Matrix Announces the Successful Sale of Berger & Burrow Enterprises, Inc. d/b/a Dynamic Mobile Imaging
RICHMOND, VA / BALTIMORE, MD – December 20, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Berger & Burrow Enterprises, Inc. d/b/a Dynamic Mobile Imaging (“Dynamic” or “DMI”), on its successful sale to True North Health Navigation LLC d/b/a DispatchHealth, the nation’s first comprehensive in-home medical care provider. Dynamic, headquartered in Richmond, VA, provides mobile x-ray and ultrasound services across the eastern half of the U.S. including Virginia, North Carolina, South Carolina, Georgia, Maryland, Washington, D.C., Delaware, Wisconsin, Indiana, Ohio, Minnesota, Kentucky and Michigan.
Originally founded in 2005 by a family of radiologic technologists, including Debbie Berger, Chief Executive Officer, Dean Berger, Chief Operating Officer, and Ron Burrow, Dynamic is a premier provider of portable digital x-rays, ultrasounds, EKGs, holter monitors, echocardiograms and dopplers. DMI provides these services to patients in skilled nursing facilities, assisted living homes, correctional facilities, universities, and home settings, as well as for sports teams and others who are unable to be transported easily. Over time, Dynamic expanded geographically beyond Richmond, VA and the surrounding region to include twelve states and the District of Columbia, growing to become one of the largest mobile imaging companies in the U.S. At the time of the transaction, DMI was owned by Debbie Berger, Dean Berger, and Clara Burrow, Chief Quality Officer.
Dynamic prides itself on having superior digital technology which allows for expedited care. By demonstrating continuous compliance with its high-performance standards and a commitment to providing safe and effective care, DMI is also proud to hold The Joint Commission’s Gold Seal of Approval®.
Matrix provided merger & acquisition advisory services to DMI, which included marketing the transaction, advising on valuation, deal structure, and other transaction terms, and ultimately achieving a successful execution. The transaction was managed by Amanda Verner Thompson and Vasanta Pundarika, Co-Heads of Matrix’s Healthcare Investment Banking Group; Casey Van de Walle, Director, and Anthony Hoffman, CPA, Analyst.
Debbie Berger, CEO of Dynamic, commented, “We were so fortunate to have worked with Matrix as our advisor. They have the most dedicated, super-charged team in the investment banking industry. They are here to get things done. We could not have done this without them.”
Ms. Thompson said, “We are excited to have advised the owners of Dynamic Mobile Imaging as they enter into this partnership with DispatchHealth and take the next step to enhance their future growth plans. It is truly a landmark transaction in the mobile imaging space.”
Ms. Pundarika added, “Multiple generations of the family have dedicated their energy into building up Dynamic Mobile Imaging. We are honored to have represented Debbie, Dean and Clara as they made this important decision for DMI.”
Williams Mullen served as legal counsel to Dynamic.
Matrix Announces the Successful Sale of Haywood Oil Company, Inc.’s (d/b/a Peak Energy) Convenience Retail, Petroleum Marketing and Wholesale Fuels Business
RICHMOND, VA / BALTIMORE, MD – December 20, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Haywood Oil Company, Inc. d/b/a Peak Energy (“Peak” or the “Company”) on the sale of its convenience retail, petroleum marketing, and wholesale fuels business to Majors Management, LLC. The Company is headquartered in Waynesville, NC and operates retail stores and serves wholesale customers throughout western North Carolina, as well as parts of South Carolina, Georgia and Tennessee.
Incorporated in 1952, Haywood Oil Company has grown from a local home heating oil delivery company into a leading petroleum marketer, fuels distributor and foodservice business. In 1973, David Blevins left Exxon to become President of Haywood Oil Company. The Company grew through multiple acquisitions that brought additional convenience stores, bulk plants, and fuel brands to the business.
Todd Blevins became President of Haywood Oil Company, Inc. in 1999 and continued the Company’s legacy of growth by making seven acquisitions over the next ten years and added a complementary branded foods division. The Company grew its wholesale fuels business by providing its network of 100+ dealers with site and building design, financing, fleet fueling, and branded fuel options. The Company’s fuel brand offerings consist of BP, Exxon, Mobil, Citgo and Sunoco, as well as independent brands.
Matrix provided merger and acquisition advisory services to Peak, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Andrew LoPresti, CFA, CPA, Vice President; and Michael Tucker, CFA, Senior Analyst.
Mr. Blevins commented, “It was a difficult decision to sell the business. I am very thankful for the talented people that helped us build the Company over the years. I enjoyed working with Cedric and his team at Matrix. They managed the sale from valuation to closing with an organized and professional process and I am very pleased with the outcome. In addition, Otto Konrad and his legal team at Williams Mullen were excellent to work with and helped make this transaction a success.”
Mr. Fortemps added, “The density of Peak’s retail and wholesale assets in growing markets made the opportunity very attractive to companies in the industry looking to expand. We’re pleased that we were able to achieve a very successful outcome on an accelerated timeline for the Blevins family and are excited for what lies ahead for them.”
