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.
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.
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.
Matrix Announces the Successful Sale of R.M. Parks, Inc.’s U.S. Wholesale Petroleum Distribution Assets
RICHMOND, VA/BALTIMORE, MD – January 26, 2021 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised R.M. Parks, Inc. (“R.M. Parks” or the “Company”) on the sale of its U.S. wholesale petroleum distribution assets to PacWest Energy, LLC, a joint venture between Jackson Energy and Shell Oil Products US.
R.M. Parks, Inc. was founded in 1969 when R.M. Parks sold his family’s ranch and purchased a small Texaco distributorship that sold fuel to 12 Texaco stations and approximately 35 agricultural accounts. R.M., along with Tim Callison, President & CEO, expanded the business to sell gasoline, diesel fuel, motor oil, lubricants, and automotive products. Tim and his son Jason, Chief Operating Officer, further expanded the business in 1996 with the addition of the Shell brand and quickly became one of the largest Shell wholesalers on the West Coast. The Company supplied more than 160 Shell, Phillips, Valero, Sinclair and Spirit branded customers, as well as unbranded fuel to a sizable non-contract customer base with its proprietary transportation fleet. In 2018, the Company expanded wholesale operations into Mexico, where it will focus its wholesale petroleum distribution operations moving forward.
Matrix provided merger and acquisition advisory services to R.M. Parks which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the purchase agreement. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group and Andrew LoPresti, Vice President.
Jason Callison, commented, “It was not an easy decision for us to sell the business that our family and employees have spent over 50 years building. It was very important to us that our employees and customers were taken care of with this transaction. We needed to find a firm that could help us with this major decision and we found that with the Matrix team. Spencer and Andrew led us through the entire sales process from beginning to end. Their expertise in this process helped alleviate a lot of the additional stress that comes with selling your business. We are extremely pleased with the outcome. We chose PacWest Energy, which is also a family business and values their employees and customers the same way we do. We can’t thank Spencer, Andrew and the Matrix team enough for everything they have done for our family, employees and loyal customers.”
Mr. Cavalier added, “Tim and Jason built one of the West Coast’s largest fuel distributorships based on R.M. Parks’ legacy of integrity. Matrix is honored to have advised the Company on this significant transaction.”
Tammera Diehm, Noreen Sedgeman, and Kristy Lieblein of Winthrop & Weinstine, P.A. served as legal counsel for R.M. Parks.
Matrix is Moving!
RICHMOND, VA/BALTIMORE, MD – January 22, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the relocation of their downtown Richmond headquarters from James Center II to Gateway Plaza, effective February 1, 2021. Their new address will be: Gateway Plaza, 800 East Canal Street, Suite 850, Richmond, VA 23219. Their main phone number, direct dial numbers and fax will remain the same.
Matrix Announces the Successful Sale of Pester Marketing Company d/b/a Alta Convenience
RICHMOND, VA/BALTIMORE, MD – January 15, 2021 –Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Pester Marketing Company (“Pester” or the “Company”) d/b/a Alta Convenience on its sale to a joint venture entity between Fortress Investment Group LLC (“Fortress”) and a subsidiary of Phillips 66 Company (NYSE: PSX).
For nearly 65 years, the Pester name, and more recently Alta Convenience, has been a leader in petroleum marketing and convenience retailing throughout the Rocky Mountain, Southwest, and Midwest regions of the United States. The ownership group originally acquired Pester’s 47 company-operated stores in May 2016 as a spin-off from World Fuel Services Corporation (NYSE: INT) (“WFS”), after WFS’s purchase of Pester in September 2015. WFS retained the non company-operated store business units. In January 2018, under the guidance of Pester’s President & CEO, Richard Spresser, the acquisitions of Western Convenience and Kwik Stop were consummated and increased the Company’s store count to over 100.
Post-closing, senior executive management, including Richard Spresser and Monte McGilvray, CFO, will continue to lead the Company.
Matrix provided merger and acquisition advisory services to Pester, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the purchase agreement. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Sean Dooley, Director; and Martin McElroy, Associate.
Sam Youngblood, General Partner and Board Chairman, commented, “Working with the team at Matrix on the sale process, and with Rich Spresser over the past several years has been a very positive experience. While it was time for the current shareholders to monetize their investment, we look forward to seeing Pester grow with Rich’s further stewardship under the new ownership of Fortress and Phillips 66. I am excited to see the businesses continue with such well-respected organizations.”
