and re-branding, which has included recent office moves in Richmond and Baltimore, expansion into the Chicago market, new team members, and the addition of two new industry verticals, Healthcare and Media & Communications.
The Matrix tagline, “We’re Known By The Work We Do.”, which represents the value of the firm’s many long term client relationships, their team’s industry expertise and successful track record, is also being adopted on a national basis.
Matrix Announces the Successful Sale of Erickson Oil Products, Inc.
RICHMOND, VA - February 20, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of one hundred percent of the equity securities of Erickson Oil Products, Inc. and select assets of Team Investments LLC (“Erickson” or the “Company”) to CrossAmerica Partners LP (NYSE: CAPL). Erickson, headquartered in Hudson, WI, directly operated sixty-four (64) petroleum marketing and retail convenience stores. Of the sixty-four (64) stores, fifty-nine (59) were owned fee simple with the remaining five (5) sites being leaseholds. The stores were located in Wisconsin, Minnesota, South Dakota and Michigan.
Freedom Valu Centers, Inc., the retail operating company of Erickson, has a long history in the retail business with continuous ownership and management by the Erickson Family spanning four (4) generations. The operation evolved from gas stations to gasoline-convenience stores with Claire Erickson and his son David Erickson working side-by-side developing the chain of stores. In the early 1980s, they re-branded the stores, thus creating the Freedom Valu Centers brand. David took the helm from his father in 1993, being named the President and CEO. In 2009, the Company began an aggressive reinvestment into technology, modern pumps, and most noticeably the re-imaging of its stores with the stars & stripes logo. In the midst of this re-birth of the Freedom brand, David tragically lost his life in a motorcycle accident in July 2010. Survived by his wife, Debra Erickson, the Company had been owned by trusts of the David Erickson Family and managed by senior executives of the Company, led by Gary Vander Vorst, President and CEO.
Matrix provided merger and acquisition advisory services to Erickson, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Team and Spencer Cavalier, Managing Director. Sean Dooley, Senior Associate and Andrew LoPresti, Senior Analyst also advised on the transaction.
Mr. Vander Vorst said, “Matrix did a great job representing the best interests of both our shareholders and employees. We were looking for the right buyer that would be the best fit for our employee culture and also achieve the desired price and transaction structure. Selling the stock of a 65 year legacy company was a complicated transaction and Matrix provided a high level of professional guidance and support throughout the entire process. It was more than just a “deal” to Matrix – they sincerely guided us through the financial complexity and emotions involved with the transaction.”
Debi Erickson added, “It was a bittersweet decision for us to sell the company. But having met Tom, Spencer and Tod over the years and knowing that they knew David and were sensitive to our situation, Matrix felt like the right fit in guiding us through the complex process of finding the right buyer for our company. Our employees are family and it was important for us to find the perfect fit to preserve our family culture. Matrix’s professionalism and compassion exceeded our expectations.”
Mr. Cavalier commented, “We know this was a very difficult decision and it was a special honor to be selected by the Erickson family and Mr. Vander Vorst to advise them on the sale of the Company, and we enjoyed working with them and their entire team to successfully accomplish this transaction. We appreciate the confidence that they had in us, and we are pleased to have helped the Erickson Family achieve their goals.”
Mark Johnson, Noreen Sedgemen, and Tammera Diehm of Winthrop & Weinstine served as legal counsel for Erickson. James Redpath, CPA, of Redpath & Company, provided tax, accounting and structuring advice.
Matrix Announces the Successful Sale of Mutual Oil Co., Inc.’s Branded Dealer and Transportation Business
RICHMOND, VA – February 11, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of Mutual Oil Co., Inc.’s (“Mutual” or “Company”) branded, contract dealer business, comprised of over 150 dealer supply contracts, structured agreements and transportation fleet. The dealer supply contracts and structured agreements have been sold to an undisclosed purchaser. Mutual’s transportation business, comprised of 22 transports, was also sold to an undisclosed purchaser. The sale of Mutual’s branded dealer and transportation business was conducted through a structured sale process and there was a simultaneous closing.
Founded in 1937, Mutual has grown to become one of the largest and most diversified privately held petroleum distributors in the U.S. and enjoys a reputation of providing high quality products, service and logistics to its customers. The Company is owned and operated by Ed Rachins and Steve Shaer. Mr. Shaer’s son, Jon Shaer, has managed and grown the branded supply business over the last several years. The primary reason for the divestment is for Mutual to focus exclusively on its rapidly growing unbranded fuels’ supply and trading business, which is now present in most states along the east coast. Steve Shaer commented on the process, “Mutual has had a long business relationship with Matrix, and they have consistently done an outstanding job of managing a challenging process. Ed and I have been very pleased.”
