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.
Matrix Serves as Exclusive Advisor to Stevens Manufacturing Co., Inc. on its Transition to J.H. Whitney Capital Partners, LLC
RICHMOND, VA – August 20, 2014 – Matrix Capital Markets Group, Inc. is pleased to announce the transition of Stevens Manufacturing Co., Inc. (“Stevens Manufacturing” or the “Company”) to J.H. Whitney Capital Partners, LLC (“J.H. Whitney”). Stevens Manufacturing, based in Milford, CT, is a leading supplier of high quality precision parts, flight-critical components and complete sub-assemblies to the aerospace industry. The Company’s parts and sub-assemblies are used in numerous commercial and defense helicopter platforms. J.H. Whitney is a leading private equity firm based in New Canaan, CT and is currently investing its seventh fund.
Matrix Capital Markets Group served as exclusive financial advisor to Stevens Manufacturing. The transaction was led by Mike Morrison, David Shoulders, William O’Flaherty and Pratik Thakral. Mike Morrison, President of Matrix, commented, “This is an excellent outcome for the Company, its management team, its employees and its customers. From prior experience with J.H. Whitney, we are confident Stevens Manufacturing is in the right hands and is poised for continued growth.”
Stephen Fogler, President of Stevens Manufacturing said, “Matrix did an outstanding job of identifying a partner that both shared my vision and accomplished my goals in this transaction without a prolonged and time-consuming auction process. I look forward to the opportunity to partner with J.H. Whitney and to continue to serve all of our customers’ needs.” As part of the transaction, Mr. Fogler will retain partial ownership of Stevens Manufacturing and remain with the Company in his current role as President and CEO.
Bob Williams, Senior Managing Director of J.H. Whitney added, “Steve has a unique passion for the business that has been the driving force behind the Company’s rapid growth and success. Our partnership with Steve and his team provides a platform for which accelerated growth can be achieved, while ensuring that we stay loyal to the quality and customer service that have become synonymous with Stevens Manufacturing.”
The Company was advised by R. Eugene Torrenti, LLC, counsel to the seller, and T.M. Byxbee Company, the sellers’ accountants.
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 Serves as Exclusive Advisor to Banker Steel Company on its Recapitalization with Atlas Holdings LLC and Turnspire Capital Partners
RICHMOND, VA – August 5, 2014 - Matrix Capital Markets Group, Inc. is pleased to announce the recapitalization of Banker Steel Company (“Banker Steel”) with Atlas Holdings LLC, through its operating company, Bridge Fabrication Holdings, LLC, (“Atlas”) and Turnspire Capital Partners (“Turnspire”). Banker Steel, based in Lynchburg, VA is a leading fabricator of structural steel components used in high profile commercial, residential, and infrastructure projects located throughout the United States. Notable projects include the Barclays Center, the Washington Nationals Park, and the Hudson Yards project, the largest private real estate development in the history of the United States.
The company operates from two fabrication facilities in Lynchburg, VA and one in Orlando, FL which aggregate a total of 340,000 square feet with a fabrication capacity of up to 50,000 tons of steel per annum.
Matrix Capital Markets Group served as exclusive financial advisor to Banker Steel. The transaction was led by Jeff Moore, Managing Director, David Keys, Director and Brady Hill, Senior Analyst. Jeff Moore, commented, “Working with Don Banker and his team to recapitalize his company and obtain partners that can assist Banker Steel with pursuing its growth objectives was an extremely satisfying experience.” Don Banker, President and CEO of Banker Steel stated, “Jeff Moore and his team did a great job dealing with the complexities of our markets and bringing us together with our new partners. Partnering with Atlas is a great opportunity for the company and our employees. We were looking for investors that brought more than capital, had a long term focus, and understand the dynamics of our industry. Atlas and Turnspire are active and supportive partners.”
Atlas Holdings LLC is an industrial holding company headquartered in Greenwich, Connecticut. Atlas employs approximately 12,000 people globally at more than one hundred facilities worldwide. Atlas operates in a number of industrial sectors, including automotive, building materials, capital equipment, energy, industrial services, packaging, pulp, paper, and tissue, steel, and logistics, supply chain management and distribution. Atlas’ portfolio companies generate in excess of $3 billion dollars in revenues annually.
