Matrix's Energy & Multi-Site Retail Group Announces the Successful Sale of MAPCO's East Coast Branded Convenience Store
RICHMOND, VA - May 15, 2009 - Matrix Capital Markets Group, Inc. today announced the successful sale of certain convenience store assets on behalf of MAPCO Express, Inc., a subsidiary of Delek US Holdings. As of Mar. 31, 2009, 24 of MAPCO’s East Coast branded convenience stores had been sold.
All of the East Coast branded stores, which MAPCO acquired in 2001, are company operated and located in Central and Eastern Virginia. Matrix was engaged to structure and manage a confidential, competitive, sale process. The marketing process resulted in the sale of ten (10) stores to one large regional convenience store chain. The remaining stores were sold to various other parties.
Tom Kelso, Managing Director and Head of the Energy & Multi-Site Retail Team at Matrix Capital stated, “We are very pleased to have advised MAPCO on this transaction which resulted in the successful sale of most of their Virginia-based retail locations.”
Cedric Fortemps, a Vice President at Matrix, continued: “As the leading convenience store M&A advisor in the country, we were able to leverage our breadth of knowledge and contacts to facilitate the sale in a timely and efficient manner.”
About MAPCO Express
MAPCO Express, Inc., is a division of DELEK US Holdings, Inc. With headquarters in Brentwood, Tenn., DELEK US operates more than 450 convenience stores under the MAPCO Express®, MAPCO Mart®, East Coast®, Discount Food Mart™, Fast Food and Fuel™, and Favorite Markets® brand names. Stores are located primarily in and around Memphis, Chattanooga and Nashville, Tennessee, northern Georgia and northern Alabama.
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.
Matrix Joins the Petroleum Marketers Association of America
RICHMOND, VA - February 26, 2009 - Matrix Capital Markets Group, Inc. is pleased to announce that it has joined the Petroleum Marketers Association of America (PMAA) as a National Partner. According to Tom Kelso, a Managing Director & Principal at Matrix and head of the firm’s Energy and Multi-Site Retail Team, “Joining PMAA reflects our continuing support of petroleum marketing and convenience store organizations throughout the United States. We are particularly excited about the opportunity to partner with PMAA and the great work they are doing to advance the issues critical to petroleum marketers.”
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.
Matrix Announces Two Key Personnel Moves
RICHMOND, VA - February 19, 2009 - Matrix Capital Markets Group, Inc. is pleased to announce that Vance Saunders has been promoted to Associate in the firm’s Energy and Multi-Site Retail Group. Mr. Saunders has been with Matrix since July, 2006 and has worked on a number of successful transactions including Huffman Oil Company, Rennie’s, C.R. Quesenberry, Neighborhood Convenience, Zoots and East Coast.
In addition, Matrix is pleased to announce that Kimberly Wagner has joined the firm as an Analyst in the firm’s Energy and Multi-Site Retail Group. Ms. Wagner is a 2008 graduate of the McIntire School of Commerce at the University of Virginia. With the addition of Ms. Wagner, the firm’s Energy and Multi-Site Retail Group now includes seven dedicated professionals and one full-time support person.
Matrix Capital Announces the Successful Sale of ASAP Industries, LLC
RICHMOND, VA – January 13, 2009 – Matrix Capital Markets Group, Inc. announced today the sale of ASAP Industries, LLC to an investor group led by Hudson Ferry Capital, LLC and the company’s existing management team. ASAP Industries, based in Houma, Louisiana, is an American Petroleum Institute certified company that manufactures and refurbishes equipment used in the drilling and production of oil and natural gas. Matrix served as exclusive financial advisor to ASAP Industries on the transaction.
“I believe that without Matrix’s expertise, there would have been no way to get this transaction done in the market we were contending with, especially given our tight deadline of a year-end closing. The end result was a win-win for both ASAP and Hudson Ferry,” said Timmy Deroche, CEO of ASAP Industries. “Thanks to all the guys at Matrix, but a special thanks to Bill Kerkam, Jeff Moore and Bruce Smith for all of their hard work. They were tireless in their efforts to ensure we were well represented and provided us with sound advice throughout the entire process.”
“ASAP Industries is a unique company with special capabilities and relationships. We see numerous avenues for growth in the years ahead,” said Bruce Robertson, Partner of Hudson Ferry.