Matrix provided merger and acquisition advisory services to Mutual, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Group, and Spencer Cavalier, Managing Director. Sean Dooley, Senior Associate, and Andrew LoPresti, Senior Analyst, also advised on the transaction. Mr. Cavalier commented, “Matrix has worked closely with Mutual on several financial advisory projects since 2006, and we continue to be impressed at how management monetizes and deploys capital into their business. We greatly appreciate our relationship with Steve and Ed and their confidence in us.”
Jeffrey Leiter of Leiter & Cramer PLLC served as legal counsel for Mutual.
Matrix Expands Healthcare Advisory Team
RICHMOND, VA – February 5, 2015 - Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce the expansion of its Healthcare Advisory Team with the addition of David Endom, Senior Associate. Mr. Endom will join David Keys, Director, who launched the practice in 2014, and Braden Hill, Senior Analyst.
Mr. Endom brings to Matrix more than 14 years of advisory and financial operations experience across a number of industries, including healthcare services, manufacturing, multi-site retail, and, most recently, charter schools. Prior to joining Matrix, Mr. Endom was Director of Financial Planning of KIPP DC, a leading network of charter schools based in Washington, DC. Previously, Mr. Endom was an Associate at Harris Williams & Co., where he worked on all phases of sell-side M&A transactions. He was also a Manager in Arthur Andersen’s Business Consulting practice, focused on strategic financial management projects.
“David is a great addition to our healthcare team. He augments our practice with significant experience in real estate and facilities as well as debt financing. Given the complexities within the healthcare sector, we have prioritized developing a specialized team with prior operating roles that can view an engagement through a different lens than a typical advisor,” commented David Keys. “We advise our clients as if we were in their position, because we have been.”
Contact:
David M. Keys, CFA (804) 591-2042 or dkeys@matrixcmg.com
David H. Endom (804) 591-2035 or dendom@matrixcmg.com
Braden R. Hill (804) 591-2062 or bhill@matrixcmg.com
Matrix Announces the Successful Sale of Certain Assets of Mid-Atlantic Petroleum Properties
RICHMOND, VA – January 21, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of certain assets of Mid-Atlantic Petroleum Properties, LLC (“MAPP” or the “Company”) to Petroleum Marketing Group, Inc. and affiliates. Headquartered in Germantown, Maryland, MAPP has been a leading owner and operator of petroleum marketing and convenience retailing businesses in the Washington, D.C. metropolitan area.
MAPP’s owners started the business in 1979 as a single station in Montgomery County, Maryland, and grew the D.C. area Company by building new-to-industry locations, acquiring and improving existing locations, and expanding wholesale distribution to third-party dealer operated sites. Its owners successfully grew the Company through their personal involvement, hard work, determination, and careful selection of retail real estate locations.
Matrix provided merger and acquisition advisory services to MAPP, including valuation advisory, asset marketing through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Team and Spencer Cavalier, Managing Director. Sean Dooley, Senior Associate and Andrew LoPresti, Senior Analyst also advised on the transaction.
Mr. Kelso commented, “We appreciate the confidence that MAPP had in us, and we are pleased to have helped the company and its owners achieve their goals.” Mr. Cavalier added, “We are honored to have been selected by MAPP and its owners, to advise them on this transaction, and we wish them well in their future pursuits. We enjoyed working with them and their entire team to successfully accomplish this transaction.”
Matrix Announces the Successful Sale of Warren Equities
RICHMOND, VA - January 8, 2015 – Matrix Capital Markets Group, Inc. announced today the successful closing on the sale of Warren Equities, Inc. (“Warren” or the “Company”), which is owned by The Warren Alpert Foundation (the “Foundation”). Through Warren’s subsidiaries, Warex Terminals Corporation, Inc. and Drake Petroleum Company, Inc., the Company operates 147 Xtra Mart convenience stores, supplies motor fuels to 53 commission dealer sites and supplies motor fuels to over 300 contract dealers. For the trailing twelve months ended February 28, 2014, the Company sold 521 million gallons of motor fuels. One hundred percent (100%) of the equity interest in Warren was purchased by a subsidiary of Global Partners LP (NYSE: GLP) for approximately $387 million, including working capital, subject to post-closing adjustments.