Ben Smith, President of Majors Management, LLC, said, “Todd Blevins and all members of his team have built a great organization. We hope to build upon their success and grow our footprint in Western North Carolina and Tennessee.”
Otto Konrad, Amber Duncan, Lauren Pennington, and Elizabeth Chapman of Williams Mullen served as legal counsel for Peak.
Matrix Announces the Successful Sale of Slidell Oil Company, LLC
RICHMOND, VA / BALTIMORE, MD – December 17, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of the assets of Slidell Oil Company, LLC (“Slidell” or the “Company”) to Circle K Stores Inc.
Slidell owned a chain of convenience stores operated by commissioned agents under the Company’s Purple Cow convenience store brand and provided wholesale motor fuels to a network of dealers. The Company’s assets were located in Alabama, Mississippi, and Louisiana, with a significant market presence in Montgomery, Alabama and Slidell, Louisiana. The Company marketed primarily Chevron and Shell branded motor fuels and supplied unbranded fuels to a few dealer locations.
Based in Slidell, Louisiana, the Company is a third-generation family-owned business founded in 1948 as a Shell jobber and acquired by Willis A. Baker in 1952. Willis’ son, W.A. Baker, Jr., joined the Company in 1973 and continued to grow the business and expand the Company’s marketing territory. By 1998, Brian and Keith Baker, the Company’s current owners and Co-Chief Executive Officers, joined the family business. Under their leadership, Slidell continued to grow organically by building new sites and acquiring customers throughout their marketing area. They also acquired Interstate Oil Company in 2011, which gave them a significant presence in the Montgomery, Alabama market. In 2016, the Company sold its lubricants and commercial fuels divisions in order to focus on its retail and wholesale motor fuels businesses.
Matrix provided merger and acquisition advisory services to Slidell, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, CPA, Managing Director; John Duni, CFA, CPA, Vice President; and Kyle Tipping, CFA, Associate.
Brian and Keith Baker commented, “Having been through a few previous acquisitions and dispositions, we selected Matrix based on their structured approach to the sale of our company. Although it was a tough decision to sell, we believe it was the right time for us to exit the industry. Matrix was very professional and executed on an efficient process to achieve our goals and maximize the value of our assets. It was a pleasure working with Vance, John, and Kyle.”
Mr. Saunders added, “The Baker family built an extremely strong company comprised of high-quality assets. We are grateful to have been selected as their advisor to monetize the value created by three generations of their family over the past 70 years. It has been a pleasure working with Brian and Keith and we wish them all the best in their future endeavors.”
Brooks Milling and Chris Gill of Hand Arendall Harrison Sale and Paul Mayronne of Jones Fussell, L.L.P. served as legal counsel to Slidell.
Matrix Announces the Successful Sale of ICAT Logistics, Inc.
RICHMOND, VA / BALTIMORE, MD – December 17, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of ICAT Logistics, Inc. (“ICAT” or the “Company”) to an investment group led by KCM Capital Partners LLC (“KCM”), Lightspring Capital Partners (“Lightspring”), and Midwest Mezzanine Funds (“Midwest Mezzanine”). Live Oak Bank provided senior debt financing in support of the transaction.
Founded in 1993, ICAT is a leading agency-based global freight forwarder providing comprehensive transportation and logistics solutions, including the import and export of domestic and international freight by air, ocean or truck, along with customs and compliance management, customs brokerage and other specialty services. The Company’s tagline – “One Call, Right Solution…Done!” – represents the value-added services that ICAT provides to ensure the successful intermodal shipment of goods for more than 1,000 customers each year. Today, the Elkridge, Maryland-based business employs over 40 team members and counts 19 valued agency partners in its network.
Matrix provided merger and acquisition advisory services to ICAT, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Investment Banking Group; William O’Flaherty, Director; Matt Oldhouser, CPA, Associate; and Sahan Pandey, Analyst.
Mr. Shoulders noted, “We believe this is an excellent outcome for all parties. ICAT is an incredible business with an unparalleled commitment to its employees and boundless opportunity for growth. We are thrilled for Rick and his new partners and are excited for their continued success.”
Mr. O’Flaherty added, “This marks Matrix’s second logistics M&A transaction of 2021. We remain focused on expanding our industry coverage and expertise to continue providing market-leading advisory services to our clients. We appreciate the trust Rick and his team placed in us and are honored to have assisted in this important advisory assignment.”
Regarding Matrix’s services, Rick Campbell, founder and CEO of ICAT, commented, “I have been impressed with Matrix at every stage in this process. They have shown integrity and professionalism throughout the engagement and I am so grateful for their efforts. I have no doubt they found the best partnership for the Company and our employees.”
Company management, led by Mr. Campbell, built ICAT and its agency system over the last 30 years before deciding to partner with KCM to position the Company for enhanced growth. ICAT will remain under the guidance of the current leadership team, who remain actively invested in the business and will continue to oversee day-to-day operations.
