Matrix Announces Promotions, Welcomes New Team Members

RICHMOND, VA/BALTIMORE, MD – October 25, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce several promotions, as well as welcome new team members.

Several team members have made outstanding contributions to the firm and are being recognized for the following achievements:

Sean P. Dooley, CFA, ASA has been promoted to Managing Director. He has helped advise on nearly 40 successful transactions since joining Matrix’s Downstream Energy & Convenience Retail Investment Banking Group in 2010. Mr. Dooley holds the Chartered Financial Analyst designation and is a member of the CFA Institute. He is also recognized as an Accredited Senior Appraiser in Business Valuation by the American Society of Appraisers.

Martin C. P. McElroy, Jr., CFA has been promoted to Senior Associate. He is a member of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group and joined the firm in 2017. Mr. McElroy received a B.S. in Business Administration from the University of Richmond with a major in accounting and a concentration in finance. He holds the Chartered Financial Analyst designation and is a member of the CFA Institute.

Nathan B. Wah, CPA has been promoted to Associate. He has been a member of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group since 2019. He received a B.S. in Business Administration with concentrations in both finance and accounting, and graduated cum laude from Villanova University. He holds the Certified Public Accountant designation.

John T. Mickelinc, CFA now holds the Chartered Financial Analyst designation and is a member of the CFA Institute. He is an Associate with Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, and has been with the firm since 2018. He received his B.S. in both finance and marketing, and graduated summa cum laude from Le Moyne College.

Matrix is also pleased to welcome the following new team members:

Sahan Pandey has joined Matrix’s Consumer & Industrial Investment Banking Group as an Analyst. He was previously an FP&A Financial Analyst at Markel Corporation. He received a B.A. in Statistics with a concentration in econometrics from the University of Virginia. He has passed Level 1 of the CFA.

Alex B. Harper has joined Matrix’s Downstream Energy & Convenience Retail Investment Banking Group as an Analyst. Prior to joining Matrix, Alex graduated from Washington & Lee University and received a B.S. in Accounting.

Maggie D. Gerhardt has joined Matrix as Director of Compliance. She was previously a Compliance Officer with Dimensional Fund Advisors. She received a B.A. in Political Science from the University of South Carolina, and an MBA from St. Edward’s University.

Jessica A. Cookmeyer has joined the firm as a Marketing Coordinator. Prior to Matrix, she was a Marketing Coordinator with Lakewood Retirement Community. She received her B.A. in Communications from Longwood University and an M.A. in Strategic Communications and Advertising from Liberty University.

by Kelly Simons

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.”

by Kelly Simons

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.”

by Kelly Simons

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.

by Kelly Simons

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.

by Kelly Simons

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.

by Kelly Simons

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.

by Kelly Simons

Matrix Launches New Capital Advisory Investment Banking Group, Welcomes Industry Veterans

RICHMOND, VA / BALTIMORE, MD – July 13, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the formation of a new Capital Advisory Investment Banking Group.  John J. Whalen, Managing Director, has been named head of the new group and M. Ryan Weir, Jr., Vice President has also joined the team.

Matrix has a 33-year history of providing clients with merger & acquisition, capital raising and financial advisory services.  The addition of this new Group will bring an even deeper level of experience and focus to all facets of capital intermediation and transaction execution, and provide clients with expertise on capital structure & efficiency, liquidity, and go-to-market strategy.

Matrix’s Capital Advisory Investment Banking Group (“CAG”) actively advises operating companies on all phases of the capital raising process by delivering bespoke financing solutions in support of client growth initiatives.  In serving as an outsourced independent capital markets function, CAG provides high-touch, executive level resources to businesses navigating the increasingly complex debt & equity markets, whether raising the capital necessary to support organic/acquisitive growth, fund major capital expenditures, or facilitate shareholder liquidity.

Mr. Whalen joins Matrix after 30 years with M&T Bank Corporation and has structured, underwritten, and led over $250B of complex debt transactions over his career.  His industry experience includes extensive work with companies in healthcare, food & beverage, transportation & logistics, consumer products, and general industrial (heavy equipment, specialty chemicals, industrial gases, and aggregates/minerals), as well as financial institutions.

Mr. Weir was also previously with M&T Bank Corporation for 14 years as Vice President in M&T’s Debt Capital Markets Group.  His expertise includes work in consumer products, retail automotive, seasonal retail, building products, business services, insurance, and other esoteric businesses.

