Press Releases

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.

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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.

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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.”

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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."

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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.

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Matrix Announces the Successful Sale of Manchester Marketing Inc.’s Wholesale Fuels Distribution Business

RICHMOND, VA - December 26, 2013 - Matrix Capital Markets Group, Inc. ("Matrix") is pleased to announce the successful sale of Manchester Marketing Incorporated's ("Manchester" or "Company") wholesale fuels distribution business to Lehigh Gas Partners LP (NYSE: LGP) and affiliated entities. The Manchester distribution assets are primarily located in Central Virginia and carry the BP, Shell, Sunoco, CITGO, and Exxon brands.

Manchester is part of the Seibert's Family of Companies ("Seibert's"), a second-generation, family-owned business that was founded in 1976 by Mr. John Seibert and entered the convenience store and fuels distribution business in the 1980's. Seibert's is involved in various businesses including motor fuels distribution, convenience store operations, towing and roadside assistance, and the wholesaling and auctioning of used automobiles. Manchester expanded their wholesale fuels and convenience store business under the direction of current president Randy Seibert. The wholesale fuels distribution business includes a portfolio of fifty-one (51) customers. Subsequent to the closing of the transaction, Manchester will remain in the convenience store business with three (3) Bert's Buck Stop convenience stores.

Matrix provided merger and acquisition advisory services to Manchester, which included valuation advisory, potential buyer identification, transaction structuring, marketing, negotiating the definitive asset purchase agreement, and navigating the closing process. Randy Seibert, President and CEO of Manchester, commented, "We made a strategic decision to divest this portion of our business based on certain trends occurring within our industry and our position within it. Matrix brought very good counsel and a highly disciplined process to the execution of our decision. Their efforts helped us transition smoothly and we are very pleased by the outcome." The transaction was led and managed by Cedric Fortemps, a Managing Director in Matrix's Energy and Multi-Site Retail Group ("EMR Group"). Mr. Fortemps commented, "We are extremely excited to have been able to advise the Seiberts, who we have had a close working relationship with for years, to successfully divest of this division." Vance Saunders, Vice President with the EMR Group, who co-managed the transaction added, "We were delighted that we were able to help the Seiberts maximize value for all of their years of hard work building and developing this top-notch business." Thomas Kelso, Managing Director and Head of Matrix's EMR Group and Stephen Lynch, Associate, also advised on the transaction.

David Clarke of Eckert Seamans Cherin & Mellot, LLC served as legal counsel to Manchester on the transaction.

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Matrix Announces Recent Promotions, Newest Team Member

RICHMOND, VA - October 10, 2103 - Matrix Capital Markets Group, Inc. is pleased to announce the following promotions for members of our Energy and Multi-Site Retail Group (“EMR Group”), as well as the addition of our newest team member:

Spencer P. Cavalier, CFA, ASA has been promoted to the position of Managing Director. Mr. Cavalier has been a member of the Matrix EMR Group since joining the firm in 1997. Prior to Matrix he was a senior business valuation consultant with Ellin & Tucker, Chartered, and a commercial lender with NationsBank (now Bank of America). As a holder of the Chartered Financial Analyst designation, he is a member of the CFA Institute and is also recognized as an Accredited Senior Appraiser by the American Society of Appraisers. Mr. Cavalier holds a B.S. degree (with honors) from West Virginia University and an M.B.A. from Baylor University.

Cedric C. Fortemps, CFA has been promoted to the position of Managing Director. Mr. Fortemps joined Matrix in 1998 and has been a member of our EMR Group ever since. Mr. Fortemps holds a B.S.B.A. with a concentration in Finance from the University of Richmond where he graduated cum laude. He is a holder of the Chartered Financial Analyst designation and member of the CFA Institute. Mr. Fortemps serves on the Advisory Board for the University of Richmond’s Student Managed Investment Fund and has been a guest lecturer for the University’s MBA Program.

Sean P. Dooley CFA, ASA has been promoted to Senior Associate. Mr. Dooley joined our EMR Group in 2010. Prior to that time, he was an Associate in the Forensic and Valuation Services Group for the public accounting firm of Ellin & Tucker, Chartered. Mr. Dooley is a holder of the Chartered Financial Analyst designation and member of the CFA Institute. He received a B.S.B.A. with a concentration in Finance from East Carolina University.

Stephen C. Lynch, CPA has been promoted to Associate. Prior to joining our 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 he is a CFA Level III candidate.

