Matrix Capital Markets Group, Inc. Closes Recapitalization of Flowers Today, Inc.
RICHMOND, VA - November 28, 2005 - Matrix Capital Markets Group, Inc. announced today that it has successfully completed the recapitalization of Flowers Today, Inc., one of the largest marketers and sellers of flowers in the nation operating under the trade names Blooms USA, Flowers Sent Today and American Blooms. Woodside Funding Partners provided mezzanine capital and Mercantile-Safe Deposit and Trust Company provided senior debt financing to support the recapitalization.
The transaction took place in order to refinance certain liabilities, as well as provide growth capital for the company. George Dukas, Co-founder and CEO, remarked, “As shareholders of a rapidly growing private company, we determined that the market conditions were well suited for us to obtain additional capital to support both the Company’s organic growth as well as an external acquisition campaign.” Don Mayer, Co-founder and President, added, “The consummation of this deal will allow us to achieve our strategic corporate objectives for the next several years.”
According to Michael Morrison, Managing Director and Principal of Matrix Capital Markets Group, “The Flowers Today transaction is a very good representation of what is happening in the middle market today – strong performing, privately owned businesses are finding much success in accessing the senior debt and mezzanine capital communities in order to secure capital that will support future growth initiatives. Bill Kerkam, Vice President of Matrix Capital Markets Group, added, “Mercantile and Woodside worked well together to collaborate on a financing package that will allow Flowers Today to accelerate its acquisition strategy.”
Flowers Today, Inc. headquartered in Haymarket, VA, is the nation’s largest advertiser for flowers in the yellow pages under the floral heading, with advertisements appearing in over 375 million yellow page directories nationwide as well as on the Internet. The Company has achieved tremendous growth organically, as well as through acquisitions since its founding in 2000.
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, Inc. Completes Sale of Kadant Composite Building Products Business to Liberty Diversified Industries
RICHMOND, Va.--(BUSINESS WIRE)—Nov. 2, 2005— Matrix Capital Markets Group, Inc. recently announced the successful closing of the sale of Kadant Composites LLC, a leading manufacturer of composite decking and roofing products, to Minneapolis -based LDI Composites. Kadant Composites is a subsidiary of Kadant Inc. (NYSE: KAI). LDI Composites is a subsidiary of Liberty Diversified Industries (LDI).
Kadant Composites maintains operations in Green Bay, Wisconsin, and Bedford, Massachusetts, and markets and distributes its products nationally through building products dealers. The sale includes substantially all of the operating assets of the Kadant Composites business, including its GeoDeck brand of composite decking, railing, and roofing products, as well as its manufacturing, research and development, distribution and sales and marketing operations. The transaction was structured as an asset sale.
According to Robert Mason, Vice President of Matrix, “Kadant Composites represented an attractive acquisition opportunity into one of the fastest growing segments in the building products industry – composite decking. The acquisition by LDI allows them to greatly accelerate their entrance into this segment, adding a highly accomplished management team as well as a top branded product line to their portfolio. GeoDeck (www.geodeck.com) has become a top consumer brand and one of the leading brands in the professional installer market.”
Jon Painter, Executive Vice President for Kadant and President of Kadant Composites, added, “the professionals at Matrix guided us through an extensive process to identify, approach and negotiate a sale of the composites business. They were with us throughout the entire process, and in the final analysis, provided us with the confidence that we had received the best deal possible from a buyer that represented an ideal suitor for the business.”
Kadant is a leading supplier to the global pulp and paper industry, with a range of products and services for improving efficiency and quality in pulp and paper production, including paper machine accessories, and systems for stock preparation, fluid handling, and water management. For more information visit www.kadant.com.
Liberty Diversified Industries is a privately held company serving the corrugated packaging, material handling, office supply, and furniture and building products industries. For more information visit www.libertydiversified.com.
Matrix Capital Markets Group is a leading middle market investment bank headquartered in Richmond, Virginia. Since its founding in 1988, Matrix has served middle market and privately held companies, specializing in merger & acquisition and financial advisory services including exclusive sales and divestitures, management buyouts, and debt & equity placements. For more information visit www.matrixcapitalmarkets.com.
45 Sentry Food Mart Stores Sold
RICHMOND, VA - July 7, 2005 Matrix Capital Markets Group, Inc. announced today the successful sale of 45 Sentry Food Mart Stores located in the Tidewater and Western regions of Virginia. All of the stores were sold through a sale process managed by Matrix. Twenty-three (23) stores were sold to The Pantry, Inc. (NASD:PTRY), five (5) stores were sold to B&L Investments, and the remaining seventeen (17) stores were sold to twelve (12) other acquirers. Matrix served as the exclusive financial advisor to the seller, Angus I. Hines, Inc. Tom Kelso, Managing Director and Head of the Energy and Multi-Site Retail Group at Matrix, managed the transaction.
Angus Hines, President of Angus I. Hines, Inc. said, “We retained Matrix to sell our convenience stores based on recommendations from other firms who had used their services as well as Matrix’s excellent reputation in our industry. We were extremely pleased with the results. The high level of buyer participation and the number of offers we received were far above our projections. The Matrix team was very professional and easy to work with, thus making a rather stressful event run as smooth as possible.” A complete list of the buyers is available at www.matrixcapitalonline.com under the VA & NC Stores, Sale of Sentry Food Marts section. Matrix's Energy & Multi-Site Retail Team is recognized as a national leader in providing transactional advisory services to companies in the energy and multi- site retail industries. Team members are dedicated to these industries and draw upon complementary experiences to complete sophisticated mergers, acquisitions, and corporate finance transactions.
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.