Throughout their careers, both Mr. Whalen and Mr. Weir successfully structured and led complex bank loan market transactions (pro-rata, ABL, institutional term loans), non-bank direct lender credits, uni-tranche structures, second lien, and mezzanine loans, as well as preferred equity, bridge transactions, unregistered private placements, and corporate securities (high yield and investment grade).

Thomas Kelso, President of Matrix said, “We are very excited to have John and Ryan join our firm to lead the creation of our Capital Advisory Investment Banking Group.  The addition of this dedicated group has been a major goal of ours as we continue to grow Matrix and broaden the scope of advisory services we provide to our clients.”

by Kelly Simons

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.”

by Kelly Simons

Matrix Announces the Successful Sale of Freeman Gas and Electric Co., Inc.

RICHMOND, VA/BALTIMORE, MD – June 16, 2021 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Freeman Gas and Electric Co., Inc. (“Freeman” or the “Company”) to Superior Plus Energy Services, Inc., a subsidiary of Superior Plus Corp. (TSX:SPB).  Over its 85 year history, Freeman has grown to become one of the largest independent, family-owned propane distributors in the U.S.

Freeman Gas and Electric was first established in Spartanburg, South Carolina in 1936 by J.R. Freeman, Sr. and H.S. McKeown when they opened a modest appliance dealership. Freeman and McKeown soon discovered that gas was especially popular in local rural areas where electric service was not yet available. Due to the high demand for gas and gas appliances, the Company began to sell and distribute gas appliances and bottled gas.  After J.R. Freeman, Sr.’s passing in 1959, his son, J.R. “Bob” Freeman, Jr. became President of Freeman Gas. Over the following decades he expanded the Company’s service territory by building additional branch offices and bulk plants throughout the Southeast, as well as led the development of Freeman’s cylinder exchange business.  Years later, Bob Freeman, Jr. was succeeded by his son J.R. “Rob” Freeman, III as President in 1997. Under Rob’s leadership, the Company experienced superior organic growth of its service area and customer base by expanding into Georgia, opening 14 new stores and building 16 new bulk plants, and nearly tripling propane volumes.

Today, Freeman is a full-service propane retailer providing propane gas deliveries, gas appliance sales, and installation and repair services to nearly 70,000 residential and commercial customers across 86 counties in North Carolina, South Carolina, Georgia, Tennessee, and Virginia. The Company operates 23 retail showrooms and 38 bulk plants and is known for its quality workmanship, superior customer service, focus on safety, and community involvement.

“In Superior Plus, we found an outstanding partner who can carry on the Freeman legacy of excellence in service to our customers, and support for our employees and the communities we serve,” says Freeman Gas president Rob Freeman.  “Matrix was a key part of this search, and in consummating the transaction.  They provided excellent guidance.  We cannot thank the Matrix team enough for the support they provided.”

Matrix provided merger and acquisition advisory services to Freeman, 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; Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, Vice President; and John Mickelinc, Associate.

Mr. Saunders added, “Rob and the Freeman family have built a truly remarkable enterprise and one of the propane industry’s largest and most highly regarded private companies. We are honored that they entrusted us with this assignment to realize the value created by three generations of hard work and dedication, and it has been a pleasure working with the Freeman family and their team. We wish them all the best in their future endeavors.”

Chip Presten, Lori Jones, Tracey Thompson, and Spencer Davis of Mercer Thompson LLC served as legal counsel for Freeman.

by Kelly Simons

Co-Heads of Matrix’s Healthcare Investment Banking Group Featured in ABF Journal’s Top Women in Asset-Based Lending

RICHMOND, VA/BALTIMORE, MD – June 10, 2021 - Matrix is pleased to announce that Amanda Verner Thompson and Vasanta Pundarika have been named to ABF Journal’s 2021 Top Women in Asset-Based Lending. Female professionals from multiple disciplines including, strategic advisors, lenders, private equity, accounting and legal were included in this distinguished list of recipients and featured in ABF Journal’s inaugural 2021 DE&I issue.

The list includes profiles on more than 50 of the most influential and innovative women in the industry. The first class of honorees are professionals who have shaped and will continue to shape the ABL world.

Ms. Thompson and Ms. Pundarika serve as Co-Heads of Matrix’s Healthcare Investment Banking Group and are responsible for new client engagement and transaction management, provide leadership and support for the professional development of the group, as well as drive Matrix’s expansion into the broader healthcare industry.

