Press Releases

Matrix Capital Announces the Successful Sale of 68 Convenience Store and Dealer Assets for Peterborough Oil Company, Inc.

RICHMOND, VA – June 19, 2008 - Matrix Capital Markets Group, Inc. announced today the successful closing of sixty-eight (68) convenience store and dealer assets owned by Peterborough Oil Company, Inc., a Leominster, Massachusetts based owner and operator of retail petroleum marketing outlets and convenience stores branded as Mr. Mike’s in Massachusetts, New Hampshire and Maine. Peterborough is exiting the petroleum marketing and convenience store industry.

In the fall of 2007, Matrix began marketing the assets through a structured sale process. Peterborough directly operated twenty-nine (29) units, and supplied motor fuels to ten (10) commissioned agents and twenty-nine (29) open dealers. Fee simple real estate interests were conveyed for thirty-four (34) units. All of the assets were purchased by Alliance Energy, LLC. Alliance is one of the largest petroleum marketing and convenience store operators in New England, distributing motor fuels to approximately 500 locations in seven (7) states from Maine to Pennsylvania.

Joseph Hart, President of Peterborough commented, “We were extremely pleased with the guidance Matrix provided us in evaluating our assets and exit strategy. More important, however, was their advice in managing the process from beginning to closing. We could not be more satisfied with their professionalism and expertise.”

Tom Kelso, Managing Director and head of Matrix’s Energy and Multi-Site Retail Group, along with Spencer Cavalier, Vice President and Matt Murphy, Associate, managed the transaction. Mr. Kelso added, “We were very proud to have been selected by Peterborough to manage this transaction, and we are extremely pleased with the results achieved for our client.”

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Matrix Capital Markets Group’s Energy & Multi-Site Retail Team Closes Five (5) Transactions in First Quarter of 2008

RICHMOND, VA – April 29, 2008 – Matrix Capital Markets Group’s Energy & Multi-Site Retail Team, led by Managing Director, Tom Kelso, successfully completed five advisory assignments in the first quarter of 2008. “Due to the hard work and dedication of our team, we had an amazing first quarter. We look forward to continuing that success throughout 2008,” said Kelso.

- C.R. Quesenberry, Inc., a leading petroleum marketing and convenience store company, headquartered in Abingdon, Virginia with stores throughout Southwest Virginia and Eastern Tennessee. Matrix executed a confidential, competitive sale process that resulted in definitive offers from six different strategic bidders for all of the Company’s stores. The result was a successful closing on January 11, 2008 to a strategic buyer that asked to remain anonymous. “Matrix helped us to achieve the maximum value for our assets, which we could not have realized without their involvement. Matrix’s process allowed us to show our assets to multiple strategic buyers, with the least amount of disruption to our business, in a relatively short period of time,” said Richard Quesenberry, President of C.R. Quesenberry, Inc.

- Rennie Petroleum Corporation, a Virginia-based operator of convenience stores and a motor fuels distributor. Matrix served as the exclusive financial advisor for the Debtor, Rennie Petroleum, in its Chapter 11 Bankruptcy Case. Matrix developed and executed a formal marketing and competitive sale process that led to a sale of the assets to Zota Petroleums, which closed in January, 2008.

- Neighborhood Convenience, Inc., an Eastern Virginia based convenience store chain trading as Little Sue. Matrix was able to execute a completely confidential, competitive sale process that resulted in a sale of the stores to 7-Eleven, Inc. The transaction closed on January 18, 2008. Former owner, John Steele commented on the sale, “The Matrix Team did an exceptional job and I could not be more pleased. They came highly recommended and lived up to their reputation.”
- Huffman Oil Company, Inc., a Burlington, North Carolina based motor fuels distributor and convenience store chain trading as Huff’s Neighborhood Store. Matrix represented Huffman Oil in the sale of 28 of its retail convenience stores and petroleum marketing outlets. Matrix developed and executed on a formal marketing process that allowed potential buyers to purchase individual stores or groups of stores. The process resulted in the sale of 16 stores to Quality Oil Company and the other 12 to various strategic and individual buyers. The majority of the closings occurred in February and March. "After considerable research, we settled on Matrix to represent us and feel we could not have made a better selection. They did a great job of keeping the process moving in a positive direction and we were extremely pleased with the outcome," said James Barnwell, President of Huffman Oil Company.

- Zoots Corporation, a national dry cleaning chain headquartered in Massachusetts with over 70 stores and 90 home delivery routes in 12 states operating under the Zoots and Widmer’s trade names. Matrix developed and executed on a sale process that allowed potential buyers to submit offers on Zoots in its entirety or on single or multiple geographic networks of the chain. The process resulted in a sale of the Portsmouth, VA network to U.S. Drycleaning Corp. and the other four networks to various strategic buyers and management.