Steven J. Smith, CPA has joined our EMR Group as a Senior Analyst. Prior to joining Matrix he was an analyst in the Corporate and Investment Banking Group of SunTrust Robinson Humphrey and a Senior Audit Assistant at Deloitte & Touche LLP. Mr. Smith graduated with a B.S. in Accounting from the University of Richmond.

Thomas E. Kelso, Managing Director and Head of Matrix’s EMR Group commented, “This is a great achievement for Spencer and Cedric. Over the years, it has been very exciting and rewarding to watch them develop and excel in their careers at Matrix. These promotions reflect their continued commitment and dedication to achieve not only their own personal career goals, but to provide the absolute best investment banking services for our clients.”

Mr. Kelso added, “We also congratulate Sean on his promotion and becoming a Chartered Financial Analyst, and Stephen on his promotion and completion of his CFA Level II exam - all of which are excellent achievements. Their promotions are well deserved and they too reflect their continued hard work and dedication to Matrix and our clients.” Mr. Kelso went on to say, “Steven Smith becomes the eleventh member of our EMR Group and we are excited to have him join us. His hiring reflects our commitment to grow our team as demand for our services continues to increase.”

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Matrix Announces the Successful Sale of Rogers Petroleum, Inc.'s Convenience Stores

RICHMOND, VA - September 23, 2013 - Matrix Capital Markets Group, Inc. ("Matrix") is pleased to announce the successful sale of Rogers Petroleum, Inc.'s (referred to herein as "Rogers" or "Company") seventeen (17) company operated convenience stores to Lehigh Gas Partners LP (NYSE: LGP) and Lehigh Gas - Ohio, LLC. All of Rogers' stores are located in the Tri-Cities region of eastern Tennessee and southwestern Virginia and offer motor fuels in addition to traditional convenience merchandise.

Rogers Petroleum, Inc. is a privately-held family-owned business that was founded in 1980 by Mr. Don Rogers and his wife, Penney. The Company is involved in various businesses including motor fuels distribution, fuels transportation, lubricants, convenience store operations, and other related businesses. Rogers opened its first convenience store in 1990 and subsequently grew the business through its Zoomerz convenience store brand. Many of the Zoomerz stores were acquired from ExxonMobil during the mid-90's.

Matrix provided merger and acquisition advisory services to Rogers, which included valuation advisory, transaction structuring, marketing, and negotiating the definitive asset purchase agreement. Don Rogers, Chairman of Rogers Petroleum, Inc. commented, "We are very appreciative of the work that Matrix provided us. They were able to design and execute on a confidential sale process that resulted in an outcome that exceeded our expectations." The transaction was led and managed by Cedric Fortemps, a Managing Director in Matrix's Energy and Multi-Site Retail Group ("EMR"). Mr. Fortemps commented, "We are honored to have been chosen to advise on the sale of these stores and to help provide the Rogers family with the liquidity and capital they were seeking for retirement planning and reinvestment in their other business operations." Thomas Kelso, Managing Director and Head of Matrix's EMR Group and Stephen Lynch, Associate, also advised on the transaction. Mr. Kelso added, "Having known Don for over twenty-five years, we really enjoyed working with him and Rogers' CEO, Chris Liposky, to help them successfully exit the convenience store business."

Challen Walling of Penn Stuart & Eskridge and Ron Perkins of Bacon, Jessee & Perkins served as legal counsel to Rogers on the transaction.

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Matrix Announces the Successful Sale of the Assets of Jump Oil Company, Inc.

BALTIMORE, MD - September 9, 2013 - Matrix Capital Markets Group, Inc. ("Matrix") announces the successful sale of the assets of Jump Oil Company, Inc., a Debtor-in-Possession, Case #13-41130, U.S. Bankruptcy Court for the Eastern District of Missouri (referred to herein as "Jump" or "Company"). Jump was a motor fuels distributor that supplied fuels to forty-eight (48) dealer locations throughout Missouri. Jump owned or controlled all of the locations either through ownership of the real estate or through third party leases. The Company's assets were purchased by Lion Petroleum, Inc. (32 sites), Casey's General Stores, Inc. (4 sites), and the twelve remaining stores were purchased by other buyers pursuant to an Order of the United States Bankruptcy Court having jurisdiction over this matter dated July 3, 2013.

