Press Releases

Matrix and Marshall & Stevens Advise Pester Marketing Company on the Successful Establishment of an Employee Stock Ownership Plan

BALTIMORE, MD - March 11, 2013 - Matrix Capital Markets Group, Inc. ("Matrix"), together with Marshall & Stevens, Inc. ("Marshall & Stevens"), announce the successful establishment of Pester Marketing Company's ("Pester" or "Company") Employee Stock Ownership Plan (ESOP). Pester established its ESOP in order to provide employees with another qualified, defined contribution benefit plan option to supplement its 401-k plan. Pester's executive management team hopes that the establishment of the ESOP will incentivize employees to save more for retirement, serve to maintain low employee turnover, and further motivate employees working for a high growth company.

Founded in 1955 and headquartered in the Denver, Colorado suburb of Greenwood Village, Pester is an operator of fifty-seven (57) retail convenience stores, which trade as "Alta Convenience". 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 store retailers and petroleum marketing companies in the U.S. with a marketing territory that expands through Colorado, Kansas, Nebraska, and New Mexico.

Rich Spresser, President and CEO of Pester, commented, "We at Pester felt that the ESOP was the best option to use to not only reward our current long-term employees but all employees in the future. We hope to create a culture of employee ownership which will carry our company forward for many years to come. With the combination of Matrix and Marshall & Stevens guiding us through the process, we feel very excited about our ESOP and the benefit it will provide all of our employees."

Matrix provided corporate finance and valuation advisory to Pester's shareholders. Marshall & Stevens provided specialized advisory services to Pester's shareholders including preliminary feasibility studies, ESOP design and formation consulting, transaction advisory assistance, a repurchase liability study and employee communications advice. Matrix's Spencer Cavalier commented, "Pester's establishment of an ESOP further aligns employee and shareholder interests and provides potential significant upside value to employee owners. Matrix is very appreciative of once again advising Pester shareholders, and we enjoyed working with Marshall & Stevens to effectuate the plan."

Marshall & Stevens' Steve Susel added, "We were very excited to assist Pester to install their ESOP. It was a pleasure working with a company that was implementing a plan that was done for the right reasons and benefits all the parties. The Pester team had a clear vision as to what they wanted to accomplish and worked tirelessly to set up something that they could be proud of. We appreciate Matrix recommending us to Pester as part of the team and having the confidence in us to get the job done."

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.

Established in 1932, Marshall & Stevens is a recognized leader in valuation with five offices around the country, serving business owners, managers, boards and trusted advisors throughout the world. M&S assists clients with planning, due diligence, negotiation and reporting issues related to their mergers, acquisitions, divestitures, restructurings, financings,insurance placement and tax related transactions. M&S also specializes in ESOP valuations both for new and existing plans. ESOP Capital Strategies, Inc. (ECSI) is a subsidiary of Marshall & Stevens Incorporated. ECSI provides specialized services relating to ESOPs including: feasibility studies, ESOP design and formation, valuation and financial consulting, ESOP financing, and repurchase liability studies. For additional information, please visit www.marshall-stevens.com.

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Matrix Announces the Successful Sale of Dickerson Petroleum, Inc. & Related Entities

BALTIMORE, MD - February 18, 2013 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of Belleville, IL based Dickerson Petroleum, Inc. & Related Entities (“Dickerson” or “Company”) t/a Gas Mart, to Alimentation Couche-Tard, Inc. (TSX: ATD.A, ATD.B), through its wholly-owned indirect subsidiary, Mac’s Convenience Stores, LLC (collectively “Couche-Tard”). Dickerson operates retail and wholesale assets in three states: Illinois, Missouri, and Oklahoma. The Company’s assets purchased by Couche-Tard include twenty-nine (29) company operated retail units and twenty-nine (29) wholesale assets. The wholesale assets are comprised of one (1) lessee dealer unit and twenty-eight (28) open dealer supply agreements.

Dickerson Petroleum, Inc. was founded by Tom Dickerson in 1971. The Company was originally a wholesale supplier of tires, batteries, accessories, and gasoline to a number of traditional service stations. The passing of an Illinois self-service law in 1977 spawned the beginning of the retail convenience store business. Since then, retail store growth and wholesale gasoline supply became the focus. Dickerson has been a family company since its inception.

Steve Dickerson, who has worked in the family business since 1971 and served as President since 2001, commented, “Selling the Company was a very difficult decision, overshadowed only by the task itself. I’m convinced I selected the best help with Tom Kelso, Spencer Cavalier and the Matrix Team. Their industry knowledge, diligence, and patience led to a best outcome.”

Matrix provided merger and acquisition advisory services to Dickerson, 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, “Tom and his family built a very strong company over the last forty (40) years, and we were honored to advise the shareholders through a complex transaction that resulted in a highly successful sale and the monetization of significant family capital.”

Joseph Lehrer, Phillip Stanton, Alfred Henneboehle, Giles Walsh, and Kevin Vick of Greensfelder, Hemker & Gale, P.C. served as legal counsel for Dickerson.

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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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