Press Releases

Matrix Welcomes Newest Team Member, Announces Promotion

RICHMOND, VA – January 15, 2013 - Matrix Capital Markets Group is pleased to announce the addition of David M. Keys, CFA as Vice President and the promotion of Cedric C. Fortemps, CFA to Director.

David Keys recently joined Matrix as Vice President in the Richmond office. He brings nearly a decade of middle-market M&A and principal investing expertise working with business and government services, IT, and healthcare services companies. Past advisory experience includes positions with Harris Williams & Co., as Vice President and Piper Jaffray & Co. David also has operating experience as a co-founder of Creswell Partners and former member of management of Avertest, a forensic drug testing business. He graduated from the University of North Carolina at Chapel Hill and received his MBA from the University of Chicago Booth School of Business.

"We are very pleased to have David as part of our team,” said Jeff Moore, Managing Director at Matrix. “His unique background and healthcare industry expertise will be a great asset as we continue to grow as a firm. We are thrilled to be prospering in this current environment and are proud that this past year has been the best in our 25 year history.”

Cedric Fortemps has been promoted to the position of Director. Cedric graduated from the University of Richmond with a B.S.B.A. with a concentration in Finance and he is a CFA Charterholder and a member of the CFA Institute. He has been with Matrix since he started his investment banking career upon graduation and is a dedicated member of the Matrix Energy and Multi-Site Retail Group (EMR Group).

“It has been a very rewarding experience to have worked with Cedric as he has developed his investment banking career,” said Tom Kelso, Managing Director of the Matrix Energy and Multi-Site Retail Team. “Cedric’s creativity, dedication and leadership have played a significant role in shaping the success of the EMR Group, and he has brought tremendous value to our clients through his work.”

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Matrix Announces the Successful Sale of Gas Station and Convenience Store Wholesale Sites for Mutual Oil Co., Inc.

RICHMOND, VA - January 3, 2013 - Matrix Capital Markets Group, Inc. ("Matrix") announces the successful sale of nineteen (19) gas station and convenience store wholesale assets for Mutual Oil Co., Inc. ("Mutual" or "Company"). The wholesale assets have been sold to multiple buyers including Alliance Energy LLC, a wholly-owned subsidiary of Global Partners LP (NYSE:GLP), and various regional jobbers and individual store operators. Mutual conveyed fee simple interests in seventeen (17) of the sites and leasehold interests in two (2) of the sites. The Company has entered into long-term contracts to supply fuel to many of the buyers, primarily under its proprietary Mutual fuel brand.

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. In 2003, the Company exited the directly operated retail business to focus solely on the wholesale distribution and transportation of fuels. As part of this conversion, Mutual leased its retail assets to Getty Petroleum Marketing Group, Inc. ("GPMI") in January 2003. On December 5, 2011, GPMI filed for Chapter 11 bankruptcy reorganization, and on March 27, 2012 GPMI rejected the master lease that contained Mutual's sites. Since then, Mutual has leased the sites to individual licensees and rebranded and supplied fuel to all of the sites primarily under the Mutual brand.

Mutual is owned and operated by Ed Rachins and Steve Shaer. The primary reason for the divestments is for Mutual to focus exclusively on its wholesale business as it is no longer in the business of managing retail assets. Steve Shaer commented on the transaction, "We have been very pleased with the professional and thorough manner in which Matrix has managed the entire process. They have been a pleasure to work with."

Matrix provided merger and acquisition advisory services to Mutual, 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; Spencer Cavalier, Director; Sean Dooley, Associate; and, Andrew LoPresti, Senior Analyst. Mr. Cavalier commented, "Our relationship with Mutual began back in 2006, and it has been our privilege to serve as their financial advisor over the years. We were delighted to have the opportunity to work closely with the Mutual team to monetize the value of the assets that Steve and Ed have held for many years."

Phillip Lapatin of Holland & Knight served as legal counsel for Mutual.