The Matrix team was led by Jeff Moore, Managing Director and Bill Kerkam, Vice President. “Under the guidance of a strong financial partner like Hudson Ferry, Timmy Deroche and his management team are now able to pursue more aggressive growth strategies and further broaden their product channels,” commented Kerkam. “We are all very pleased with the results of this transaction, particularly given the volatility in the commodities and credit markets.”
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.
Matrix Capital Markets Group Sponsors Charity Event in Virginia Beach, VA
Richmond, VA - September 13, 2008 - Matrix Capital Markets Group is proud to sponsor the 21st Annual Virginia Beach Polo Benefit “Chukkers for Charity”.
The two day event kicked off with a black tie Players Party the evening before the match at the Signature at West Neck Golf Club in Virginia Beach, Va. The next day gates at Alpha Omega Farm opened at 2:00 pm with the first match beginning at 3:30 pm. Everyone enjoyed an afternoon of tailgating, networking and connecting with friends both old and new. An award and trophy ceremony followed and the festivities continued later that evening with a barbeque dinner.
“Matrix is proud to support the charities that serve the business communities near where we work and live. The event was a huge success and we certainly look forward to next year,” said Mike Morrison, Managing Director & Principal at Matrix.
Patrons Party Proceeds from the event went toward supporting the Hope House Foundation and the Kiwanis Children’s Charities.
The Hope House Foundation provides individualized supported living services for and with adults with developmental disabilities in their own homes and apartments. Kiwanis is a global organization of volunteers that helps shelter the homeless, feed the hungry, mentor the disadvantaged and care for the sick. Matrix is proud to participate in the event and support these worthwhile organizations.
Matrix Capital Markets Group Celebrates 20 Years, Continues Growth
RICHMOND, VA – July 17, 2008 – When Matrix first opened its doors as an M&A advisory firm over 20 years ago, our main focus was a commitment to excellence, passion for what we do and building long-lasting, solid relationships with our clients. Today, those principles still hold true. Over the years we have exceeded the expectations of hundreds of clients and have maintained a closure rate of 90%+.
This year has also been more than just a celebration of two decades in business. Despite a soft financing market, Matrix continues to flourish. After closing nine transactions in the first six months of this year (including two sell side assignments last month), the first half of 2008 has proven to be quite remarkable.
We have also been fortunate to have our success continue in the recruiting field as well. Kevin White recently joined the firm as a Vice President. Kevin brings with him over eleven years of experience in the M&A and corporate development field - more recently with Circuit City and BB&T Capital Markets. John Cudzik also recently joined as a Director to enhance the firm’s Building Materials & Allied Products’ practice. He has over 75 transactions to his credit and over 19 years of corporate finance experience. John spent the last eight years with Ferguson Enterprises, a subsidiary of Wolseley, a leading supplier of construction products, materials and services across Europe and North America, with sales of over $30 billion. We are continuing our recruiting efforts and look forward to adding additional senior level professionals to our team. Other additions include Cara Grealis in Marketing and Kim Wagner as part of our Energy & Multi-Site Retail Group.
Our continued dedication to our clients through senior level attention, creative and critical thinking, as well as our unparalleled attention to detail has made the company what it is today. In 2001, Matrix was purchased by MONY/AXA Financial (NYSE:AXA) to serve as its “in-house” M&A investment banking arm for its high net worth and institutional clients, and in 2005 was repurchased by the senior management team at Matrix. Those team members include our managing directors who have been with the firm for over 13 years on average and our vice presidents, who have an average tenure of over seven years. This investment by management marked a real commitment to see the company grow and prosper.
Jeff Moore, President of Matrix commented, “As we reflect back over the past 20 years, I am reminded of how unique our corporate culture is. We take the time to truly understand the needs of our clients well in advance, and in many cases, years in advance of an actual transaction. We know what is at stake and provide honest and straight forward advice; that type of commitment is the foundation for many of the close client relationships that we still maintain today. Our success is a direct reflection of those relationships and we sincerely appreciate the trust that our clients have placed in us. We look forward to another successful 20 years.”
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.
Matrix 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.”
Matrix Capital Announces the Successful Sale of The Sharon Companies, LTD.