Regarding the transaction, Mr. Campbell, noted, “We are excited to partner with KCM. They share our core values and vision for accelerating the growth of the business, while maintaining the strong relationships with our employees, customers, agency partners and transportation vendors. Since starting the Company, our philosophy has been one of teamwork and transparency, and KCM’s approach is rooted in these same principles. I’m confident they can provide the financial and strategic resources to accomplish our future growth objectives.”
Emmett Mosley, Partner at KCM said, “Rick has built an extremely strong and value-added business model at ICAT, with a differentiated network of agency partners who, alongside the Company’s operations from Baltimore, provide best-in-class customer service and superior freight forwarding solutions on a global basis. Particularly in today’s environment where supply chains face meaningful constraints and headwinds, ICAT has consistently distinguished itself as a creative, reliable and trustworthy partner to its customer base, enabling the successful and expedient shipment of valuable cargo around the world. We look forward to building on ICAT’s strong foundation by providing the resources to accelerate market growth through expansion of the Company’s agency network and strategic acquisitions.”
Derek Ferguson, Partner at KCM, added “We are thrilled to welcome Rick and the ICAT team into the KCM family and appreciate the capital support provided by our partners Lightspring and Midwest Mezzanine in this important transaction. We look forward to executing our strategy together with them and Company management.”
Williams Mullen served as legal counsel for ICAT. Katten Muchin Rosenman LLP served as legal counsel to KCM.
Matrix Announces the Successful Sale of Tri-State Petroleum Corporation
RICHMOND, VA / BALTIMORE, MD – December 16, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Tri-State Petroleum Corporation and its affiliates (“Tri-State” or the “Company”) on the sale of the Company’s 25 company-operated petroleum marketing and convenience retail stores, eight wholesale dealer accounts, and two commercial fuels bulk plants located in the tri-state region of western Pennsylvania, northern West Virginia, and eastern Ohio to Majors Management, LLC and its affiliates.
Tri-State was founded in 1974 by Edward J. Coyne, I and Elizabeth J. Coyne as an Atlantic Richfield distributor of tires, batteries, and automotive accessories. In 1976, the Company began barging fuel oil through its Wheeling, WV terminal and bulk plant facility that served chemical, coal, and other industrial customers throughout the upper Ohio Valley region. In the late 1980s and early 1990s, the Company implemented a strategic plan to expand into retail fuel marketing, by leveraging supply contracts with BP, Exxon, Citgo, and Sunoco, and acquiring two portfolios from BP in the mid-1990s, including company-operated convenience stores and wholesale dealer accounts. The Company continued its path of growth in 2002, when it acquired 18 petroleum marketing and convenience store locations from ExxonMobil Corporation.
Edward and Elizabeth’s children, Colleen McGlinn, Erin Merrick, Sheila Romanek, and Edward Coyne, II, all joined the business during the 1980s and 1990s and still continue to manage the Company in various executive roles today. In 2012, Tri-State entered into a new branded supply agreement with Marathon Petroleum Corporation, rebranding the majority of its petroleum marketing assets, and has subsequently become one of the leading Marathon distributors and convenience retailers in its trade area.
Matrix provided merger and acquisition advisory services to Tri-State, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, CFA, ASA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; David Corbett, CFA, Director; Martin McElroy, CFA, Senior Associate and James Mickelinc, CPA, Analyst.
Mrs. McGlinn, Tri-State CEO, commented, “Deciding to work with Matrix was one of the best decisions we made when we decided to move forward with the sale of our business. Their expertise, experience, professionalism, and industry knowledge were invaluable to us throughout a very complex process. They provided thoughtful advice as we made some of the most difficult decisions of our life. We greatly enjoyed working with the entire team at Matrix.”
Mr. Cavalier said, “Two generations of the Coyne family have worked tirelessly for nearly 50 years to build Tri-State into one of the leading petroleum marketers in the eastern Ohio Valley. It was a pleasure working with Colleen, Erin, Sheila, and Ed throughout the process, and an honor to represent the family when they made the important decision to pursue an exit from the business.”
Matrix Announces the Successful Sale of Southern Counties Oil Co., L.P. d/b/a SC Fuels
RICHMOND, VA / BALTIMORE, MD – December 10, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Southern Counties Oil Co., L.P. d/b/a SC Fuels (“SC Fuels” or the “Company”) on its sale to Pilot Company (“Pilot”). In addition to operating 47 proprietary cardlock locations, SC Fuels delivers branded and unbranded gasoline, diesel fuel, alternative fuels, lubricants, and other petroleum products, as well as offering fleet card programs. The Company serves more than 11,000 customers annually, ranging from small family-owned businesses to Fortune 500 companies, spanning ten states.
SC Fuels has a very rich history of growth and evolution. Originally founded in 1930 as a Signal Oil distributorship, the Company has grown into one of the oldest and largest, family-owned petroleum distributors in the U.S. In 1965, Frank H. Greinke (Frank H.), who had worked for Standard Oil of California (now Chevron) acquired the original distributorship and renamed it Greinke Petroleum. In 1972, the Company opened its first “fleet card” site that evolved into the modern day cardlock location. Following a path of rapid growth, Frank H. changed the name of the Company to Southern Counties Oil Company in 1976.