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Matrix Successfully Advises Getty Realty on Large Portfolio Repositioning

RICHMOND, VA - December 21, 2012 - Matrix Capital Markets Group, Inc. announced today that it has successfully advised Getty Realty Corp. (NYSE:GTY) (“Getty”) during the repositioning of their portfolio of properties previously leased to Getty Petroleum Marketing, Inc.

Through this effort, Getty has successfully leased 443 properties on a long-term triple net basis with eight different tenants. Tenants include:

• BP Products North America, Inc. (NYSE: BP) (28 properties);
• a subsidiary of Lehigh Gas Partners LP (NYSE: LGP) (145 properties);
• a subsidiary of Global Partners LP (NYSE: GLP) (84 properties);
• NECG Holdings, an affiliate of CPD Energy (84 properties);
• a subsidiary of Capital Petroleum Group (24 properties);
• MWS Enterprises (10 properties);
• Ramoco Fuels (61 properties); and
• an affiliate of Sam’s Food Stores (28 properties).

Thomas Kelso, a managing director at Matrix, commented “It has been a great honor to be selected by Getty to assist them with this substantial challenge. To reposition this large of a portfolio in approximately nine months time took an enormous effort by Getty and Matrix. The coordinated effort with Getty that was required to accomplish this endeavor was led by our energy team at Matrix which enabled us to successfully produce the timely and effective results required by our client.”

David B. Driscoll, Getty Realty Corp.’s Chief Executive Officer, stated “We considered several options before selecting Matrix for this assignment and this experience confirms that we made the ‘right’ choice. Matrix’s professional and disciplined approach delivered timely and cost effective results. The Matrix team helped us to expand our client base and preserve value in the portfolio.”

About Getty Realty Corp.
Getty Realty Corp. is the leading publicly-traded real estate investment trust in the United States specializing in ownership, leasing and financing of convenience store/gas station properties and petroleum distribution terminals. The Company owns and leases approximately 1,110 properties nationwide.

About Matrix
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 100 engagements in these sectors.

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Matrix Announces the Successful Sale of Red Eagle Oil, Inc.

RICHMOND, VA - December 13, 2012 - Matrix Capital Markets Group, Inc. announced today the successful sale of substantially all of the assets of Red Eagle Oil, Inc., et al, Debtor-in-Possession (the "Debtor") in Case No. 11-20857 of the United States Bankruptcy Court for the District of Wyoming (the "Court") and its affiliates (collectively, the "Companies"). The assets were sold pursuant to a Court Order approving the sale to Brad Hall & Assoc., Inc. under an Order of the Court dated September 12, 2012.

The Companies' assets sold consist of sixteen (16) fee owned convenience stores that also offer motor fuels, several bulk plants, and transportation equipment. Fifteen (15) of the convenience stores are located throughout Wyoming with the other store being located in Hardin, Montana. Eight (8) of the stores offer Exxon motor fuels with the remaining stores selling unbranded fuels.

Cedric Fortemps, Senior Vice President at Matrix, said "this closing is the culmination of a successful sale process which required a tremendous amount of hard work on the part of the Debtor, the creditors and all of the professionals employed by the various constituents. It was a pleasure to work with all of the individuals involved and the successful result would not have been possible without the Hinze family's determination to continue to operate the Companies under difficult circumstances."

Other professionals that worked on the transaction include:

• Brad T. Hunsicker and Stephen R. Winship of Winship & Winship, P.C., counsel to the Debtor;
• Thomas M. Kim of R2 Advisors, LLC, financial advisor to the Debtor;
• James A. Patten of Patten, Peterman, Bekkedahl & Green, P.L.L.C. counsel to Red Eagle Oil, Inc.'s affiliated entities;
• John C. Smiley and Ethan J. Birnberg of Lindquist and Vennum LLP, counsel to the Unsecured Creditors Committee;
• Francis J. Lawall of Pepper Hamilton LLP, counsel to Exxon Mobil Corporation;
• James R. Belcher of Belcher & Boomgaarden, LLP, counsel to Tiger Peg Capital Corp.;
• Steven A. Abelman of Brownstein Hyatt Farber Schreck, LLP, counsel to Pecten Funding Corp.;
• Michael A. LaBazzo of the Law Offices of Michael A. LaBazzo, LLC, counsel to Pinnacle Bank

