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.