The group provides merger and acquisition, corporate advisory and financial advisory services to companies in a variety of healthcare sub-sectors, including hospitals and healthcare systems, academic medical centers, behavioral health organizations, managed care companies, telemedicine service providers, as well as companies providing outpatient and ambulatory care, long-term care, home health and post-acute care, physician practices, and other ancillary services, including labs, diagnostics, imaging and dialysis.

by Kelly Simons

Matrix Announces the Successful Sale of Toms Sierra Company, Inc.

RICHMOND, VA/BALTIMORE, MD – June 2, 2021 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Toms Sierra Company, Inc. (“Sierra” or the “Company”) on the sale of thirteen (13) of the Company’s sixteen (16) petroleum marketing and convenience retail stores to an undisclosed buyer (“Buyer”).  The Company’s stores are located outside Sacramento, California, in the surrounding foothills of the Sierra Nevada mountain range, and operate under the Sierra Express brand name. The stores sell 76 branded and Sierra Energy branded fuels. As part of the transaction, an institutional real estate investment trust has acquired Sierra’s fee simple interest in seven (7) of the properties and entered into lease agreements with the Buyer.

Toms Sierra Company, Inc. was founded in 1959 in order to provide the highest level of petroleum-related products and services to its customers. Over the subsequent decades, prior to being acquired by the current majority owner in 1998, the Company grew to a nearly 30 store chain with additional wholesale fuels distribution, fuels transportation, and automotive services business segments. The Company divested its wholesale fuels distribution and fuels transportation businesses in 2008 and subsequently optimized its convenience store division by selling under-performing assets. Sierra’s stated mission is to be recognized as a leader and vital partner providing petroleum, automotive, and convenience related products and services to its customers, and the Company lives by its corporate slogan: “Clean, Fast, Fresh and Friendly.”

The Company is led by Brad Barnett, President. Mr. Barnett has worked for the Company for nearly 20 years and is supported by a talented management team. In regard to the transaction, Mr. Barnett commented, “It’s been a challenging and complex effort to sell the stores during a pandemic. We are grateful for the efforts of Cedric Fortemps and the Matrix team! I can’t imagine such an undertaking without their expertise and assistance. We look forward to watching the transition to the Buyer with our foothill locations.”

Matrix provided merger and acquisition advisory services to Sierra, 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; Stephen Lynch, Director; and Kyle Tipping, Associate.

Mr. Fortemps added, “We sincerely appreciate Brad and the Company’s Board entrusting us as their advisor on this transaction. We greatly enjoyed working with Brad and his team and are pleased that the stores are being acquired by a reputable and experienced operator that will continue to provide exceptional service to Sierra’s loyal customer base.”

Mr. Fred Whitaker and Ms. Ashley Bolduc of Cummins & White, LLP served as legal counsel for Sierra.

by Kelly Simons

Matrix Announces the Successful Sale of Van Unen/Miersma Propane

RICHMOND, VA/BALTIMORE, MD – May 21, 2021 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Van Unen/Miersma Propane, Inc. (“VMP”), in some markets as d/b/a Sierra Propane, and its affiliate Windmill Propane, Inc. (“Windmill Propane”) or collectively the (“Company”) on its sale to Energy Distribution Partners, LLC (“EDP”), one of the industry’s Top Ten propane marketers.  The Company is one of the largest propane retailers in its region, serving over 11,000 agricultural, commercial, and residential customers in 15 counties throughout California.

Van Unen/Miersma Propane, Inc. was founded in 1993 by Rick Van Unen, Marion Miersma, and Jeff Van Groningen.  Rick and Marion had previously owned a propane business (M&M Propane) located in Southern California, which they sold to Petrolane Partners, L.P. (“Petrolane”) in 1987.  Following the sale, Rick relocated to Ripon, California to work for Petrolane as a Regional Sales Manager, and Marion started a bollard production business, also in Ripon.  Five years later, at the end of 1992, Rick and Marion re-entered the propane industry and asked Jeff to join them in their new venture, Van Unen/Miersma Propane, Inc.

In 2000, the Company acquired Sierra Propane, a small, independent propane distributor, which was perfectly situated adjacent to VMP’s current marketing territory.  The founders continued to grow VMP and Sierra Propane through the early 2000s, and in 2006 decided it was time to expand further south within the Central Valley of California.  At that time, Hurts Propane had just ceased operations, and Rick, Marion, and Jeff made the decision to pursue the acquisition of their customer base and other fixed assets.  The founders incorporated Windmill Propane, acquired Hurts Propane and took on servicing their existing, new and previous customer accounts and significantly grew all operating markets for the Company over the past two decades.