The Company operates in 10 states: Massachusetts, Connecticut, Maine, New Hampshire, New York, Rhode Island, New Jersey, Pennsylvania, Maryland and Virginia. In addition to its proprietary Xtra Fuels brand, the Company markets fuel through several major brands, including Exxon, Mobil, Shell, BP, Sunoco, CITGO, Gulf and Valero.
Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., provided merger and acquisition advisory services to the Company and the Foundation, which included valuation advisory, marketing the Company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy and Retail Group and Cedric Fortemps, Managing Director. Vance Saunders, Director, and Stephen Lynch, Associate also advised on the transaction.
The Company was founded by Warren Alpert in 1950 subsequent to his graduation from Harvard Business School with an M.B.A. in 1949. Mr. Alpert grew the business through acquisitions of heating oil and fuel distributors in the 50’s and 60’s, and in 1962, he acquired his first terminal. In 1977, the Company opened its first Xtra Mart convenience store, and over the next 25 years, the Company continued to expand through acquisitions and would rebrand its newly acquired stores to the Xtra Mart brand. Over the last 25 years, Warren sold its wholesale grocery business, its heating oil business and its fuel terminals, and concentrated on growing its retail convenience store operations and dealer business. Mr. Alpert passed away in 2007, and since that time the Company has been managed by Mr. Alpert’s nephew, Herb Kaplan, who serves as Chairman, and Gus Schiesser, who serves as President.
Mr. Kaplan said, “We were confident from the start that hiring Matrix was the right choice for us. Matrix’s professionals seamlessly accumulated, organized and disseminated the voluminous amount of data inherent with a transaction of this size. Their broad knowledge across all aspects of the business helped us to rationalize even the most difficult decisions. I am extremely pleased with Matrix, the process, and the results.”
Mr. Kelso commented, “Matrix is honored to have been chosen by Warren to sell this extraordinary business. The success of this transaction is an incredible reflection on the great work of Mr. Alpert and the incredible management team of Warren.”
Warren’s CFO, John Dziedzic, and its Executive Vice President and General Counsel, Jeffrey Walker, were also instrumental in navigating and closing the transaction.
Thomas P. Rohman and Bryce D. Jewett, III of McGuireWoods LLP in Richmond, VA provided legal counsel to the Foundation and the Company.
Matrix Serves as Exclusive Advisor to Southern Filter Media, LLC on its Sale to Vance Street Capital, LLC
RICHMOND, VA – December 22, 2014 - Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce the sale of Southern Filter Media, LLC (“Southern Filter”) to Vance Street Capital, LLC (“Vance Street”), a Los Angeles-based private equity firm. Southern Filter, based in Hixson, TN and a portfolio company of Gen Cap America, Inc. (“Gen Cap”), is a leading manufacturer and distributor of wet and dry environmental filtration products for application in various industries.
Matrix served as exclusive financial advisor to Southern Filter. The transaction was led by Mike Morrison, David Shoulders, William O’Flaherty and Pratik Thakral. Mike Morrison, President of Matrix, commented, “This transaction represents a successful outcome for all parties and we are pleased to have had the opportunity to advise Gen Cap and the selling managers. We look forward to seeing the impressive growth that Southern Filter is poised to realize in the coming years.”
Charlie Poe, President of Southern Filter said, “We look forward to partnering with Vance Street and pursuing several exciting strategic initiatives. We also appreciate the tremendous efforts of Matrix throughout the transaction. The depth of their team and the attention our transaction received was beyond our expectations.” Don Napier, Executive Vice President at Gen Cap added, “We are thrilled by the outcome of this transaction. Southern Filter has been an excellent fit with Gen Cap and we wish the company continued success.” Phil Gamble at Gen Cap also added, “We enjoyed working with the Matrix team and appreciate their assistance during this successful sale process.”
"Southern Filter has grown to become a reputable player in the dry filtration sector and is led by a strong and committed management team. This transaction is consistent with Vance Street’s strategy and we are excited for the opportunities this investment presents," said Jake Blumenthal, Partner at Vance Street.
The acquisition was funded with debt from FS Investment Corporation, which is sub-advised by an affiliate of GSO Capital Partners LP. Bass, Berry & Sims PLC acted as legal advisor to Southern Filter and Gen Cap in the transaction. Vance Street was represented by Paul Hastings LLP.
Matrix Announces Promotions & Personnel Updates
Richmond, VA – November 26, 2014 – Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce several promotions and personnel updates.