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. For additional information, please visit www.matrixcapitalmarkets.com.

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Matrix Announces the Successful Sale of Huff’s Neighborhood Stores

RICHMOND, VA – February 21, 2008 – Matrix Capital Markets Group, Inc. announced today the successful closing on certain assets of Huffman Oil Company, Inc., a Burlington, North Carolina based motor fuels distributor and convenience store chain trading as Huff’s Neighborhood Store. The 35 stores are all located in central North Carolina, with the exception of one store that is located in Virginia.

The Huff’s Neighborhood Stores are well positioned in their market and have significant customer loyalty. Last summer, Mr. James Barnwell, owner of Huffman Oil Company, Inc. decided that it would be in the Company’s best interest to divest of its retail operation and focus on its dealer and fuel distribution business as well as its growing propane operation. In order to maximize the value of the Company’s retail chain in a sale, the Company engaged Matrix to structure and manage the sale of its 35 retail stores.

The stores sold approximately 45 million gallons of motor fuels per year, with the majority of that volume being sold at its 30 Shell branded locations. In addition, the stores sold approximately $23 million of convenience merchandise items per year. The Company owned 29 of the properties and leased the other 6 from third parties. Matrix was able to execute on a competitive sale process that resulted in the Company’s acceptance of offers on 32 of the stores to date. Quality Oil Company contracted to acquire 16 of the stores and has already closed on 14 of them. In addition, Boulous Properties LLC contracted to acquire 4 stores, Krisha, Inc. 3 stores, and other buyers included M.M. Fowler, Inc. and Rose Oil Company.

Mr. Barnwell commented on the sale, "Having made the decision to divest our retail operations, we knew it was imperative that we seek the best organization to maximize our return and make the process as simple as possible. After considerable research, we settled on Matrix to represent us and feel we could not have made a better selection. Tom Kelso, Cedric Fortemps, and Vance Saunders were extremely knowledgeable about the industry and the potential buyers in the market. They did a great job of keeping the process moving in a positive direction and we were extremely pleased with the outcome."

Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix managed the transaction and added, “It has been an honor to work with Mr. Barnwell and to advise him on maximizing the value of his retail assets, which will allow the Company to focus on its core operations.” Cedric Fortemps, Vice President, who co-managed the transaction also commented, “The stores’ position in their market, the area’s improving demographics, and the high percentage of owned real estate in this transaction combined to drive demand for the stores and made for a very competitive sale process amongst both strategic acquirers and owner/operator buyers.”

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Matrix Announces the Successful Sale of Little Sue Convenience Stores

RICHMOND, VA – January 23, 2008 - Matrix Capital Markets Group, Inc. announced today the successful closing on certain assets of Neighborhood Convenience, Inc., an Eastern Virginia based convenience store chain trading as Little Sue. The stores are all located in the Gloucester and Middlesex counties of Virginia and sell Exxon branded motor fuels.

Founded in 1972, Little Sue has built significant customer recognition and loyalty in its market. Since 1996, the chain has been owned by John Steele. Last summer, Mr. Steele decided to engage Matrix to structure and manage a confidential sale process in order to maximize shareholder value.

Matrix was able to execute on a completely confidential, competitive sale process that resulted in a sale of the stores to 7-Eleven, Inc. The transaction closed on January 18th, 2008. John Steele commented on the sale, “The Matrix Team did an exceptional job and I could not be more pleased. They came highly recommended and lived up to their reputation.”

Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix managed the transaction and added, “It was a pleasure working with John to advise him on maximizing the value of the business he has successfully owned and operated for more than a decade.” Cedric Fortemps, Vice President with Matrix, who co-managed the transaction also commented, “The strength of the Little Sue brand, the chain’s customer loyalty, and its exceptional management and store personnel made the business a very attractive opportunity for a buyer and were all key factors in the amount of competition that resulted for the assets.”

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Matrix Capital Markets Group Announces the Successful Sale of C.R. Quesenberry, Inc.

RICHMOND, VA – January 15, 2008 - Matrix Capital Markets Group, Inc. announced today the successful closing on substantially all of the assets of C.R. Quesenberry, Inc., a leading petroleum marketing and convenience store company. The Company is headquartered in Abingdon, Virginia and has stores throughout Southwest Virginia and Eastern Tennessee.

C.R. Quesenberry, Inc. was originally founded in 1954 by Cliff Quesenberry, but for the last several decades has been managed by his sons, Richard and Greg Quesenberry. The Company supplied Chevron branded motor fuels to 25 petroleum retail outlets and convenience stores operated by third-party commissioned dealers; 19 of which were owned by Quesenberry, and 2 of which were leased by Quesenberry. The 25 stores sold approximately 30 million gallons of motor fuels per year.