Matrix provided merger and acquisition advisory services to the Company, 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 Investment Banking Group; Sean Dooley, Managing Director; and Nate Wah, Associate.

Rick Van Unen, CEO of VMP and Windmill Propane, said, “It would not be possible to overstate the value of the fine folks at Matrix in guiding us through this complex process and advising us on the sale of our company.  I would highly recommend Matrix to anyone thinking about selling their business.”

Jeff Van Groningen, President and CFO of VMP and Windmill Propane, said, “The expertise that Matrix provided in assisting our company through this process was invaluable.  We relied heavily on their experience to attract a high-quality prospective buyer that would align with our company’s core values of world class employee engagement and customer service, while maintaining a strong commitment to safety.”

Mr. Dooley added, “We are honored to have advised the shareholders among the three families on the sale of VMP and Windmill Propane.  Over the last decade, Rick, Marion, and Jeff were very instrumental in transforming the existing business to a truly best-in-class propane distribution operation.  They built one of the most successful propane distribution companies we have advised to date, and it was a pleasure working with them on this transaction. We wish Jeanne (Miersma), Rick, and Jeff all the best in their future endeavors.”

Energy Distribution Partners’ CEO Tom Knauff commented, "We are extremely pleased that the owners of VMP and Windmill Propane chose EDP when it came time to transition their companies. We appreciated the opportunity to work with the Matrix team on this transaction and welcome these respected propane retailers to our family of companies."

Tammera Diehm, Noreen Sedgeman, and Michelle Fitch of Winthrop & Weinstine, P.A. served as legal counsel for VMP and Windmill Propane.

by Kelly Simons

Matrix Announces Promotions, Welcomes New Team Member

RICHMOND, VA/BALTIMORE, MD – March 30, 2021 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce two promotions and welcomes our newest member to the Downstream Energy & Convenience Retail Investment Banking Group.

John T. Mickelinc has been promoted to Associate. He has been a member of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group since 2018.  During that time, he has assisted on eight successful engagements including the sale of Fastrac Markets and Boulden Brothers Propane, as well as West Oil, Inc.’s divestiture of its convenience store assets. He received his B.S. in both finance and marketing, and graduated summa cum laude from Le Moyne College.  He has successfully completed the CFA Level II exam.

Michael J. Tucker, CFA has been promoted to Senior Analyst.  Since joining Matrix’s Downstream Energy & Convenience Retail Investment Banking Group in 2020, he has assisted with nine sell-side, buy-side and valuation advisory engagements.  He graduated from Virginia Tech where he received a B.S. in Accounting and Finance. Additionally, he is a CFA Charterholder and member of the CFA Institute.

Matrix is also pleased to welcome James P. Mickelinc, Analyst, as a member of the Downstream Energy & Convenience Retail Investment Banking Group.  Prior to joining Matrix, he was an assurance senior associate with PricewaterhouseCoopers, LLP in their alternative investments group.  He received a B.S. in both Finance and Accounting, and graduated summa cum laude from Le Moyne College. He also received an M.S. in Accounting from Loyola University Maryland. He has successfully completed the CPA exam and is pending licensure.

by Kelly Simons

Matrix Announces the Successful Sale of Walker Magnetics Group, Inc.

RICHMOND, VA/BALTIMORE, MD – March 1, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Walker Magnetics Group, Inc. (“Walker Magnetics” or the “Company”) to Industrial Magnetics, Inc. (“IMI”), a portfolio company of DNS Capital, LLC (“DNS”).  Prior to the sale, Walker Magnetics was owned by Alliance Holdings, Inc. (“Alliance Holdings”), a private investment firm based in Horsham, PA.

Walker Magnetics, founded in 1896, is a globally recognized manufacturer of highly engineered industrial magnetic products.  Established in Worcester, MA by Oakley S. Walker, the Company has grown over the past century through a mix of acquisitions, product innovation, and share gains with its loyal customer base.  Throughout its history, the business has served thousands of customers in 190 countries worldwide, including steel mills, the rail industry, scrap processors, recycling centers, foundries, mining companies, machine shops, fabrication plants, shipyards, casting plants, machine tool distributors, automotive suppliers and steel services centers.  In 2011, the Company partnered with Alliance Holdings as the family ownership group exited the business.  Today, Walker Magnetics operates out of two locations in Columbus, OH and Windsor, CT and has expanded its reach globally to service its customers across the heavy lift, workholding, separation, scrap, standard lift, and repair markets.