John J. Underwood was promoted to Director in the Matrix Energy & Multi-Site Retail Group (“EMR Group”). He was previously the Retail Portfolio Manager for BP and was responsible for managing BP’s retail station divestment program in the United States east of the Rockies. He has helped originate and execute a number of successful transaction mandates since joining Matrix in 2011, including the sale of the assets of Florida Oil Holdings to Circle K, Inc. and the sale of Atlas Oil Company’s Chicago area BP assets to Lehigh Gas Partners LP and Parent Petroleum, Inc.
William J. O’Flaherty, a member of the Matrix Consumer & Industrial Products Group, has been promoted to the position of Senior Associate. Since joining the firm in 2011, he has been involved in numerous successful transactions including the transition of Stevens Manufacturing to J.H. Whitney Capital Partners and the sale of Ashton Lewis Lumber Company. Mr. O’Flaherty graduated from the University of Virginia’s McIntire School of Commerce where he received a B.S. in Commerce with a concentration in finance.
Stephen C. Lynch, CFA, CPA, Associate, has successfully completed the CFA Program. He now holds the Chartered Financial Analyst designation and is a member of the CFA Institute. Mr. Lynch has been instrumental in the successful completion of multiple sell-side advisory transactions including the sale of Cumberland Farms, Inc.’s company operated convenience stores in the Mid-Atlantic to Petroleum Marketing Group and the sale of Rogers Petroleum, Inc.’s convenience stores to Lehigh Gas Partners. He received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Polytechnic Institute and State University (Virginia Tech). He has been with Matrix since 2011.
In addition, Andrew A. LoPresti, CPA, Senior Analyst, has completed his CFA Level 2 exam and is now a CFA Level 3 candidate. He is a graduate of the Joseph A. Sellinger, S.J. School of Business Management at Loyola University Maryland with a Bachelor of Business Administration Degree in Accounting with a minor in Biology. Since joining Matrix in 2012, Mr. LoPresti has advised on the successful sale of Atlas Oil Company’s
Chicago area BP assets to Lehigh Gas Partners LP and Parent Petroleum, Inc., as well as the sale of Dickerson Petroleum, Inc. to Mac’s Convenience Stores, LLC, among others.
“We are thrilled with the continued growth Matrix is experiencing, both in terms of transactions as well as career development,” commented Michael Morrison, Managing Director and President of Matrix. “We have an outstanding group of people who work very hard for our clients. They are what sets us apart from our competition.”
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with offices in Baltimore, MD and Chicago, IL. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies, including sell-side M&A advisory, recapitalizations, asset divestitures, corporate valuations, corporate recovery, buy-side M&A advisory, capital raises of debt and equity, management buyouts, corporate advisory and fairness opinions. Matrix has served clients in a wide range of industries, including building products, business services, consumer products, healthcare, industrial products, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.
Matrix Launches New Media & Communications Practice
Richmond, VA – October 31, 2014 – Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce that it is expanding its industry coverage by establishing a Media and Communications Group. Leading the team will be Michael S. McHugh, Managing Director, who recently joined Matrix and will be located in the Richmond office.
Mr. McHugh brings with him over 18 years of merger and acquisition and financing advisory experience in the media and communications industries, along with restructuring and bankruptcy-related expertise. Within the media and communications industries, he has completed over 100 transactions for middle market companies. Prior to joining Matrix, Mr. McHugh was Managing Director with Waller Capital Partners, based in New York. His prior positions include Partner with WWC Securities, Managing Director with MCG Capital, as well as various positions with GE’s Media and Communications Group.
“The addition of Mike and the media and communications focus to our portfolio of industry verticals is part of our continued plan to grow the company. We are always looking for fresh and innovative areas in which to expand our industry reach and expertise to better serve our clients,” commented Michael Morrison, President of Matrix.
Mr. McHugh can be reached at 804-591-2041, mmchugh@matrixcmg.com or you may download his v-card: Mike Mchugh.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies, including sell-side M&A advisory, recapitalizations, asset divestitures, corporate valuations, corporate recovery, buy-side M&A advisory, capital raises of debt and equity, management buyouts, corporate advisory and fairness opinions. Matrix has served clients in a wide range of industries, including building products, business services, consumer products, energy & multi-site retail, healthcare, industrial products, lumber and media & communications. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC.
Matrix Announces Jeffrey G. Moore to Retire at End of Year
RICHMOND, VA – October 16, 2014– Matrix Capital Markets Group, Inc. announces that effective December 31, 2014, Jeffrey G. Moore, Managing Director, will retire from Matrix after 27 years with the firm.
Mr. Moore, who co-founded Matrix in 1988 and served as President of the firm for over 25 years, has been instrumental in guiding the growth of the company throughout its history. In a financial advisory capacity, Mr. Moore has shared his negotiating and financial experience with clients across a wide range of industries providing merger and acquisition services including exclusive sales, complex recapitalizations, and management buyouts.