Mr. Spresser said, “We sincerely appreciate the guidance and attention to detail that Matrix provided throughout a very complicated transaction. The sale process was extremely well executed, and we were very pleased with the outcome.”
Mr. Cavalier added, “It is very special to have advised Pester on the sale of the Company for a second time. The current ownership group and management team, which was led by CEO Rich Spresser during both transactions, have grown and significantly improved the chain. We look forward to watching the Company continue to grow under its new ownership.”
Christopher Sackett and Jonathan Napier of BrownWinick, P.L.C. served as legal counsel for Pester.
Matrix Advises Penn Tank Lines, Inc. on the Successful Acquisition of Stardust Transportation, LLC
RICHMOND, VA/BALTIMORE, MD – January 7, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces that Penn Tank Lines, Inc. (“Penn Tank Lines” or the “Company”) has acquired Stardust Transportation, LLC (“Stardust”), a leading aviation gasoline and jet fuel transportation company based in Fishers, Indiana.
Penn Tank Lines, headquartered in Chester Springs, Pennsylvania, is a bulk petroleum and flatbed transportation company. The Company has been delivering fuel and providing superior customer service since 1974, when it was founded by current Chairman and CEO, Jack McSherry. The Company has grown over the years through numerous acquisitions and affiliate relationships and currently serves customers throughout the eastern half of the United States.
Stardust Transportation, LLC was founded in 2000 by its President, Thomas Harris. Stardust has grown into one of the largest and most reliable specialty fuel transportation providers of aviation fuels in the country. Stardust serves primarily airline, airport, and government customers throughout the Midwest, Texas, and Florida. Mr. Harris will assume a new management position at Penn Tank Lines, where he will manage and expand the combined aviation fuels transportation business.
Steve McSherry, President of Penn Tank Lines, commented, “We are thrilled to partner with Stardust. Tom and his people are terrific additions to our team here at Penn Tank Lines. We are excited as well for our customers as we can now offer a more diverse group of services. Cedric, Mike and the Matrix team did a fantastic job of helping us evaluate the opportunity and structure a deal that allowed us to be successful on this acquisition.”
Matrix provided merger and acquisition advisory services to Penn Tank Lines, which included advising on valuation, deal structure, and other transaction terms. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group and Michael Tucker, Analyst.
Mr. Fortemps commented, “We were eager to work with Steve and the rest of the Penn Tank Lines team on this unique acquisition opportunity, and are very pleased to have advised them on the transaction. Mr. Harris has built an extremely successful business with very loyal customers through Stardust’s focus on customer satisfaction. It will be exciting to watch the business continue to grow as it leverages Penn Tank Lines’ relationships, geographic footprint, and resources.”
Tami Diehm and Benjamin Klassen of Winthrop & Weinstine served as legal counsel to Penn Tank Lines, Inc.
Matrix Advises Tri Gas & Oil on the Successful Acquisition of A Leading Refined Fuels Distributor and HVAC Services Business
RICHMOND, VA/BALTIMORE, MD – December 21, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces that Tri Gas & Oil Co., Inc. (“Tri Gas & Oil”) and Comfort Plus Services, LLC (“Comfort Plus Services” or “CPS”) or (collectively, the “Company”) has acquired a leading Delmarva Peninsula based refined fuels distributor and HVAC services business.
Tri Gas & Oil, and its predecessor entities, have been delivering fuel and providing high levels of customer service throughout the Delmarva Peninsula since the late 1950’s. In 1946, Lee D. McMahan started the McMahan Poultry Company, and several years later he acquired a used oil truck to deliver fuel to his own poultry houses. Soon thereafter, he started delivering fuel to neighboring poultry farmers who wanted the benefit of oil delivery. Tri Gas & Oil was officially incorporated in 1963, delivering heating oil throughout the Delmarva Peninsula. At the time of incorporation, Tri Gas & Oil primarily offered propane and heating oil delivery to commercial customers. As the business grew, offerings were expanded to include residential customers, and also additional product lines, such as custom oil blends, biodiesel, and a range of other cutting edge and environmentally friendly products. For more than three generations, customers have relied on Tri Gas & Oil as a locally owned, family-run business that specializes in making area homes and businesses more comfortable, and in helping customers lower their energy costs. Today, Tri Gas & Oil serves customers throughout Maryland and Delaware, with a core density on Delmarva.