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Matrix Professionals to Present Capital Planning for Growth Workshop During the NACS Show

BALTIMORE, MD - September 18, 2012 - Tom Kelso, Managing Director, and Spencer Cavalier, Director, investment banking professionals with the Energy & Multi-Site Retail Team of Matrix Capital Markets Group, will present an educational workshop entitled "Capital Planning for Growth". The presentation will take place during the Association for Convenience & Fuel Retailing (NACS) Show on Sunday, October 7, 2012 at 2:45 pm.

The workshop will feature a discussion on the capital planning necessary for long-term financial strategies designed to build and maximize shareholder value for convenience store retailers in a mature industry and a highly volatile economic climate. The presentation will focus on the issues affecting future financial performance, the current economic climate, the need for strategic financial planning to build shareholder value, and the various sources of capital available to marketers. This session is designed to include audience participation in a format where conventional wisdom is challenged. The session will also include time for questions and answers and Matrix professionals will be available for further confidential discussions at the end of the program.

The NACS Show is being held October 7 - 10, 2012 at the Las Vegas Convention Center in Las Vegas, NV. To find out more please visit www.nacsonline.com/nacsshow.

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 100 engagements in these sectors.

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Matrix Announces Recent Promotions

RICHMOND, VA – September 4, 2012 – Matrix Capital Markets Group, Inc. is pleased to announce the following promotions for members of our Energy and Multi-Site Retail Group:

M. Vance Saunders, CPA has been promoted to the position of Vice President. He has been a member of the Matrix Energy & Multi-Site Retail Team for six years. As Vice President, Mr. Saunders will assume responsibility for managing transactions and continue to support work on others. He previously worked in the Business Assurance and Advisory Services Group for the public accounting firm of Keiter, Stephens, Hurst, Gary & Shreaves, as well as the Treasury group of Capital One Financial Corporation. Mr. Saunders received a B.S.B.A. with concentrations in Finance and Accounting from Longwood University and an M.B.A. from Virginia Commonwealth University.

Sean P. Dooley has been promoted to Associate. Mr. Dooley will be an integral member of various transaction teams and will assume responsibility for training new analysts. He has also passed the Chartered Financial Analyst (CFA) Level II exam and is now a CFA Level III candidate. Prior to joining the Matrix Energy & Multi-Site Retail Team in 2010, Mr. Dooley was an Associate in the Forensic and Valuation Services Group for the public accounting firm of Ellin & Tucker, Chartered in Baltimore, MD. He received a B.S.B.A. with a concentration in Finance from East Carolina University.

“Both Vance and Sean have worked exceptionally hard to earn their promotions,” said Tom Kelso, Managing Director of the Matrix Energy and Multi-Site Retail Group. “Vance has continued to improve his excellent analytical skills and has developed the expertise to manage transactions. Sean has continued to master the analytical skills necessary to support transaction management and has developed excellent relationship skills in working with our clients. All of us in our Energy Group are extremely proud of their accomplishments and look forward to them continuing to grow their careers at Matrix.”

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 over 100 engagements in these sectors.

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 Announces the Sale of Florida Oil Holdings to Circle K Stores, Inc.

BALTIMORE, MD - AUGUST 28, 2012 - Matrix Capital Markets Group, Inc. ("Matrix") announces the successful sale of the assets of Orlando, Florida based Florida Oil Holdings, LLC ("Florida Oil" or "Company") to Circle K Stores, Inc., a wholly owned subsidiary of Alimentation Couche-Tard, Inc. (TSX: ATD.A, ATD.B) ("Couche-Tard"). Florida Oil directly operated twenty-nine (29) retail convenience stores with gasoline located in the greater Orlando, Florida area.