In 1987, Frank H.’s son, Frank P. Greinke (Frank P.) became president, and acquired full ownership of the Company in 1991. Frank P. grew the Company well beyond southern California and into several western states, prompting the adoption of the SC Fuels name in 2003. SC Fuels, powered by Frank P.’s entrepreneurial spirit, launched a period of exciting unparalleled growth, both organically and through strategic acquisitions. While growing SC Fuels, Frank P. also made significant contributions to the industry on a national level. He was former President of SIGMA, and past recipient of the SIGMA Distinguished Marketer Award, a prestigious and rare recognition given only to a very select few in the industry, by their peers. His valuable contributions to the various boards and committees upon which he served are too numerous to even count, and he is highly respected by many in his community and the industry as a whole for his commitment and leadership. In 2009, Frank P.’s son, Steven Greinke, was promoted to COO and subsequently rose to CEO. In addition to significantly enhancing operational performance, Steven continued the Company’s significant growth.
Matrix provided merger and acquisition advisory services to SC Fuels, including valuation, transaction execution, and assistance with the negotiation of the sale. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, Managing Director; Andrew LoPresti, Vice President; and Nate Wah, Associate.
Steven Greinke said, “After much consideration, the Greinke family made the difficult decision to sell SC Fuels. The SC Fuels team has done an impeccable job building and strengthening our geographic footprint within our core markets. We look forward to the continued opportunities and growth under Pilot.”
Founded in 1958, Pilot is ranked by Forbes as the 7th largest private company in America. As one of the leading suppliers of fuel and the largest operator of travel centers, Pilot has more than 800 locations across North America and supplies more than 12 billion gallons of fuel per year.
“We welcome the entire SC Fuels team to the Pilot Company family and look forward to working alongside the SC Fuels executive leadership, which will remain in place,” said Brad Jenkins, senior vice president of supply and distribution for Pilot Company. “This move strengthens Pilot Company’s supply infrastructure and fueling network across the West coast.”
Spencer Cavalier added, “We have had the honor of working with Steve and his extremely talented executive management team over the last several years on various projects. Matrix has always admired the Greinke family’s legacy of entrepreneurship, commitment to its employees, and charitable endeavors. We wish the Greinke family great success with their future endeavors.”
John Williams III, Darren Kerstien, Andrew Cline and Michael Perry of Gibson, Dunn & Crutcher LLP served as legal counsel for Southern Counties Oil Co., L.P.
Matrix Announces the Successful Sale of Rusher Oil Company and Rushco Food Stores, Inc.
RICHMOND, VA/BALTIMORE, MD – November 22, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of the assets of Rusher Oil Company and Rushco Food Stores, Inc. to Sampson-Bladen Oil Co., Inc. and its affiliates. Rusher Oil Company distributed Amoco and BP fuels to 19 branded convenience stores and one commissioned marketer location within a 20-mile radius of its Salisbury, North Carolina headquarters. Rushco Food Stores, Inc. operated 19 branded convenience stores under the name Rushco Markets.
W.H. Rusher and Son, and later Rusher Oil Company, was founded in 1963 by W.H. Rusher after many years as a commission marketing agent with Amoco Oil Company. Rusher Oil Company, under the leadership of Bob L. Rusher reoriented the company towards retail fuel sales, purchasing some of the most desirable real estate in its marketing territory for service stations, and expanded the gasoline marketing side of the business. Bobby Rusher and Joey Rusher joined the business in the 1980s and over the next several years continued to grow by building new-to-industry stores and remodeling older locations into larger facilities. During this time, Rushco Food Stores Inc. was organized and became a successful chain of retail convenience stores and car washes. Today, Rushco Food Stores, Inc., known as Rushco Markets, is one of the leading brands in its marketing territory which includes a network of high-quality convenience stores offering BP and Amoco branded motor fuels.
Sampson-Bladen Oil Company, Inc. was founded in 1936 and now, as a fourth-generation, family-owned enterprise, has grown into a business operating convenience stores, quick serve restaurants, car washes, a wholesale fuel division and a lubricants division. With the purchase of the Rushco Markets, Sampson-Bladen Oil Company’s store count has increased to 109 stores. Haddon M. Clark, president, saw a natural fit with the opportunity to add the Rushco Markets to the footprint. Sampson-Bladen Oil Company operates their stores under the name of Han-Dee Hugo’s.
Matrix provided merger and acquisition advisory services to Rusher, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, Managing Director; John Duni, Vice President; and James Mickelinc, Analyst.
The Rusher’s commented, “Selling a business is a difficult decision. Matrix was able to lead us through the process and provide timely advice to help us make the best decision possible.”
Mr. Clark noted, “The Rusher family operated quality stores, and we are honored they selected us to carry on in their communities. I thank all the people that contributed to the smooth transition of the changeover.”
Mr. Saunders added, “Three generations of the Rusher Family have worked hard to create the exceptional business that exists today. We’re honored to have been selected to advise the Rushers on such an important transaction for their family. We wish them all the best in their future endeavors.”