Turnspire Capital Partners is a private investment firm focused on acquiring high-quality businesses that have reached strategic, operational or financial inflection points and stand to benefit from a hands-on, operationally focused approach. Legal counsel for Banker Steel was Gentry Locke Rakes & Moore, LLP.
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 Recent Promotion
RICHMOND, VA – July 31, 2014 – Matrix Capital Markets Group, Inc. (“Matrix”) announced today that John J. Underwood has been promoted to Director in the Energy & Multi-Site Retail Industry Group. Mr. Underwood joined the firm in April, 2011 after a successful career at BP. At Matrix, he has originated and managed a number of successful transaction mandates, 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.
Mr. Underwood has over 30 years of major integrated oil company experience. Prior to joining Matrix, John was 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. John oversaw over 50 transactions in a six year period totaling over $1 billion and managed the transition of BP’s retail assets from direct supply to jobber supply. Mr. Underwood has worked in virtually all facets of retail marketing, and has substantial experience in product distribution, logistics, product supply and supply planning. In addition to his U.S. experience, John has worked in overseas downstream operations in Romania, Poland and England. Mr. Underwood will continue to be responsible for new client development and managing all aspects of client transactions including total company sales, asset divestitures, acquisitions, recapitalizations, valuations and strategic planning.
Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix said “John continues our tradition of doing great work for our clients and we congratulate him on his well-deserved promotion. Because of his background, he brings a unique perspective to the work we do. We also appreciate his willingness to mentor our younger team members and to share his enormous wealth of industry experience with them.”
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. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, 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 Serves as Financial Advisor to Guttman Energy, Inc. on the Successful Sale of its Columbus, OH Based Propane and Lubricants Division
RICHMOND, VA - July 22, 2014 - Matrix Capital Markets Group, Inc. ("Matrix") announces that it has advised Guttman Energy, Inc. ("Guttman") on the successful sale of its Columbus, Ohio based propane and lubricants division, doing business as Guttman Oil Company ("Guttman Oil-Columbus Division"). Guttman Oil-Columbus Division sells propane and lubricants to a variety of residential, commercial and industrial customers located throughout central Ohio. It was purchased by Chicago-based Energy Distribution Partners ("EDP"), a privately-held company led by propane industry veteran operator, Thomas E. Knauff.
Founded in 1931, Guttman is a leading provider of energy procurement solutions and logistics management services, for petroleum, natural gas and electricity, serving the commercial, industrial and retail markets, with customers located in fifteen (15) states.
Guttman chose to divest its propane and lubricants centric division to focus capital on the continued growth of its core business: the procurement and logistics management of refined fuels, natural gas and electricity. Alan Guttman, commented on the divestment, "We would like to express our thanks to our valued Columbus Division employees for the 32 years of business that Guttman Oil Company enjoyed in the Columbus market. You represented our company with true professionalism and a passionate concern for the customer."
Matrix provided merger and acquisition advisory services to Guttman, which included valuation advisory, transaction structuring and negotiating. The transaction was managed by Thomas Kelso, Managing Director and Head of the Matrix Energy and Multi-Site Retail Group; Spencer Cavalier, Managing Director; Sean Dooley, Senior Associate; and Andrew LoPresti, Senior Analyst. Mr. Cavalier commented, "We are honored to have advised Guttman on this strategic divestment, and we enjoyed working with the Company's management team to consummate the transaction. The acquisition by EDP is a logical fit as it continues to build its presence in the Ohio Valley."
EDP, founded in 2011 when Mr. Knauff and Marlo Young, EVP Retail Propane teamed up to acquire, develop and manage companies and assets in the petroleum midstream and downstream sectors in which the firm has expertise, with an intense focus on retail propane and natural gas liquids ("NGL") midstream assets such as pipelines, storage facilities and terminals. Guttman Oil's Columbus Division, now operating as BrightStar Propane & Fuels, adds to EDP's Ohio based operations of Linden's Propane and Ludwig Propane. EDP's acquisition efforts are led by Brett Krause, Corporate Development.
Matrix Announces the Successful Sale of Atlas Oil Company’s BP Branded Chicago Area Assets
RICHMOND, VA – May 27, 2014 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of Atlas Oil Company’s (“Atlas”) BP Branded Chicago area assets. The assets included 99 sites currently supplied by Atlas, two sites under contract to be supplied by Atlas, four undeveloped retail land sites and one station that is currently closed. The assets were purchased by Parent Petroleum, Inc. of St. Charles, IL (“Parent”) and Lehigh Gas Partners of Allentown, PA (“LGP”).