Matrix provided merger and acquisition advisory services to Jump, which included valuation advisory, transaction structuring, marketing, and negotiation of all the offers. Matrix designed and implemented a sale process that had one hundred twenty (120) parties execute non-disclosure agreements and resulted in approximately forty (40) offers for various combinations of the assets. The transaction was managed by Thomas Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Group and Cedric Fortemps, Director. Vance Saunders, Vice President and Stephen Lynch, Senior Analyst assisted with the transaction. Mr. Fortemps commented, "Given the quality and condition of the assets, this was a very robust sale process yielding substantial benefit to the parties-in-interest to this bankruptcy case." Mr. Kelso added, "We appreciate the opportunity to have worked with all of the parties and professionals involved in this case. The positive outcome truly reflects the high quality of the work performed by everyone who participated in the transaction."

The Debtor was represented by Norman W. Pressman and Benjamin K. Westbrook of Goldstein & Pressman, P.C. Timothy T. Sigmund of Mariea, Sigmund & Browning, LLC served as Special Counsel to the Debtor. GE Capital Commercial Finance, Inc., the largest senior lender in the case, was represented by Susan G. Boswell of Quarles & Brady LLP.

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Matrix Announces the Successful Sale of SMO, Inc.'s Tidewater Virginia Wholesale & Retail Fuel Assets

BALTIMORE, MD - September 5, 2013 - Matrix Capital Markets Group, Inc. ("Matrix") announces the successful sale of twenty-four (24) wholesale & retail fuel assets located in the Tidewater region of Virginia (collectively the "Tidewater Fuel Assets") for SMO, Inc. ("SMO" or "Company"). The Tidewater Fuel Assets have been sold to Virginia Beach, Virginia based PAPCO Inc., and are comprised of eleven (11) commission agent sites, four (4) lessee dealer sites, and nine (9) branded fuel supply accounts. SMO marketed Shell branded motor fuels at twenty-three (23) of the units and Exxon motor fuels at one (1) location. As part of the transaction, PAPCO entered into a wholesale marketer agreement with Motiva Enterprises, LLC ("Motiva") to retain and continue growing the Shell brand in the Tidewater Virginia region.

SMO is a leading retail and wholesale petroleum distribution gas station network and supplies a large network of motor fuels retailers operating throughout Maryland, Delaware, and Virginia. The Company is one of the largest independent wholesale petroleum marketers of Shell product in the United States, with over 90% of its motor fuels product coming from Shell Oil. SMO is a wholly-owned subsidiary of The Wills Group, Inc., which was founded in 1926 and headquartered in LaPlata, MD. For over 85 years, The Wills Group has been serving the Mid-Atlantic region through its brands - SMO, Dash In Food Stores, and SMO Motor Fuels. These three brands offer a diverse mix of fuels, equipment and services for its customers, including heating oil, propane, motor fuels, convenience retail franchising, HVAC equipment and service, as well as dealer development via branding, construction, convenience store development, environmental maintenance and compliance, and marketing support programs.

SMO purchased the majority of the Tidewater Fuel Assets from Motiva as part of Motiva's divestment of the Richmond market in 2004. Management sought to divest the Tidewater Fuel Assets in order to focus its financial and human capital on its core marketing areas. Lock Wills, President and CEO of The Wills Group, commented on the transaction, "Matrix ran an orderly process, allowing us to realize our business and financial objectives."

Matrix provided merger and acquisition advisory services to SMO, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was managed by Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group and Spencer Cavalier, Director. Sean Dooley, Associate and Andrew LoPresti, Senior Analyst also worked on the transaction. Mr. Cavalier commented, "Matrix greatly appreciates the opportunity to advise and execute on behalf of SMO on its divestment of the Tidewater Fuel Assets in order to reallocate that capital into other areas of The Wills Group enterprise."

Stephen Owen and Elizabeth Karmin of DLA Piper served as legal counsel for SMO.

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Matrix Announces Two Successful Sale Transactions

BALTIMORE, MD – August 13, 2013 – Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce the successful sale of Kilmarnock, VA based Hurst Harvey Oil, Inc. (“Hurst Harvey”) to GPM Investments, Inc. (“GPM”), as well as the sale of Bagwell Oil Company, Inc. of Onancock, VA (“Bagwell”) to Pep-Up, Inc. (“Pep-Up”).

Hurst Harvey is a petroleum marketing and convenience store company. The company’s retail units trade as Get & Zip and are located on the Northern Neck and Upper Peninsula communities in Virginia. The Hurst Harvey stores offer BP branded motor fuels and a traditional set of convenience store merchandise, as well as freshly prepared foods in most units. Originally founded in 1950, the company was taken over by Raymond and Jean Lewis in 1973, and has been family owned and operated ever since. Hurst Harvey entered the convenience store business when it acquired its first store in 1985 from Frank Bradley, the original owner of Fas Mart.