Will Smoak and Wells Hall of Nelson Mullins Riley & Scarborough, LLP served as legal counsel to Rusher. James Oliver of Hatch, Little, and Bunn served as legal counsel to Sampson-Bladen Oil Company.
Matrix Announces the Successful Sale of E.J. Pope & Son, Inc.’s 36 Handy Mart Stores
RICHMOND, VA / BALTIMORE, MD – November 10, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised E.J. Pope & Son, Inc. d/b/a Handy Mart (“EJP” or the “Company”) on the sale of its 36 petroleum marketing and convenience retail stores to GPM Investments, LLC, a wholly owned subsidiary of ARKO Corp. (Nasdaq: ARKO).
E.J. Pope Coal Company was founded in 1919 as a coal hauling business by horse-drawn wagon. In 1938, the Company added a heating oil distribution division and rebranded as E.J. Pope Coal & Oil Company. The Company entered the motor fuels distribution business in 1957 when E.J. “Buddy” Pope, Jr. purchased the business from his father. In 1975, the Company made the decision to open its first convenience store in Mount Olive, NC, and the Handy Mart store brand was born. Over the next 45 years, and recently under the leadership of E.J. “Judson” Pope III, the Company has grown the Handy Mart brand into a highly recognized regional chain of convenience stores, providing customers across eastern North Carolina with safe and convenient neighborhood stores that provide outstanding service and high-quality convenience options. In 1994, the Company began co-branding stores with nationally recognized foodservice brands in order to enhance the store offerings.
As of the closing, EJP operated 36 stores under the Handy Mart store brand, with approximately 20 branded QSRs or proprietary food offerings co-located at the stores. Additionally, via its sister company, Pope Transport, the Company hauls its own fuel and also acts as a common carrier for other, third-party hauling customers. Pope Transport will be retained by Judson Pope and will continue to haul fuel to the 36 stores for GPM, as well as for its existing customer base.
Matrix provided merger and acquisition advisory services to EJP, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Sean Dooley, Managing Director; and Kyle Tipping, Associate.
Judson Pope stated, “Given how long of a legacy my family and I have had with this Company, selling was a very difficult decision for me. With the help of a great team around me, we built a first-class operation and many team members will be transitioning to GPM and continuing to provide excellent customer service to our customers throughout eastern North Carolina. While the choice to sell the Company was not an easy one, I have known Spencer, Sean, and the broader Matrix team for over a decade, so selecting them to advise on the sale made the decision that much easier for me. Spencer, Sean, and Kyle did an exceptional job during every step of the transaction. My team and I were very pleased with their professional and thorough advice and tireless effort they put forth throughout the entire process. They have been a pleasure to work with.”
Mr. Cavalier added, “In building the Company into one of the preeminent petroleum marketing, convenience retailing and QSR companies in the country, Judson and his talented team have certainly honored the Pope family legacy, especially Buddy’s. Matrix is grateful for our long-term relationship advising the Company and family. We wish Judson and his team much success as they continue growing their other business enterprises, including Pope Transport.”
Lee Hodge, Clifford Parson, Amy Wang, Joseph DelPapa, and Michael Kohagen of Ward and Smith, P.A. served as legal counsel for E.J. Pope & Son, Inc.
Matrix Announces Jacksons Food Stores’ Successful Acquisition of 62 Speedway & 7-Eleven Stores
RICHMOND, VA/BALTIMORE, MD – October 12, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Jacksons Food Stores, Inc. (“Jacksons” or the “Company”) on the acquisition of 62 Speedway and 7-Eleven convenience stores with fuels in California, Arizona and Nevada from 7-Eleven, Inc. The closing on the final store included in the transaction occurred October 4, 2021. The stores acquired were among the 293 locations that 7-Eleven, Inc. is divesting to satisfy an agreement with the Federal Trade Commission (FTC) as part of its recent acquisition of Speedway LLC from Marathon Petroleum Corp.
The Meridian, Idaho-based family of Jackson companies (“Companies”) own, operate and supply more than 1,340 stores across nine western states. The Companies are vertically integrated, with fuel supplied by Jacksons Energy, full-line grocery and supplies distributed through Capitol Distributing and fresh food products supplied through Capitol Kitchens.
The acquisition is part of the Company’s continued focus on growth and expansion into additional markets across the Western U.S. and will give Jacksons 58 stores in attractive California markets, where it previously had little to no presence. Many of the acquired stores will operate under two of the Company’s well-known brands, Jacksons Food Stores and ExtraMile.
“We are excited to serve customers in new markets with our clean, fast and friendly approach,” said Cory Jackson, President of Jacksons Food Stores. “As a food forward retailer, we are focused on providing customers with the service, products, and convenience they need – when, where and how they want it. As an example, we recently launched Jacksons delivery across all markets with quick delivery windows to serve customers when they can’t visit our stores.”
John Jackson, Founder and CEO of Jacksons Food Stores said, “Today we build on this legacy by adding more talented associates and great locations to the Jackson family of companies to broaden who we serve and how we serve them. Matrix assisted us in the transaction by providing invaluable advice, analysis and projections through the use of multi-level models and key guidance on strategy.”