Comfort Plus Services, “Your Trusted Source for HVAC”, has years of experience providing superior installation and repair of heating and air conditioning systems as well as indoor air quality (IAQ) solutions. CPS is a Carrier® Factory Authorized Dealer with an extremely well trained staff that services all heating and cooling equipment brands.
Keith McMahan, Chairman & CEO and Nash McMahan, President, Tri Gas & Oil, commented, “This acquisition is very complementary to our existing business divisions, and we look forward to welcoming both the customers and employees of the seller into the greater Tri Gas family of businesses. We are especially excited for the expansion opportunity that this presents to Comfort Plus Services. We would also like to thank the team at Matrix for their leadership throughout the transaction. Their attention to detail and proficiency led to a mutually beneficial closing for both parties.”
Matrix provided merger and acquisition advisory services to the Company, which included advisory on valuation, deal structuring, and financing options. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, Director; and Nathan Wah, Senior Analyst.
Mr. Dooley commented, “We have had the pleasure of knowing the McMahan family for many years and watching them grow the Company over the decades. Keith, Nash, and their team are extremely successful entrepreneurs, and we are excited for them to acquire significant, additional market share in their marketing footprint. We were honored to have the opportunity to advise the Company on this exceptional acquisition and we look forward to continued growth by Tri Gas in the future.”
Matrix Announces the Successful Sale of New West Oil Company, L.L.C.
RICHMOND, VA / BALTIMORE, MD – December 9, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised on the sale of New West Oil Company, L.L.C. (“New West” or the “Company”) to RelaDyne LLC, a portfolio company of Audax Private Equity.
New West was founded in 2011 by Tim Genrich (CEO), Ron Reeves (President), Tom Turley (VP Commercial Sales), and Terry Cooney (CFO), who previously worked together for more than 20 years at Canyon State Oil Company. The Company began as a Valvoline distributor and over a nine-year period transformed from a start-up to a leading lubricant and commercial fuels provider in the Southwest. In 2013, New West formed an environmental division to collect used oil from customers that could be resold as burner fuel to asphalt and concrete companies. New West grew quickly by providing high-quality service and a comprehensive product offering of lubricant, fuel, and environmental services from a single vendor. New West is the exclusive distributor for Valvoline and Petro-Canada products in key metro areas of Arizona and Nevada.
Matrix provided merger and acquisition advisory services to New West, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the purchase agreement. The transaction was managed by John Underwood, Managing Director; Andrew LoPresti, Vice President; and Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group.
Tim Genrich, CEO of New West, commented, “The Matrix team did an outstanding job working with both sides to arrive at a successful closing.”
Mr. Underwood added, “It has been a real pleasure to work with the owners of New West Oil. We are incredibly impressed with the dedication and tenacity they have demonstrated in building the Company from a start-up to a premier lubricants distributor, leading commercial fuels supplier and waste oil recycler in less than ten years. Matrix is honored to have been chosen to advise New West on a successful exit and finding a buyer that will continue to build on their impressive growth trajectory.”
Terry Thompson, Daniel DeChesaro, and Dominick San Angelo of Gallagher & Kennedy served as legal counsel for New West.
Matrix Announces the Successful Sale of Stop-N-Go of Madison, Inc.
RICHMOND, VA / BALTIMORE, MD – December 2, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces the successful closing on the sale of the assets of Stop-N-Go of Madison, Inc. and its affiliates (“Stop-N-Go” or the “Company”) to Kwik Trip, Inc. Based in Madison, Wisconsin, the Company operates 36 Stop-N-Go branded convenience stores throughout southern Wisconsin and northern Illinois.
Stop-N-Go was founded in 1963 by Duane and Olympia Bowman with a focus on operating neighborhood grocery stores. In the 1980's, Stop-N-Go underwent a strategic initiative to transform the portfolio into a convenience store chain with a motor fuels offering, which resulted in the closing and selling of many locations, as well as the construction of many new facilities. Today, under the leadership of Andrew Bowman, President and fourth generation of family ownership, and Kevin O’Brien, CFO, Stop-N-Go has continued to grow into one of the leading convenience store brands in southern Wisconsin.