Mr. Moore’s plans moving forward include the creation of a family office investment company to acquire interests in smaller “old economy” companies. The initial focus of the investment company, which will not be affiliated with Matrix, will be to support management buyouts and management buy-ins in Virginia and contiguous states.
Mr. Moore stated, “I have had an extremely rewarding career at Matrix. Although I’m eager to begin the next stage of my career, I sincerely look forward to watching my partners and other Matrix team members continue the successful growth of the firm. I am proud to have seen our company grow to become a leading middle-market investment banking firm in the country and a premier service provider in the downstream energy, industrial, consumer, business service, and building products sectors. I have also been witness to the creation of the healthcare, lumber, and media & communication practices, as well as the opening of a dedicated Midwest office.”
Michael Morrison, President of Matrix, noted, “We at Matrix are fortunate to be able to take the baton from Jeff and the original partners whose vision and prescience saw the opportunity and, thus the creation of Matrix over 25 years ago. Much has changed since the genesis, but Matrix has remained true to its founding principle; to do great work for our clients. We all wish Jeff the best in his next chapter, but also expect him to remain a valuable resource for us as a member of the Matrix Board of Advisors. As we move forward, we are extremely excited about the robust environment we are experiencing right now and the team we have built. We are growing and continue to be a valued resource and advisor to our clients. We have a large roster of active clients and prospective deals in our pipeline and anticipate that the recent addition of several industry verticals will help propel our continued growth and expansion.”
Matrix's Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate restructurings, corporate valuations, and strategic planning engagements. Since its inception in 1997, this dedicated group has successfully advised on nearly 140 engagements in these sectors with a total transaction value in excess of $4.8 billion.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies, including sell-side M&A advisory, recapitalizations, asset divestitures, corporate valuations, corporate recovery, buy-side M&A advisory, capital raises of debt and equity, management buyouts, corporate advisory and fairness opinions. Matrix has served clients in a wide range of industries, including building products, business services, consumer products, healthcare, industrial products, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, affiliate of Matrix Capital Markets Group, Inc., Member of FINRA and SIPC.
Matrix Announces Stephen C. Lynch has Earned the CFA Designation
RICHMOND, VA - September 29, 2014 - Matrix Capital Markets Group, Inc. is pleased to announce that Stephen C. Lynch, CFA, CPA, Associate, has successfully completed the CFA Program. He now holds the Chartered Financial Analyst designation and is a member of the CFA Institute. Prior to joining our Energy and Multi-Site Retail Group ("EMR Group") in 2011, Mr. Lynch was an Audit Senior at Deloitte & Touche LLP, where he gained substantial experience performing financial statement audits and internal control attestations across a broad range of companies. Mr. Lynch received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Polytechnic Institute and State University (Virginia Tech).
In addition, Andrew A. LoPresti, CPA, Senior Analyst, has completed his CFA Level 2 exam and is now a CFA Level 3 candidate. Mr. LoPresti is a graduate of the Joseph A. Sellinger, S.J. School of Business Management at Loyola University Maryland with a Bachelor of Business Administration Degree in Accounting with a minor in Biology. Prior to joining the EMR Group, Mr. LoPresti was an Experienced Audit Associate with Deloitte & Touche, LLP and Clifton Gunderson, LLP, a Senior Analyst at Greystone Advisory Group, LLC and an Analyst for the Office of the Special Inspector General for the Troubled Asset Relief Program ("TARP") at the U.S. Department of the Treasury.
"We congratulate Stephen on his great achievement," commented Thomas E. Kelso, Managing Director and Head of Matrix's Energy and Multi-Site Retail Group. "His commitment to earning the highly prestigious CFA designation reflects our continued dedication to providing the finest investment banking services to our clients. Stephen is the fourth person in our EMR Group to become a CFA charterholder and a member of the CFA Institute." Mr. Kelso added, "We also congratulate Andrew on his hard work in completing his CFA Level 2 exam and look forward to his successful completion of Level 3."
Administered by the CFA Institute, the CFA Program is a graduate-level, self-study program that consists of three rigorous examinations. Approximately only one out of every five candidates who enroll in the CFA Program is able to complete all three exams and fulfill the additional requirements necessary to earn the CFA charter, a process that takes most successful candidates between two and five years. The CFA charter is one of most respected and well-recognized credentials for financial professionals and it represents a tradition of upholding the highest standards of education and integrity.