Matrix provided buy-side merger and acquisition advisory services to Jacksons, which included advising on valuation, deal structure, financing and other transaction terms. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, David Corbett, Director, and Martin McElroy, Senior Associate.
Mr. Fortemps commented, “We thoroughly enjoyed working with the Jackson family and the rest of the executive team on this transformational transaction for the Company. Jacksons’ best-in-class operation will benefit the employees and customers of these stores, as well as the communities they serve.”
Matrix Announces the Successful Sale of Jack’s Convenience Stores
RICHMOND, VA/BALTIMORE, MD – October 12, 2021 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Jacksons Food Stores, Inc. (“Jacksons” or the “Company”) on the acquisition of 62 Speedway and 7-Eleven convenience stores with fuels in California, Arizona and Nevada from 7-Eleven, Inc. The closing on the final store included in the transaction occurred October 4, 2021. The stores acquired were among the 293 locations that 7-Eleven, Inc. is divesting to satisfy an agreement with the Federal Trade Commission (FTC) as part of its recent acquisition of Speedway LLC from Marathon Petroleum Corp.
The Meridian, Idaho-based family of Jackson companies (“Companies”) own, operate and supply more than 1,340 stores across nine western states. The Companies are vertically integrated, with fuel supplied by Jacksons Energy, full-line grocery and supplies distributed through Capitol Distributing and fresh food products supplied through Capitol Kitchens.
The acquisition is part of the Company’s continued focus on growth and expansion into additional markets across the Western U.S. and will give Jacksons 58 stores in attractive California markets, where it previously had little to no presence. Many of the acquired stores will operate under two of the Company’s well-known brands, Jacksons Food Stores and ExtraMile.
"We are excited to serve customers in new markets with our clean, fast and friendly approach," said Cory Jackson, President of Jacksons Food Stores. "As a food forward retailer, we are focused on providing customers with the service, products, and convenience they need – when, where and how they want it. As an example, we recently launched Jacksons delivery across all markets with quick delivery windows to serve customers when they can't visit our stores."
John Jackson, Founder and CEO of Jacksons Food Stores said, “Today we build on this legacy by adding more talented associates and great locations to the Jackson family of companies to broaden who we serve and how we serve them. Matrix assisted us in the transaction by providing invaluable advice, analysis and projections through the use of multi-level models and key guidance on strategy."
Matrix provided buy-side merger and acquisition advisory services to Jacksons, which included advising on valuation, deal structure, financing and other transaction terms. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, David Corbett, Director, and Martin McElroy, Senior Associate.
Mr. Fortemps commented, “We thoroughly enjoyed working with the Jackson family and the rest of the executive team on this transformational transaction for the Company. Jacksons’ best-in-class operation will benefit the employees and customers of these stores, as well as the communities they serve.”
Matrix Announces the Successful Sale of Spencer Turbine
RICHMOND, VA/BALTIMORE, MD – October 5, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Spencer Turbine (the “Company”) to a wholly-owned subsidiary of Howden Group Limited (“Howden”), a portfolio company of KPS Capital Partners, LP (“KPS”). Spencer Turbine was previously owned by Alliance Holdings, Inc. (“Alliance Holdings”), a private investment firm based in Horsham, PA.
Founded in 1892 and based in Windsor, CT, Spencer Turbine, is an independent manufacturer of high-quality solutions for air and gas handling, with sales primarily in the United States and China. Its industrial blowers, vacuum systems and gas pressure boosters are designed with high quality standards to withstand extreme conditions, ensuring their long-term performance. Today, the Company employs over 90 dedicated individuals, and primarily focuses on applying its technologies across industrial, municipal, commercial, and institutional markets.
The transaction was managed by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Investment Banking Group; William O’Flaherty, Director; Matt Oldhouser, Associate; and Sahan Pandey, Analyst.
Mr. O’Flaherty commented, “The Spencer Turbine management team has done an excellent job executing on their growth strategy while assisting with the sale process. We commend them for their efforts, as well as Alliance Holdings, who is a valued relationship to our firm. We are once again thrilled to have represented them in another successful exit.”
Mr. Shoulders added, “Dating back to 2007, when we assisted in the sale of Spencer Turbine to Alliance Holdings, we’ve enjoyed watching the successful growth of the Company. To have the ability to witness the lifecycle of the investment, including advising on both sales, has been a privilege.”
Barbie Spear, Managing Director of Alliance Holdings, noted, “Matrix did a fantastic job in managing a complex sale process. Their entire team was diligent, responsive, and extremely hard-working. We appreciate their efforts and look forward to future opportunities to work together.” Regarding Spencer Turbine, she added, “It has been a tremendous joy to partner with the fantastic people at Spencer Turbine for over 14 years. We are so grateful for their contributions and extremely proud of what we’ve collectively accomplished. We are excited for what this next chapter holds for the Company as it embarks on its new partnership with Howden.”
Tony Mancini, President of Spencer Turbine, said, “Spencer Turbine is proud to join Howden. With strong complementary technologies, we are excited to be able to provide both our customers with diverse, high-quality product and system solutions to address their specific air and gas application needs. We are known for the quality of our work, people and service and we recognize the same focus in Howden. Our business will benefit from access to a wider network and we look forward to combining our expertise to create a stronger proposition for the markets we serve.”