Founded in 1965 in Eau Claire, Wisconsin, Kwik Trip, Inc. is one of the largest independently-held convenience store chains in the United States. Today, Kwik Trip owns and operates over 750 stores in Wisconsin, Minnesota and Iowa and employs over 30,000 coworkers. Kwik Trip has annually been named a "Top Workplace" in each of the three states in which it operates. Kwik Trip plans to continue to operate many of the acquired stores under the existing Stop-N-Go banner. Some of the larger stores will be remodeled and rebranded as Kwik Trip or Kwik Star in Illinois.
Matrix provided merger and acquisition advisory services to Stop-N-Go, 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; and Martin McElroy, Associate.
Andrew Bowman, President of Stop-N-Go, commented, “Selling our business was one of the most important decisions I’ve had to make not only for our family, but our co-workers too. When we met with Matrix I knew they were the advisors for us, they came prepared. Matrix led us step by step through the process and made sure we were fully aware of how everything would flow. When we began talks with Kwik Trip we were able to present a ‘book’ to them that was clear and thorough. The professionals at Matrix are proven experts in our industry and negotiated a very strong contract. Overall, we couldn’t feel better about our choice in selecting Matrix and Kwik Trip.”
Mr. Saunders added, “Andrew and his team have built an exceptional brand and highly successful company. We’re happy to have been selected to lead this sale process to a successful conclusion.”
Katrene Zelenovskiy, Daniel Kersey, and Bernard Kearney of Quarles & Brady LLP served as legal counsel to Stop-N-Go.
Matrix Announces the Successful Issuance of Shodair Children’s Hospital’s Series 2020A/B Bonds
RICHMOND, VA / BALTIMORE, MD – November 3, 2020 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has served as financial advisor to Montana Children’s Home and Hospital d/b/a Shodair Children’s Hospital (“Shodair”) on the successful issuance of its Series 2020A/B Bonds. Shodair, located in Helena, Montana, provides pediatric psychiatric care and operates a comprehensive genetics program.
Shodair is the only not-for-profit, dedicated pediatric psychiatric provider in Montana with a robust continuum of care and dedicated inpatient psychiatric beds for children ages 3-18. Shodair’s psychiatric services include inpatient care, day treatment, outpatient, and school-based services, as well as a psychiatric residential treatment facility and therapeutic group home. Their service area includes all of Montana, and in 2019 they served patients from 44 of the state’s 56 counties.
Shodair issued $32,735,000 of tax-exempt Series 2020A Bonds on its own credit, as well as $20,000,000 of tax-exempt Series 2020B Bonds backed by the Montana Board of Investments. Both the Series A/B Bonds were issued through the Montana Facility Finance Authority and were publicly-offered, tax-exempt, fixed rate bonds. The bond issuance will finance the construction of a new 131,676 square foot facility designed to provide an environment of healing. The new design will include 82 private rooms, which will allow Shodair additional flexibility in treating more patients.
Matrix provided financial and municipal advisory services to Shodair, including developing and implementing the financing plan. The transaction was managed by Vasanta Pundarika and Amanda Verner Thompson, both Managing Directors and Co-Heads of Matrix’s Healthcare Investment Banking Group.
Ms. Thompson stated, “Matrix feels very privileged to have been chosen to advise Shodair on the development and implementation of this financing plan. This transaction to finance a new building for Shodair will provide Montana’s kids and families with a facility that will greatly improve the access and quality of the care being delivered.”
Ms. Pundarika added, “We are excited about Shodair’s continued growth as an organization with this new project. It is an integral part of healthcare delivery in Montana and the new building will allow them to treat more patients in an environment dedicated to hope, healing, and safety.”
Amy Christensen of Christensen & Prezeau LLP served as legal counsel to Shodair.
Matrix Announces the Successful Sale of Dixie Gas & Oil Corporation
RICHMOND, VA / BALTIMORE, MD – October 26, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces the successful closing on the sale of the propane, petroleum, and lubricant operations of Dixie Gas & Oil Corporation (“Dixie” or the “Company”) to Quarles Petroleum, Inc. Based in Verona, Virginia, Dixie is one of the region’s largest independent suppliers of retail propane, heating oil, commercial fuels, and lubricant products serving over 10,000 customers in 17 counties throughout Virginia and West Virginia.