After enjoying the petroleum business for more than 53 years, the Quesenberry family decided that it was time for them to exit the business, so that they could pursue other interests. Matrix was engaged to structure and manage a confidential sale process in order to maximize shareholder value. In addition, the shareholders wanted to ensure that the interests of the commissioned dealers with which the Company had long-term relationships would be protected in a sale.

Matrix was able to execute on a completely confidential competitive sale process that resulted in definitive offers from six different strategic bidders for all of the Company’s stores. The result was a successful closing on January 11, 2008 on a sale of C.R. Quesenberry, Inc.’s assets to a strategic buyer that has asked to remain anonymous. Matrix’s sale process resulted in a transaction that maximized the value received by the Quesenberry shareholders, while protecting their commissioned dealers’ interests in the sale.

Richard Quesenberry, President of C.R. Quesenberry, Inc. commented on the sale process, “Matrix helped us to achieve the maximum value for our assets, which we could not have realized without their involvement. Matrix’s process allowed us to show our assets to multiple strategic buyers, with the least amount of disruption to our business, in a relatively short period of time.”

Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix managed the transaction and added, “We are honored to have been selected to manage this sale and have enjoyed working with Richard and Greg Quesenberry as they exit the retail petroleum business.” Cedric Fortemps, Vice President, who co-managed the transaction also commented, “We are very excited for Richard and Greg concerning the successful sale of the Company their family has built and managed for more than half a century.”

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Matrix Announces the Successful Sale of Rennie Petroleum Corporation

RICHMOND, VA – January 14, 2008 – Matrix Capital Markets Group, Inc. announced today the successful closing on substantially all of the assets of Rennie Petroleum Corporation, a Virginia-based operator of convenience stores & gas stations and a motor fuels distributor.

In the Summer of 2007, Matrix was approved by the U.S. Bankruptcy Court, for the Eastern District of Virginia, Richmond Division, to market Rennie’s assets. As of today, Rennie Petroleum has sold all 24 of its retail petroleum and convenience store locations as well as its additional 5 fuel supply agreements to Zota Petroleums Corp. Rennie Petroleum Corporation sold approximately 35 million gallons of motor fuels through its stores and supply agreements in 2006. served as the exclusive financial advisor for the Debtor, Rennie Petroleum Corporation, in its Chapter 11 Bankruptcy Case. Matrix developed and executed on a formal marketing and sale process that led to an auction in October of 2007, where Zota Petroleums competed against 15 other qualified bidders and was the highest bidder for the assets. Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix, managed the transaction. ”This was a difficult and complicated assignment because only two stores were owned by the Debtor in fee, many of the assets were encumbered by above-market property leases, and the existing third party tenant leases limited the potential buyer pool. Given the complexity of the transaction, we were delighted with the outcome.” said Kelso.

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Matrix’s Energy & Multi-Site Retail Team Announces the Successful Sale of Three Hospitality Properties

RICHMOND, VA – August 28, 2007 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the sale of three hospitality properties located in Richmond, VA all owned by affiliates of Briggs Hospitality. The properties, which consist of the Sheraton Park South Hotel, the Holiday Inn I-64 West End (Crossroads) and the Comfort Inn and Conference Center, Midtown were sold to three different buyers. Tom Kelso, Managing Director and head of Matrix’s Energy and Multi-Site Retail Group, along with Cedric Fortemps, Vice President managed the transaction.

The fact that the hotels were of various sizes, quality and service offerings made the transaction complicated, which led Matrix to design a bifurcated sale process to maximize the value of the properties. The result was an extremely successful transaction. Matrix also assisted in the negotiation of a long-term extension on the Holiday Inn land lease, which greatly enhanced the proceeds to the Seller.

Ownership interest in the Sheraton Park South was sold to Apollo Real Estate Advisors' Value Enhancement Fund. The lease for the Holiday Inn I-64 West End (Crossroads) was purchased by Rajendrakumar Parikh and the Comfort Inn and Conference Center, Midtown was sold to Dwarkesh Shah.

Malcolm Briggs, President of Briggs Hospitality commented on the transaction, “The sale transaction spearheaded by Matrix on behalf of the Briggs family required a great deal of in-depth knowledge of our industry, markets and products. Throughout demanding negotiations with the many personalities and institutions involved, Tom Kelso and Cedric Fortemps repeatedly overcame significant obstacles and kept the process and players moving forward. Their extensive experience, expertise, and sheer determination were invaluable to our efforts to sell our hotel portfolio.”

Tom Kelso added, “It has been a pleasure to work with Malcolm Briggs and his family and advisors to maximize the value of the Briggs holdings and handle the sale of their hotel portfolio. We are very pleased that our bifurcated sale process helped Mr. Briggs attain his goals.”