Ross Shuster, CEO of Howden, commented, “The acquisition of Spencer Turbine further expands our presence in growth markets, including the industrial and wastewater treatment sectors, and is well aligned with the elements of our strategic vision of ‘enabling our customers’ vital processes’ and ‘advancing a more sustainable world’. We are pleased to welcome the Spencer Turbine team into Howden.”
Based in Renfrew, UK, Howden is a leading global provider of mission critical air and gas handling products, technologies and services. The acquisition of Spencer Turbine adds complementary products to Howden’s existing portfolio that expand Howden’s addressable markets by over $1.2 billion. As a result of the acquisition, Spencer Turbine will be able to tap into growth opportunities through additional technology support from Howden and by leveraging Howden’s existing global distribution and aftermarket service network, including its well-established presence in China, South America and Europe.
Ballard Spahr LLP served as legal counsel for Alliance Holdings and Spencer Turbine.
Matrix Announces the Successful Sale of Lykins Companies, Inc.
RICHMOND, VA/BALTIMORE, MD – October 1, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Lykins Companies, Inc., t/a Lykins Energy Solutions, (“Lykins” or the “Company”) on the sale of the Company’s commercial fuels, heating oil & propane, wholesale fuels, and electricity divisions. The commercial fuels, heating oil & propane division (collectively, “Bulk Fuels”) was acquired by World Fuel Services. The wholesale fuels business was acquired by Colonial Oil Industries, Inc., a subsidiary of Colonial Group, Inc. The electricity business was acquired by Shipley Choice, LLC, a subsidiary of Shipley Energy, Inc.
Lykins Companies, Inc., a highly respected leading distributor of diversified energy solutions, was founded in 1948 by Guy “Bandy” Lykins. The Company’s original business was operating retail service stations, until 1953 when Bandy’s 14-year old son, Don, purchased a fuel oil truck to supply heating oil to customers. Over the years, the Company diversified its operations by adding various business lines such as fuels distribution, lawn accessory sales, restaurants, tire distribution, and many others to its service offerings.
In 1999, Jeff Lykins, current president and third-generation owner, became president of the Company. Jeff, along with vice president & CFO Bob Manning and vice president of Transportation Ron Lykins, made a conscious decision to focus the Company on its core business of supplying customers with energy products. Many of the ancillary business lines were divested, with the proceeds reinvested in the Company’s core business. In addition, the Company established a new business line, electricity supply, in 2014.
In regard to the transactions, Mr. Jeff Lykins commented, “Ron, Bob and I want to thank all of our talented and dedicated employees over the years for building Lykins into one of the leading, diversified energy providers in the industry, as well as one of the largest private employers in Ohio. I also want to acknowledge Matrix, who structured and diligently executed on the sale of the enterprise that maximized shareholder value.”
Matrix provided merger and acquisition advisory services to Lykins, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of all three sale transactions. The transactions were managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, Stephen Lynch, Director, Martin McElroy, Senior Associate, and Kyle Tipping, Associate.
Mr. Cavalier said, “We are honored to have advised three of the most highly respected entrepreneurial businessmen in the petroleum industry. Over their history together, Jeff, Ron and Bob successfully adapted the Lykins enterprise to changing market dynamics to better serve their customers and fortify strong, recurring financial performance. We wish each of them all the best in their future endeavors.”
Rhys Wilson, Phil Cooper, and Tom Ryan from Nelson Mullins Riley & Scarborough LLP served as legal counsel for Lykins.
Matrix Announces the Successful Sale of Mercury Fuel Service, Inc.
RICHMOND, VA/BALTIMORE, MD – September 14, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Mercury Fuel Service, Inc. (“Mercury” or the “Company”) on the sale of the Company’s twenty (20) petroleum marketing and convenience retail stores (the “Stores”) and fuels wholesale business. Eight (8) of the Stores were acquired by EG Group. Twelve (12) of the Stores and the Company’s fuels wholesale business were acquired by affiliates of CCO, LLC (d/b/a Sam’s Food Stores). The Stores are all located in Connecticut and sell the Company’s proprietary branded fuel, Price Cutter, as well as Sunoco, Mobil, Gulf and Citgo branded fuel. The wholesale business serves dealer accounts in Connecticut, Massachusetts and New York. As part of the transactions, the Company also retained the real estate and entered into long-term leases with the buyers on a total of nine (9) Stores.
Mercury Fuel Service, Inc. was founded in 1947 by two brothers, Michael Devino and Thomas “Babe” Devino. Originally established as a small retail home heating oil business, the Company initially operated out of a modest three-bay garage and owned a vehicle fleet consisting of just one 500-gallon delivery truck. Over the years, the Company expanded into motor fuels distribution and operating convenience stores and gas stations.
Second-generation owners, brothers Michael Devino, Jr., President, Martin Devino, Chief Financial Officer, and Thomas Devino, Vice President, helped to significantly grow the retail gasoline business by pursuing desirable real estate, going to market with an aggressive pricing strategy, and offering consistent and high-quality service to their customer base.