RICHMOND, VA – June 9, 2008 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the sale of The Sharon Companies, LTD. to Worthington Integrated Building Systems, a subsidiary of Worthington Industries (NYSE:WOR). The Sharon Companies, LTD., established in 1963 and based in Akron, OH, designs and manufactures steel egress stair systems for commercial construction markets. With a national brand, strong management team and experienced sales network, Sharon has experienced significant growth over the last few years and will complement the commercial and framing solutions offered through Worthington Integrated Building Systems. Sharon was previously owned by Willow Grove, PA based Alliance Holdings, Inc., an employee-owned holding company that is organized as an ESOP with diverse industrial holdings. Matrix served as exclusive financial advisor to Alliance Holdings on the transaction.
“This is a great fit for Worthington as we look to bring a package of solutions to the architectural community through our framing system, Dietrich building products and now Sharon Stairs,” said Ralph Roberts, President of Worthington-IBS.
Sharon President Charles J. Rowe, Jr., sees the opportunity to grow the 40-year old business not only through Worthington-IBS channels, but also through other possibilities within Worthington. “We see synergies across the company in the market served and existing customer base, as well as sharing best practices in manufacturing and fabricating. We’re taking two strong brands and bringing them together to maximize our efforts and offer better building solutions for all of our customers,” said Rowe.
Ken Wanko, Director of Acquisitions for Alliance Holdings, added “We are pleased that Sharon will continue its success under the Worthington banner. Through the broad, well-managed process run by Matrix, we were able to identify the most appropriate partner for Sharon’s next phase of growth.”
Mike Morrison, Managing Director and Principal of Matrix, commented, “This transaction allows Chuck Rowe and his team to pursue more aggressive growth under the auspices of a very entrepreneurial parent company like Worthington and provides comfort to Alliance (seller) that its former employees have a secure future. All parties share in a ‘win’ scenario here.” Sharon’s Drop-In Stair system is a pre-engineered, universally recognized solution to conventional site-built stairways serving diverse commercial end markets including, office, hotel, casino, and stadium. The Company employs approximately 180 non-union employees. Visit their website at www.SharonStair.com.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.
Matrix 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.
Matrix Announces the Successful Sale of Riddleberger Brothers, Inc.
RICHMOND, VA – February 29, 2008 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the sale of Riddleberger Brothers, Inc. to Comfort Systems USA, Inc. (NYSE: FIX), the nation’s premier mechanical systems installation and service provider headquartered in Houston, Texas. Riddleberger Brothers is based in Mount Crawford, VA and is an established leader in the engineering, installation and maintenance of mechanical systems in Central and Western Virginia. Matrix served as exclusive financial advisor to Riddleberger on the transaction.
Riddleberger Brothers is the largest mechanical contractor in Virginia’s Shenandoah Valley. Their solid reputation is built on a 68 year history of success and commitment to their customers. The Company offers a broad spectrum of construction services including project development, systems engineering and project construction, as well as service programs that include planned maintenance programs, factory authorized service, diagnostic capabilities, and emergency response services. They serve a diverse group of industries with an emphasis in healthcare, commercial, industrial and institutional, including educational and correctional facilities.
In commenting on the transaction, Jim Young, President & CEO of Riddleberger Brothers, stated “Bill Weirich and the team at Matrix provided valuable advice to me when I acquired Riddleberger and have been a trusted advisor ever since. Their past experience in guiding private business owners through the M&A process, as well as their ability to work seamlessly with our attorney and accountant helped to make this a successful transaction for all parties involved. We were very pleased with the outcome.”
Bill Weirich, Managing Director and Principal at Matrix commented, “It was a pleasure to work with Jim in realizing the value he created at Riddleberger. He has built a great company with an excellent management team that will fit well with the culture and style of Comfort Systems. Chris Menasco, Senior Analyst at Matrix, and I also enjoyed working with Jim’s attorney, Jeff Lenhart with Lenhart Obenshain, and his accountant, Mensel Dean with PBGH. We all worked extremely well together on the transaction.”
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.
Matrix 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.”
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.”
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.”
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.
Matrix Announces the Successful Sale of Paladin Tools
RICHMOND, VA – December 19, 2007 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the sale of Paladin Tools to Greenlee, an operating subsidiary of Textron, Inc. (NYSE: TXT), based in Rockford, IL. Paladin Tools, headquartered in Oilville, VA, is a leading provider of hand tools and accessories for the communications wiring industry.