The transaction was managed by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Investment Banking Group; William O’Flaherty, Director; John Mosser, Associate; Matt Oldhouser, Associate; and Duncan Rogers, Analyst.

Mr. O’Flaherty commented, “We consider this a tremendous outcome for all parties.  Alliance Holdings has done an exceptional job preserving and enriching the legacy of the Walker family, its nearly 125 year heritage, and its outstanding group of dedicated employees.  We are honored to have been entrusted with this important engagement.”

Barbie Spear, Senior Vice President and Chief Operating Officer of Alliance Holdings, noted, “This is an excellent result for the Walker Magnetics’ employees, customers and suppliers.  We wish the Company continued success as part of the IMI team.”  Regarding Matrix’s services, she added, “Our relationship with Matrix spans well over a decade.  This engagement has done nothing but further our confidence in their abilities to manage a rigorous, detailed process.”

Ballard Spahr LLP served as legal counsel for Alliance Holdings and the Company.

by Kelly Simons

Matrix Announces the Successful Sale of ASAP Expediting & Logistics

RICHMOND, VA/BALTIMORE, MD – February 22, 2021 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of ASAP Expediting & Logistics, LLC and G&H Transport, LLC (collectively, “ASAP”, “ASAP Expediting & Logistics” or the “Company”) to Trump Card Holdings, LLC (“TrumpCard”), a subsidiary of Magnate Worldwide, LLC (“Magnate Worldwide”), and a portfolio company of CIVC Partners, L.P. (“CIVC”).

Founded in 2008 by CEO Garland Hobgood, ASAP Expediting & Logistics is a leading, asset-light, third-party logistics business, specializing in providing expedited freight solutions to domestic and international customers. In the first five years of operation, Mr. Hobgood used his unique, high-touch and customer-centric approach to time-critical freight to attract blue chip clients in industrial end-markets, including mining, construction, and pulp & paper. Since then, ASAP has expanded its market expertise to include aerospace, automotive, and food & beverage, driven by the sales efforts of President Angela Hobgood and the hard work and dedication of the Company’s many valued employees. Today, ASAP Expediting & Logistics continues to grow rapidly with existing and new customers that value a solutions-oriented and tailored approach to logistics services.

The transaction was managed by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Investment Banking Group; William O’Flaherty, Director; John Mosser, Associate; Matt Oldhouser, Associate; and Duncan Rogers, Analyst.

Mr. Shoulders commented, “We are grateful to have been selected by the Hobgoods to assist them in this important assignment. They have been a joy to work with and we are thrilled to arrive at an outcome that achieved all of their objectives.”

Angela and Garland Hobgood, noted, “We are very excited to forge the next phase of ASAP and could not have found a better home. TrumpCard and ASAP have very similar cultures and recognize that our people are what make us who we are.” Regarding Matrix’s services, they added, “Matrix has exceeded our expectations across the board. They have been invaluable resources throughout this process and are responsible for this outstanding result. Their work ethic and enthusiasm are second to none.”

TrumpCard Executive Chairman, Marco Hanlon, noted, “TrumpCard’s specialization and unique value proposition has always allowed us to set ourselves apart from other service providers. We found the same rare quality in ASAP, and now we can expand our service offering, while leveraging the core resources of TrumpCard.”

Regarding the partnership, Dante Fornari, CEO of Magnate Worldwide, concluded, “ASAP and TrumpCard are each very special companies, built upon satisfying the most demanding and unique shipping circumstances. The joining of these strengths forms a landmark partnership of two companies with exceptional leadership, and a laser-like market focus.”

Magnate Worldwide is a diversified supply chain management company, comprised of a unique portfolio of complimentary, premier logistics providers focused on expedited domestic transportation and global freight forwarding. TrumpCard specializes in the transportation of domestic heavyweight shipments in the time sensitive, high value and mission critical arenas.

As part of the transaction, Mr. and Mrs. Hobgood will remain active in the day-to-day operations of the Company. ASAP’s office in Columbia, South Carolina is strategically located to service its surrounding manufacturing corridor and will continue to be fully operational. Complete with some of the top specialists in the industry, ASAP will continue its great legacy, now with the support and infrastructure of TrumpCard.