In regard to the transactions, Mr. Michael Devino commented, “We have built a solid and thriving business over the past 74 years and are proud of everything we have accomplished.” Mr. Martin Devino added, “Matrix’s unparalleled expertise advising companies in our industry and their relationships with the best potential buyers for our assets was invaluable to the successful outcome of our transaction.”
Matrix provided merger and acquisition advisory services to Mercury, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale and lease transactions. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group and John Duni, Vice President.
Mr. Fortemps said, “We have known the Devino family for many years and in helping them with their strategic planning decisions, discussed the state of the M&A market and value drivers for convenience retail and fuels distribution assets at various times. When the time was right for them, we were honored to have been engaged to help them monetize the exceptional business they built.”
Robert Zelinger, Jomarie Andrews, and Jared Shwartz from Hinckley Allen served as M&A and real estate counsel for Mercury, and Brian Freeman from Robinson+Cole served as environmental counsel.
Matrix Announces the Successful Sale of Sherman V. Allen, Inc.’s Petroleum Marketing and Convenience Stores
RICHMOND, VA/BALTIMORE, MD – August 10, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Sherman V. Allen, Inc. (“SVA” or the “Company”) on the sale of its thirteen (13) “Mac’s Market” branded convenience retail stores and one (1) commissioned agent site to Global Partners LP (NYSE: GLP). The Company’s stores are located in Vermont, New Hampshire, New York and Massachusetts and sell Citgo branded fuels. The Company will continue to operate its Mac’s Market grocery stores throughout Vermont, which are not part of the transaction.
Forty years ago, Sherman V. Allen, Jr. opened his first convenience store in Fair Haven, Vermont, near the New York border. The store was a success, providing for the needs of the average driver and truckers alike. Not long after, Mac, as he was known, purchased a local fuel company and started his own distribution business. Over the course of time, Mac purchased and established additional convenience stores and fuel companies, expanding his business into New York, New Hampshire and Massachusetts. Not one to be satisfied with just one business, Mac also purchased a local hotel in Vermont, as well as several neighborhood grocery stores, and pursued a number of real estate development opportunities.
Mac’s daughter, Jennifer C. Allen, has worked for her father since she was old enough to hold a broom and over the last decade, she has managed both the convenience store and grocery store divisions of the Company. Several years ago, when Mac was taken ill and before he passed away, they both agreed that due to the challenges faced by most small convenience store operators, it would be best to sell the convenience stores, so that they could focus on the grocery store division and real estate development.
Ms. Allen commented, “We have enjoyed working in the convenience store business to service our local communities in Vermont, New York, New Hampshire and Massachusetts. Our relationships in Vermont will continue under the Mac’s Market name, with our neighborhood grocery stores, and we are excited with the prospect of new real estate developments on the horizon. In the meantime, we are confident that Global Partners, a leading petroleum and convenience store operator throughout the Eastern U.S., will exceed our expectations in maximizing the opportunities available to them, using their expertise and abundant resources, in improving and expanding what my father started with nothing more than a 500 square foot store in Fair Haven, Vermont. My thanks and gratitude to our employees, who worked in one of the most challenging industries, and who put the needs of our community before their own, during the pandemic. Many thanks as well to the Matrix team, who worked with me and my staff, to achieve our goal in selling our family business to a well-respected company, like Global.”
Matrix provided merger and acquisition advisory services to SVA, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by John Underwood, Managing Director; Andrew LoPresti, Vice President; and Matthew Paniccia, Analyst.
Mr. Underwood added, “We greatly appreciate the confidence that Ms. Allen placed in the Matrix team. The SVA team was great to work with, as they supported the sales effort while continuing to manage the day to day operations of both the convenience stores and grocery stores under very difficult conditions during the pandemic.”
Peter S. Erly and Catherine A. Burke of Gravel & Shea PC, and Diane McCarthy of Sheehy Furlong and Behm PC served as legal counsel for Sherman V. Allen, Inc.
Matrix Announces the Successful Sale of Select Circle K Sites to Casey’s General Stores
RICHMOND, VA/BALTIMORE, MD – June 28, 2021 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Circle K Stores Inc. (“Circle K” or the “Company”) on the sale of forty-eight (48) petroleum marketing and convenience retail stores (the “Stores”) to Casey’s General Stores, Inc. (“Casey’s”). The Stores are all Circle K branded and located in Oklahoma, mostly in the greater Oklahoma City market, and sell Conoco, Phillips 66, Shell, Valero and Circle K branded fuels. Circle K Stores Inc. is owned by the global convenience and fuel retailer Alimentation Couche-Tard Inc.
Matrix provided merger and acquisition advisory services to Circle K, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, Vice President; and John Mickelinc, Associate.
Mr. Fortemps said, “We’re very pleased to have advised Circle K on their sale process. This transaction was a win-win as Casey’s acquisition of the Stores will allow them to increase their presence in the Oklahoma City market, and it was very important to them to retain the vast majority of the employees, which was also important to Circle K.”