Parent purchased 36 supply contracts and two sites under contract to be supplied. Lehigh purchased eight commissioned sites, two dealer sites, 53 supply contracts, four undeveloped retail land sites and one closed station. The Lehigh sites include nine fee properties, six leased properties, four land contracts and three promissory notes.
Matrix provided merger and acquisition advisory services to Atlas Oil Company of Taylor, MI, which included valuation advisory, asset marketing through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Thomas Kelso, Managing Director and Head of the Energy & Multi-Site Retail Team and John Underwood, Vice President. Spencer Cavalier, Managing Director, Sean Dooley, Senior Associate and Andrew LoPresti, Senior Analyst, also advised on the transaction.
Michael Evans, President of Atlas, said “We greatly appreciate the services Matrix provided as we made the decision to exit this aspect of our business. We chose Matrix because of their demonstrated expertise in completing transactions in motor fuels distribution.” Mr. Underwood commented, “We are honored to have been selected by Atlas to advise them on this transaction and we look forward to working with them in the future. We enjoyed working with their entire team to accomplish this transaction successfully and on the timeline that they had established at the beginning of the process.” Mr. Kelso added, “We appreciate the confidence that Mike and the Atlas team had in us.”
Matrix Announces the Successful Sale of Cumberland Farms' Mid-Atlantic Retail Assets
RICHMOND, VA - April 29, 2014 - Matrix Capital Markets Group, Inc. announces the successful closing on the sale of twenty-seven (27) of Cumberland Farms, Inc.'s convenience stores to Petroleum Marketing Group (PMG). The convenience stores are located in New Jersey, Pennsylvania, and Delaware and include seventeen (17) stores that also offer motor fuels. Petroleum Marketing Group, based in Woodbridge, VA, will continue to operate the sites as convenience stores and expects all of the employees to stay on with the new ownership. In addition, Gulf Oil Limited Partnership, which is owned by Cumberland Farms, Inc., was able to secure a long-term fuel supply agreement with PMG for these stores as part of the transaction.
Matrix provided merger and acquisition advisory services to Cumberland, which included valuation advisory, asset marketing through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Tom Kelso, Managing Director and Head of the Energy & Multi-Site Retail Team and Cedric Fortemps, Managing Director. Stephen Lynch, Associate, also advised on the transaction.
Mr. Fortemps commented, "We are honored to have been selected by Cumberland Farms to advise them on the sale of their stores in the Mid-Atlantic. We really enjoyed working with their entire team to accomplish this successfully and on the timeline that we had set at the beginning of the process."
Mr. Kelso added, "We are excited to have helped Cumberland achieve their goal of exiting this market. We are also pleased for the employees that will retain their positions, and for PMG, as they were able to acquire these high volume stores that will allow them to grow the Circle K and Gulf brands in these markets."
Matrix Serves as Financial Advisor to Ports Investments, LLC on the Successful Sale of Horizontal Wireline Services, LLC
BALTIMORE, MD - March 12, 2014 – Matrix Capital Markets Group, Inc. (“Matrix”) announces that it has advised the members of Wooster, OH based Ports Investments, LLC (“Ports”) on the successful sale of its controlling ownership interest in Irwin, PA based Horizontal Wireline Services, LLC (“Horizontal” or “Company”). Horizontal was purchased by Houston-based Allied Wireline Services, LLC (“Allied”), a portfolio company of Turnbridge Capital, LLC, an energy-focused private equity firm with offices in Dallas, TX and Houston, TX.
Founded in 2010 and strategically positioned in the Marcellus, Utica, Eagle Ford and Woodbine shales, Horizontal is a leading provider of mission-critical, value-added downhole completion and evaluation solutions. The Company provides a comprehensive range of cased-hole wireline services throughout the lifecycle of a well, including pumpdown perforating, tubing conveyed perforating, pressure control, and various evaluation services. Led by a highly experienced team of industry executives comprised of Joseph Sites, Michael Phillips, and Mark Davidson, Horizontal has built a leading market position by providing its reliable and efficient cased-hole wireline services to many well-known energy and production companies.
Ports made its initial investment into Horizontal in 2010. Since then, Ports and its members have provided executive guidance, capital support, and administrative services to Horizontal as it experienced rapid growth. Mike Ports, Managing Member of Ports, commented on the sale, “Ports Investments is very proud to have been involved in the initial capitalization and ultimate sale of Horizontal Wireline Services. We greatly valued the advice of Matrix as we moved through the process.”