Williams Mullen served as legal counsel for ASAP Expediting & Logistics. Kirkland & Ellis LLP served as legal counsel for TrumpCard, Magnate Worldwide, and CIVC.

by Kelly Simons

Matrix Expands Industry Group, Announces Promotion

RICHMOND, VA/BALTIMORE, MD – February 17, 2021 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce that David Corbett has joined the firm as a Director, and Kyle Tipping has been promoted to Associate.

David L. Corbett, CFA, Director has joined Matrix’s Downstream Energy & Convenience Retail Investment Banking Group.  He has more than 15 years of experience advising companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals and car washes. Prior to joining Matrix, Mr. Corbett was an investment banker at Raymond James & Associates and Morgan Keegan & Company focused on the downstream energy and convenience retailing sector.

He received a B.A. in Journalism with a concentration in Public Relations from The University of Georgia and an M.B.A. from Georgia State University.  He is a CFA Charterholder and member of the CFA Institute and the CFA Society Atlanta.

Kyle B. Tipping has been promoted to Associate. He has been a member of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group since 2017.  During that time, he has assisted on eight successful engagements including the sale of Petr-All Petroleum and Apache Oil, as well as Giant Eagle’s acquisition of Ricker Oil.  Prior to joining the firm, Mr. Tipping was a research analyst at JoycePayne Partners.  He received a B.A. in Mathematics and Economics from Washington & Lee University.  He has also successfully completed the CFA Level III exam and will be eligible to receive his charter upon application approval by the CFA Institute.

Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group, said “We are very excited that David has joined Matrix as he brings a tremendous amount of additional industry transaction experience and knowledge to our team.  Kyle has been a very strong contributor as an analyst, and his promotion is well deserved.  We look forward to his continued growth at Matrix and service to our downstream energy and convenience retail clients.”

by Kelly Simons

Matrix 2020 Year In Review

We sincerely hope that you and your families are well and safe.

2020 will certainly be a year we will always remember. None of us could have imagined all the difficulties we would be facing: a pandemic that spread quickly throughout the world; businesses closed; family and friends unemployed; remote work challenges and our children converted to online learning. And even more profound, the personal losses experienced by so many. We have all been stretched personally and professionally as we have tried to help one another cope.

At Matrix, we are thankful for the amazing people who make our firm what it is and are so proud of the way our team members pulled together to provide a superior level of service and advice to our clients over this past year. They have truly lived up to The Matrix Principle in all respects. We are also incredibly thankful for the many valued relationships we have with our clients and sincerely appreciate the trust they placed in us as their advisor.

Our investment banking professionals had the privilege of working with many exceptional clients in 2020 and are proud to have advised on 20 successful transactions. These included company sales, corporate carve-outs, buy-side assignments and capital raises. We also advised on 17 various types of valuation engagements for the purposes of estate, strategic and exit planning.

Sometimes periods of stress can present valuable opportunities and 2020 was no exception. We decided to forge ahead and take advantage of those opportunities to continue our firm’s growth. In August, we welcomed industry veterans Amanda Verner Thompson and Vasanta Pundarika as Co-Heads of the newly established Matrix Healthcare Investment Banking Group. This extremely knowledgeable and vibrant team of professionals hit the ground running and were successful in closing a transaction within one month of joining Matrix. Casey Van de Walle, Director and Anthony Hoffman, CPA, Analyst joined the group in December to round out the team.

In addition to the Healthcare Group expansion, Matrix was fortunate to welcome Michael Tucker, CFA and Matthew Paniccia as Analysts in our Downstream Energy & Convenience Retail Investment Banking Group.

We would also like to recognize William O’Flaherty, John Duni, CFA, CPA, Martin McElroy, CFA, John Mosser and Matt Oldhouser, CPA whose contributions to Matrix and our clients resulted in promotions. Our goal is to provide our employees with ample opportunity to develop and expand their careers at Matrix and we are proud of their success and look forward to their continued achievements in the years to come.

In closing, as we enter into 2021 we know that many challenges presented by the pandemic remain unresolved. One thing that remains constant, however, is that for over 30 years, throughout all types of market conditions, we have been providing serious advice and sound transaction execution services to our clients. Through our deep knowledge of the industries we serve, ability to execute highly complex customized transactions and negotiating experience, we guide each of our clients through their most difficult decisions and help them derive maximum value for their business.

​​​​​​​We wish you much success in 2021.

by Kelly Simons