Russ Scaramella, Florida Oil's Managing Member, commented, "We made the very difficult decision to exit the Orlando market so that we could more effectively concentrate our efforts on growing our business in the Atlanta area. I am confident that Couche-Tard will be an excellent successor and that these will be well performing stores for them as they expand their brand in central Florida. We wish them well and thank them for the manner in which they conducted the transaction."

Matrix provided merger and acquisition advisory services to Florida Oil, which included valuation advisory, transaction structuring, marketing of the assets and negotiation of the purchase agreement. The transaction was overseen by Tom Kelso, Managing Director and head of the Matrix Energy & Multi-Site Retail Group, and managed by John Underwood, Vice President and Vance Saunders, Vice President. Mr. Underwood said, "We greatly appreciate the opportunity to provide these services to Russ and his team and we are pleased for the great outcome for Florida Oil. We also appreciate the professionalism shown by the team at Circle K."

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Matrix Completes Eight Engagements in the First Half of 2012

During the first half of this year we completed eight engagements in the downstream energy sector. These assignments include a broad range of transactions that reflect the expert capabilities our investment banking professionals bring to every transaction, and demonstrates that "We're Known By The Work We Do".

These transactions include:
•The outright sale of two convenience store chains, High's Dairy Stores & Quix/Strasburger Enterprises
•The sale of Carroll Independent Fuel Company's home heating oil and HVAC division
•The refinancing and expansion of the senior credit facilities for Pester Marketing Company
•The sale of the transportation and logistics assets of Mid-Atlantic Convenience Stores
•The sale of North American Propane
•Two corporate valuations - one for strategic planning purposes and the other as part of a bankruptcy plan of reorganization

We congratulate our clients on their success, and thank them for their confidence in us.

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Matrix Hires Senior Analyst

RICHMOND, VA - June 26, 2012 - Matrix Capital Markets Group, Inc. ("Matrix") is pleased to announce the addition of Andrew LoPresti to their Energy and Multi-Site Retail (EMR) Group.

Effective June 25, 2012, Mr. Andrew LoPresti, CPA, CFE, will join the firm as a Senior Analyst. He will be responsible for financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private place memoranda. Mr. LoPresti is a December, 2006 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 Matrix, Mr. LoPresti has been 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. He holds both the Certified Public Accountant and Certified Fraud Examiner designation, and he is a June, 2012 CFA Level 1 candidate. Mr. LoPresti will be located in our Baltimore office.

Thomas E. Kelso, Managing Director and Head of the Matrix's EMR Group, commented, "We are very excited to add Andrew to our team of nine investment banking professionals in our Energy and Multi-Site Retail Group. At Matrix we continue to build the most qualified team of financial professionals as we remain dedicated to providing our clients with the absolute best financial advisory and transaction execution services available in our industry today. We welcome Andrew and the unique background and perspective he brings to our EMR Team."

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 over 100 engagements in these sectors.

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Matrix Announces the Successful Sale of Strasburger Enterprises Inc.'s Retail Convenience Stores

RICHMOND, VA - June 14, 2012 - Matrix Capital Markets Group, Inc. announced today the successful closing on the sale of most retail assets of Strasburger Enterprises, Inc. ("Strasburger" or "Company"), a Shell, Mobil, Chevron and Citgo branded petroleum distributor and convenience store operator in Texas. The Company is family owned and is also involved in various other businesses including convenience store design, travel, agribusiness, and banking. The company has recently focused on managing convenience stores for lending institutions with troubled assets, venture capital firms and major oil companies.

The Company's retail division produced approximately $100 million in annual sales in 2011. Their retail stores are primarily owned in fee, Shell branded, and located in high traffic areas along the Interstate-35 corridor between Dallas and San Antonio.

In 2011, Strasburger decided to engage Matrix to structure and manage a confidential sale process in order to achieve maximum value in the divestiture of the Company's retail assets and redeploying that capital into its other businesses. The competitive sale process involved only approximately twenty (20) potential buyers to ensure that the shareholders' desire to monetize their retail assets was only known by the most likely interested parties and kept strictly confidential. The sale process that Matrix designed and executed resulted in a sale of twenty-three (23) stores to 7-Eleven, Inc. The closings occurred over an eight-day period, with the final closings and transitions occurring on Monday, June 11th, 2012.