Matrix provided merger and acquisition advisory services to the members of Ports, which included valuation advisory, transaction structuring and negotiating. The transaction was managed by Tom Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Group and Spencer Cavalier, Managing Director. Mr. Kelso commented, “We have enjoyed a long relationship with the Ports family, and we greatly appreciate their confidence in us as we expand our reach into the oilfield services industry. We congratulate Mike, his family and their entire team on an extraordinary success.”
Harold Maxfield of Cavitch, Familo & Durkin served as legal counsel for Ports and Horizontal.
Matrix Capital Announces Third Industrial Manufacturing Transaction in Last 45 Days with the Sale of Ashton Lewis Lumber Co. to Privately-Held Company
RICHMOND, VA – March 7, 2014 – The Matrix deal team of Mike Morrison, David Shoulders, William O’Flaherty and Pratik Thakral, which recently closed on the sale of Dimex, LLC and Butler Woodcrafters, is pleased to announce the sale of the assets of Coxe-Lewis Corporation and Coxe International Sales Corp. (collectively, the “Coxe Companies”), including the Ashton Lewis Lumber Co. mill in Gatesville, North Carolina. The assets were sold to a privately-held company that will continue to do business as Ashton Lewis Lumber Co. Ashton Lewis is recognized as one of the premier producers of Southern Yellow Pine lumber in the Southeastern United States.
Matrix Capital Markets Group served as exclusive financial advisor to the Coxe Companies. Mike Morrison, President of Matrix, commented, “This is a tremendous outcome for both parties. Tom and Nan Coxe have built an incredibly successful business and we are pleased to help them transition to new ownership.”
Tom Coxe, CEO of the Coxe Companies, has been named President of the new company. “We are extremely excited to move into a new era for Ashton Lewis,” said Coxe. “Our goal was to lay the groundwork that would allow us to build on our rich history of providing outstanding products for decades to come. We couldn’t be happier with the outcome or our prospects for the future,” he added. “Matrix achieved an exceptional outcome for my family, the Coxe Companies and our nearly 80 valued employees. Matrix’s expertise and contacts in the industry were tremendous assets throughout the transaction and we are appreciative of their efforts.” Attorneys involved in the transaction included Poyner Spruill LLP, who represented the seller, and Sirote & Permutt, P.C., who represented the buyer.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is a leading middle-market investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held and private-equity owned companies, including sales and divestitures, recapitalizations, management buyouts, and debt & equity placements. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare 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 Serves as Exclusive Advisor to Butler Woodcrafters, Inc. on its Sale to Sauder Manufacturing Co.
RICHMOND, VA – February 4, 2014 - Matrix Capital Markets Group, Inc. is pleased to announce the sale of Butler Woodcrafters, Inc. (“Butler”) to Sauder Manufacturing Co., a wholly owned subsidiary of Sauder Woodworking Company (“Sauder”). Headquartered in Richmond, Virginia, Butler is a leading manufacturer of institutional furniture for the education and human services markets. Sauder, headquartered in Archbold, Ohio, serves as one the largest manufacturers of seating products for the worship, healthcare and education markets.
Matrix Capital Markets Group served as exclusive financial advisor to Butler. The transaction was led by Mike Morrison, David Shoulders, William O’Flaherty and Pratik Thakral. Mike Morrison, President of Matrix, commented, “We are pleased to have assisted Larry and Mary Ellen Giaimo in this transaction. This is a fantastic outcome that provides an ideal cultural fit and positions the Butler brand for an exciting new chapter.”
Larry Giaimo, President of Butler said, “This is an excellent result for Butler and our valued employees. We are thrilled to partner with the Sauder team to construct new ways to deliver value to customers in our respective markets. We also appreciate the tremendous efforts of Matrix Capital throughout the transaction. They exceeded our expectations in every respect.”
Phil Bontrager, President and CEO of Sauder added, “We have a tremendous amount of respect for Larry and Mary Ellen Giaimo and the business they have built. We are excited to strengthen our presence in existing markets and enter into new markets already served by Butler. We share their enthusiasm and believe the combination of our businesses will create an enhanced experience for all of our customers.”
Attorneys involved in the transaction included Williams Mullen, who represented the seller, and Varnum LLP, who represented the buyer.