The Company was originally founded as Dixie Bottle Gas Company in 1946, by Dennis Earhart and his father, Roy Earhart. Over the next three decades, the Company grew its propane businesses and also expanded its product offerings to include heating oil, gasoline, motor oil, tires, batteries, and other automotive accessories before changing its name to Dixie Gas & Oil Corporation in 1963. The Company entered the convenience store industry in the 1970’s, eventually operating six convenience stores and six Subway restaurants before divesting them to Go-Mart in 2015. Chris Earhart took the reins as President after the passing of his father, Dennis, in 1991 and, along with Danny Alexander, Executive Vice President, has continued to drive the Company’s success and expansion for nearly 30 years. During this time, Dixie made a number of acquisitions and also expanded their service area with the addition of new retail propane offices and bulk plants. The Company currently operates five bulk plants including a rail terminal at their Verona headquarters, as well as four retail offices with appliance showrooms. Dixie is highly regarded for their quality products and services, excellent customer service, and commitment to their local communities.
Chris Earhart commented, “We are pleased that our organization will become part of Quarles Petroleum. As a family business with an equally long history, they share our commitment to our customers, our employees, and the communities that we serve. We also appreciate the advisory expertise of the entire Matrix organization in the successful completion of our project.”
Matrix provided merger and acquisition advisory services to Dixie, 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 Ned Farley, Analyst.
Mr. Saunders added, “It’s never an easy decision to sell a third-generation company that’s been in operation for almost 75 years. We’re grateful that Chris and Danny entrusted us to guide them through this process and wish them all the best in their future endeavors.”
Jessica Robinson and Victor Santos of Nelson, McPherson, Summers & Santos, L.C. served as legal counsel to Dixie.
Matrix Announces the Successful Sale of EnergyUnited Propane
RICHMOND, VA / BALTIMORE, MD – September 23, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised EnergyUnited Electric Membership Corporation (“EMC”) on the sale of its wholly-owned propane distribution subsidiary, EnergyUnited Propane, LLC (“EUP”), to ThompsonGas, LLC (“ThompsonGas”). EUP is one of the largest propane retailers in its region, serving approximately 29,000 residential and commercial customers throughout 104 counties in North Carolina, South Carolina, and Virginia. EMC serves approximately 110,000 electric members in central and western North Carolina, making it the second largest supplier of residential electricity in North Carolina.
In 2000, EMC founded EnergyUnited Propane, LLC through the acquisition of All Star Gas’s North Carolina markets (Durham, Warrenton, Creedmoor, Carthage, Denver, Gastonia, and Hendersonville), as well as the development of greenfield sites in Lexington, Taylorsville, and Madison, North Carolina. EUP acquired the South Carolina markets of All Star Gas (Aiken and Barnwell) in 2001, and Albemarle Propane, based in Camden, NC in 2007. In 2013, EUP purchased Lake Norman Propane. Both EMC and EUP are headquartered in Statesville, North Carolina.
EMC made a strategic decision to focus efforts and redeploy capital into its core, electricity business and explored strategic alternatives to divest its propane distribution business, EUP. Post-closing, ThompsonGas and EMC will maintain a coordinated customer marketing effort within EMC’s electric footprint in central and western North Carolina.
Matrix provided merger and acquisition advisory services to EMC, which included valuation advisory, marketing EUP 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, Director; and Nathan Wah, Senior Analyst.
Wayne Wilkins, CEO of EMC, stated, “EUP has been a successful business venture for our membership thanks to the support of our members and the leadership of our incredible propane employees. We are very proud of the historic accomplishments that led to this moment and firmly believe that this agreement with ThompsonGas offers tremendous value for EnergyUnited members and EUP customers.”
Mr. Dooley added, “Matrix feels very privileged to have been chosen to advise EMC on the divestment of its propane distribution business unit. We wish Wayne and the rest of the EMC team all the best on the continued growth of their best-in-class electricity business.”
Roy McDonald of Brinkley Walser Stoner, PLLC, as well as Tammera Diehm, Noreen Sedgeman, and Kristy Lieblein of Winthrop & Weinstine, P.A. served as legal counsel for EMC and EUP.