According to H.T. "Tommy" Strasburger, CEO and President of the Company, "We adjusted our focus several years ago. We recognized a real opportunity to operate sites owned by others when the major oil companies began divesting their retail assets and bankers began taking back retail properties because of loan delinquencies." Roy Strasburger, Vice-President commented on the sale, "The majors dismantled their retail infrastructure and sometimes found themselves with properties that had no operators; we simply offered our services on an interim basis, and it has been a winning proposition for all involved. The sale allows us to focus on the provision of our convenience management services to property owners."

Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix added, "It has been an honor to work with the Strasburger family as they changed their convenience store strategy and primary business model." Cedric Fortemps, Senior Vice President with Matrix, who managed the transaction added, "The stores owned by the Strasburgers presented a strategic acquirer with an exceptional opportunity as they controlled some very valuable properties along I-35 for a convenience retailer. We really enjoyed advising and working with the Strasburger family to help them achieve their goals."

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Matrix Provides Corporate Finance Advisory To Pester Marketing Company in Refinancing & Expanding Senior Credit Facilities

BALTIMORE, MD - APRIL 3, 2012 - Matrix Capital Markets Group, Inc. ("Matrix") announces the successful refinancing and expansion of Pester Marketing Company's ("Pester" or "Company") senior credit facilities and treasury management services. Pester management sought to consolidate, expand and reconfigure its debt capital structure and treasury management services to better suit the more sophisticated financial needs of the growing company. RBS Citizens, N.A. ("Citizens") has become the Company's primary senior lender and treasury management services provider.

Founded in 1955 and headquartered in the Denver, Colorado suburb of Greenwood Village, Pester is an operator of forty-nine (49) retail convenience stores, which trade as "Alta". Through its wholly-owned subsidiaries, Alta Fuels, LLC and Alta Transportation, LLC, the Company distributes and transports motor fuels and lubricants to wholesale, commercial and agricultural customers. Pester is one of the largest and most diversified privately-held convenience retailers and petroleum marketing companies in the U.S. with a marketing territory that expands through Colorado, Kansas, Nebraska, and New Mexico.

Jack Pester, Chairman of Pester, commented, "Matrix, who has previously performed valuation work for the Company, did a splendid job offering a choice of four bank proposals. RBS Citizens was chosen because of their cash management and industry expertise."

Matrix provided corporate finance advisory and execution services to Pester, including debt structuring, valuation, marketing, and negotiation. The transaction was managed by Spencer Cavalier, Director and Vance Saunders, Senior Associate, with assistance from Tod Butler, Vice President of Business Development. Spencer Cavalier commented, "Pester is one of the most unique companies in the industry due to operating in multiple channels, but also by being a blender of biofuels with conventional fuels, especially through proprietary biodiesel blends. This blending capability has contributed significantly to the Company's growth in all channels. The Company's debt capital deck and treasury management are now better structured for continued growth. Citizens did a great job of understanding the structure and services we were seeking." Citizens' specialized finance group was led by Michael Phelps, Channing Lefebvre, and Steven Wheelon.

"This transaction is our seventh (7th) completed energy engagement in the first (1st) quarter of 2012," commented Thomas Kelso, Managing Director and head of Matrix's Energy and Multi-Site Retail Group. "This demonstrates once again that Matrix is the leading investment banking and financial advisory firm in the downstream energy sector. We thank Mr. Pester and his team for their confidence in us."

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 over 90 engagements in these sectors.

About Matrix Capital Markets Group
Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, Virginia. Since 1988, Matrix has focused on providing merger & acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, Staged Liquidity Transactions®, management buyouts, and debt & equity placements. Over our 23 year history, Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, capital equipment, consumer products and petroleum marketing & distribution.

Securities offered by Matrix Private Equities, affiliate of Matrix Capital Markets Group, Inc., Member of FINRA and SIPC.

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