Melinda Lewis commented on the sale, “As a family operated company for over 28 years, it was a very difficult decision to sell our retail units. We are confident we selected the best help with Spencer Cavalier, Sean Dooley and the Matrix team. Their professionalism, industry knowledge and patience led to a smooth acquisition.”

for over 28 years, it was a very difficult decision to sell our retail units. We are confident we selected the best help with Spencer Cavalier, Sean Dooley and the Matrix team. Their professionalism, industry knowledge and patience led to a smooth acquisition.”

Matrix provided merger and acquisition advisory services to Hurst Harvey, which included valuation advisory, transaction structuring, marketing and assistance in the negotiation of the purchase agreement. The transaction was managed by Spencer Cavalier, Director at Matrix who was assisted by Sean Dooley, Associate and Andrew LoPresti, Senior Analyst. Mr. Cavalier commented, “We feel very fortunate to have served as a trusted advisor to the Hurst Harvey shareholders since 2007, and we are honored to have structured and executed the successful sale of the company on behalf of the family.”

B.H.B. Hubbard, III, of Hubbard, Terry & Britt served as legal counsel for Hurst Harvey.

Bagwell and its affiliated companies have been engaged in multiple downstream fuels businesses including convenience store and motor fuels retailing for over 95 years. In 2006, Matrix first sold the company’s retail convenience store business. When it was time to exit the home heating and commercial fuels business, Bagwell again engaged Matrix to complete the transaction, and assist with their formal exit from the fuels industry. The company’s home heating business offered both heating oil and propane primarily to residential customers.

William Bagwell, IV, President, said, “We are very happy that all of our employees will remain with Pep-Up including General Manager Marty Kemp, and we expect a smooth transition for all of our customers. We are also extremely pleased with how Matrix handled the transaction. Their thorough preparation of the sale memorandum package facilitated a smooth due diligence process for all concerned.”

Matrix provided merger and acquisition advisory services to Bagwell, which included valuation advisory, transaction structuring, marketing and assistance in the negotiation of the purchase agreement. The transaction was managed by Spencer Cavalier, Director at Matrix who was assisted by Sean Dooley, Associate and Andrew LoPresti, Senior Analyst. Tom Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Team commented on the transaction, “We have had a long and mutually beneficial relationship with Mr. Bagwell, and we were honored to have been selected again to assist him in exiting his business.”

Bert Turner, of Turner and Turner, served as legal counsel for Bagwell.

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Matrix Announces the Successful Sale of the Assets of RWJ Management Co., Inc. & Related Entities

BALTIMORE, MD – August 2, 2013 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of the assets of RWJ Management Co., Inc., RWJ Crestwood LLC, RWJ Downers Grove LLC, RWJ Elmhurst LLC, RWJ Forestview LLC, RWJ Glen Ellyn LLC, RWJ Management Co. II, Inc., RWJ Munster LLC, RWJ Plainfield LLC, RWJ Romeoville LLC, RWJ Wauconda LLC, RWJ Yorkville LLC, all Debtors-in-Possession, Case #11-34845 (ERW) (Joint Administration), U.S. Bankruptcy Court for the Northern District of Illinois (Eastern Division) (collectively referred to herein as “RWJ”). RWJ operated ten (10) BP branded retail convenience stores that also offered motor fuels in the greater Chicago area. The Company’s assets were purchased by Graham Enterprises, Inc. (“Graham”) on July 19, 2013 pursuant to an Order of the United States Bankruptcy Court having jurisdiction over this matter.

Matrix provided merger and acquisition advisory services to RWJ, which included valuation advisory, transaction structuring, marketing, and negotiation. Matrix designed and implemented a sale process that had twenty-three parties execute non-disclosure agreements and resulted in seven offers for all of the assets. The transaction was managed by Tom Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Group and Cedric Fortemps, Director. Vance Saunders, Vice President and Stephen Lynch, Senior Analyst also assisted with the transaction.

Mr. Kelso commented, “We were determined to work through the many legal and operational challenges that this Case presented, including the branding and deed restrictions on the stores. We are pleased to have achieved this successful result for all of the Company’s creditors, and appreciate the opportunity to have worked with the Chapter 11 Trustee, Philip V. Martino, and his team to complete the closing.”

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