Matrix served as exclusive financial advisor to Paladin’s shareholders on the transaction.“We believe that our brands, products, services and customer base enhance Greenlee’s long-standing relationships and strengthen their product lines. Paladin Tools is a natural fit in the Greenlee portfolio. We are excited about accelerating our growth and realizing our vision to be the first choice in communications tools,” said Steven Erickson, President of Paladin Tools. He further commented, "Working with the Matrix team made this transaction virtually seamless. They were an invaluable partner throughout the process and provided our shareholders with solid advice. They were a tenacious advocate for the company and always ensured that our best interests were represented. The end result was a great transaction for Paladin and its shareholders."
Paladin Tools was founded in 1977 and is an industry leader in hand tool development for communications wiring applications. Paladin’s brand names include Paladin Tools®, DataShark® and PowerPlay®, and the company’s product line includes a variety of cutters, strippers, punchdown tools, crimpers, multi-tools, testers, kits and other hand tools and accessories for use in computer, network, telephone, home entertainment and other communications wiring applications.
Greenlee is known as a global leader in the professional tool category. The Rockford, Illinois-based company develops high-quality innovative products distinguished by customer-driven design and differentiated by supply chain excellence. Greenlee also leverages its powerful brands such as Tempo, Fairmont, and Klauke in the electrical, construction and maintenance markets worldwide.
Textron Inc. is an $11 billion multi-industry company operating in 32 countries with approximately 40,000 employees. The company leverages its global network of aircraft, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell Helicopter, Cessna Aircraft Company, Jacobsen, Kautex, Lycoming, EZ- GO, Greenlee, Fluid & Power, Textron Systems and Textron Financial Corporation.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.
Matrix Announces the Successful Sale of Rossi American Hardwoods and Hardwood Lumber Manufacturing, Inc.
RICHMOND, VA – October 18, 2007 – Matrix Capital Markets Group, Inc. announced today that it has successfully completed the sale of Rossi American Hardwoods (RAH) and Hardwood Lumber Manufacturing, Inc. (HLM) to H.I.G. Capital, a private equity firm headquartered in Miami, FL and Fifth Street Capital, headquartered in White Plains, NY. RAH, based in Cromwell, CT and HLM, headquartered in Charlotte, NC, are two of the country’s leading producers and exporters of US hardwoods. All of the operating entities under RAH and HLM will be consolidated under a new holding company called American Hardwoods Industries and will include Blue Triangle Hardwoods, Graham Lumber, Emporium Hardwoods, and Northern Hardwoods. The companies also announced their intention to include Cross Creek Sales at a future date. Matrix served as exclusive financial advisor to Rossi and Hardwood Lumber on the transaction.
Ted Rossi, President of Rossi American Hardwoods and the Chairman of the newly formed American Hardwoods Industries stated, “The combination of Rossi and Hardwood Lumber, with our management teams and the financial resources of H.I.G. and Fifth Street, creates a formidable, multi-branded global competitor. The H.I.G. and Fifth Street teams have immersed themselves in the industry and proven to me that they share the same vision and see the same opportunities as our team.” Brian Schwartz, Managing Director of H.I.G. Capital indicated, “We are very excited about partnering with one of the effective operators and industry leaders in Rossi American Hardwoods. Rossi has developed a reputation as a top quality supplier in international markets.” Roman Krislav of H.I.G. noted “HLM offers a sophisticated, metrics oriented and disciplined, management approach that is unique in the industry. Rossi and HLM have consistently invested in quality equipment and management personnel. We believe American Hardwood Industries is well-positioned to benefit from an improvement in sector fundamentals. He noted further that “they are committed to growth and will continue to support an aggressive acquisition campaign that seeks to add businesses that provide or deliver quality managers, products, and customer relationships.”
Michael Morrison, Managing Director and Principal at Matrix commented, “The completion of this transaction will facilitate the creation of one the most diversified hardwood forest products platforms in the world. Partnering with H.I.G. Capital and Fifth Street Capital brings best in breed capital providers to an industry that is fragmented and ripe for selective consolidation. The platform will now have a very broad product offering, several seasoned industry executives, increased species availability, deeper market and customer penetration, and a sister company in Augusta Lumber, an existing portfolio company of H.I.G."
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.
Matrix’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.”
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.