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Matrix Announces the Successful Sale of 12 Convenience Stores for Wooten Oil Company

RICHMOND, VA – August 14, 2007 – Matrix Capital Markets Group, Inc. announced today the successful closing on the sale of twelve (12) convenience stores owned by Wooten Oil Company, a Goldsboro, North Carolina based owner and operator of retail petroleum marketing outlets and convenience stores branded as Kwik Mart throughout eastern North Carolina. Wooten Oil Company is exiting the petroleum marketing and convenience store industry to focus on its expanding commercial real estate business.

In March of 2007, Matrix began marketing the stores through a structured sale process. Wooten Oil directly operated all twelve (12) units. Fee simple real estate interests in eleven (11) units and a leasehold interest in one (1) unit were conveyed to the buyers. Nine (9) of the stores were purchased by WilcoHess, LLC and three (3) of the units were purchased by Sampson-Bladen Oil Company. Both WilcoHess and Sampson-Bladen are North Carolina based petroleum marketing and convenience store companies.

Wooten Oil Company has now completed 80 years as a family owned petroleum marketer in eastern North Carolina. Over the course of those 80 years, Wooten Oil Company operated as an oil jobber selling to consumers, end users, homeowners and service stations and through a sister company, Coastal Transport, operated as a common carrier petroleum hauler for many years. After a transition from full service stations to self service stations during the 1970’s, the company opened its first full size Kwik Mart store on January 1, 1980 and has continued to market through convenience stores for the last 27 years. The Company is now managed by family members, Dillon Wooten, President and Rick Sumner, Vice President.

Dillon Wooten commented on the transaction, “The Matrix process was very positive and included a detailed analysis of the value of assets to be sold and how the process would be achieved on an optimum and orderly basis. Goals and expectations were achieved with the final sale and closing being concluded on August 9, 2007. The majority of our fine associates were able to find employment with WilcoHess and Sampson-Bladen. The transition went smoothly and we believe that both WilcoHess and Sampson-Bladen will be very pleased with their new acquisitions which are all productive stores.”

Tom Kelso, Managing Director and head of the Matrix’s Energy and Multi-Site Retail Group, along with Spencer Cavalier, Vice President managed the transaction. Mr. Kelso added, “We are very pleased to have been selected to manage this sale and have enjoyed working with Dillon Wooten, Rick Sumner and the rest of their team. The outcome we achieved for Wooten Oil was the result of a customized, well designed and executed process that created competition for the assets from among various types of potential buyers.

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RPF Oil Company Completes Acquisition of BP Assets in the Greater Detroit, Michigan Market

RICHMOND, VA – May 23, 2005 – Matrix Capital Markets Group, Inc.
announced today the successful closing of RPF Oil Company’s (“RPF” or the
“Company”) acquisition of 44 BP retail and wholesale fuel assets in the Greater
Detroit market. Matrix provided acquisition and capital raising advisory services
to consummate the transaction. Tom Kelso, Managing Director and Head of the
Energy and Multi-Site Retail Group at Matrix, and Spencer Cavalier, Vice
President, managed this transaction.

Based in Grand Blanc, Michigan, RPF has been distributing and marketing
motor fuels in the Greater Detroit market since 1933 and RPF has been a
distributor for BP and BP Amoco since 1985. This is RPF’s first major
transaction in support of the Company’s strategic plan to grow its distribution
business. RPF’s successful acquisition makes the Company one of the largest BP
branded jobbers in Michigan, with nearly 100 million gallons of motor fuels
supplied annually. Dan Fleckenstein, Vice President and Head of Acquisitions
for RPF, commented; “We greatly appreciate the excellent advice and
transaction execution provided by Matrix. We could not have been successful in
our efforts to acquire the BP Assets without the help of the Matrix team of
professionals.”

The 44 retail and wholesale fuel assets acquired are comprised of 4 company
owned, company operated sites (COCOs), 6 company owned, commissioned
marketer sites (COCMs), 9 company owned, dealer operated sites (CODOs), and
25 dealer owned, dealer operated (DODOs) sites. At the closing, RPF assigned
the purchase of the 4 COCO sites to one of its leading dealers, Auto City
Services, Inc. (“ACS”), and entered into a long term supply agreement for those
and other additional ACS stores.

Matrix’s Energy and Multi-Site Retail Group is recognized as the national leader
in providing transactional advisory services to companies in the energy and
multi-site retail sectors. Team members are dedicated to these sectors and draw
upon complementary experiences to provide advisory services to complete
sophisticated merger and acquisition transactions, private debt and equity raises,
corporate restructurings, and corporate valuation and long term planning
engagements.

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. For
additional information, please visit www.matrixcapitalmarkets.com.
Securities offered by Matrix Private Equities, affiliate of Matrix Capital Markets
Group, Inc., Member of FINRA and SIPC.

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