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 Announces Promotion
RICHMOND, VA / BALTIMORE, MD – January 15, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the promotion of Matt C. Oldhouser, CPA to Associate.
Mr. Oldhouser has been a member of Matrix’s Consumer & Industrial Investment Banking Group since 2019. During that time he has been involved in several successful transactions, including the sale of Bestway Welding Supply and the recapitalization of Shades of Light.
Prior to joining Matrix he was a Senior Audit Associate with Grant Thornton, LLP. Mr. Oldhouser received a B.S. in Business Administration with concentrations in Finance and Accounting and graduated cum laude from the University of South Carolina. He holds the Certified Public Accountant designation and has successfully completed the Level 1 CFA.
David W. Shoulders, Head of Matrix’s Consumer & Industrial Investment Banking Group said, “We congratulate Matt on his well-deserved promotion. He has worked extremely hard and played a key role in the successful execution of multiple transactions at Matrix. We look forward to Matt’s future career growth and continued commitment to providing the very best financial advisory and transaction services to our clients.”
Matrix Expands Healthcare Investment Banking Group, Welcomes New Team Members
RICHMOND, VA / BALTIMORE, MD – January 13, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, has expanded its Healthcare Investment Banking Group with the addition of two new team members.
Casey Van de Walle has joined the firm as a Director. She was previously Vice President with Edgemont Partners, a boutique healthcare investment bank, and Vice President in Raymond James’ Healthcare Finance Group. She graduated from Princeton University, where she received an A.B. in Economics and a Certificate in Finance. She serves as Co-Chair of the Leadership Council of the Lung Cancer Research Foundation.
Amanda Thompson, Co-Head of Matrix’s Healthcare Investment Banking Group commented, “Casey has a depth of knowledge, strong background, and expertise in both for-profit and not-for-profit healthcare companies. We are excited to have someone of her caliber join us in an important step in the expansion of our Healthcare Group.”
Anthony Hoffman, CPA has also joined the firm as an Analyst. Prior to joining Matrix he was a Senior Audit Associate with Ernst & Young, LLP. He graduated from the University of Maryland, College Park with a B.S. in both Finance and Accounting and holds the Certified Public Accountant designation.
Vasanta Pundarika, Co-Head of Matrix’s Healthcare Investment Banking Group added, “Anthony’s focused attention to analytical detail makes him an excellent addition to Matrix. We are thrilled about the continued growth of our Healthcare Group and look forward to a successful 2021.”
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.
Matrix Announces the Successful Sale of Martin Eagle Oil Company’s Convenience Retail and Wholesale Motor Fuels Businesses
RICHMOND, VA / BALTIMORE, MD – September 15, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Martin Eagle Oil Company (“Martin Eagle” or the “Company”) on the sale of its convenience retail and wholesale motor fuels businesses to an undisclosed buyer. The convenience retail assets consist of two company-operated stores, one unattended cardlock, 16 commissioned agent-operated stores, and one currently closed facility. The wholesale motor fuels assets consist of 40 dealer-owned supply accounts.
Martin Eagle Oil Company, a leading petroleum marketer and fuels distributor based in Denton, Texas, serves retail and wholesale customers primarily in and around the Dallas-Fort Worth metroplex and north central Texas. The Company sold its municipal/government and commercial accounts and its Southwest Transport Co. affiliate to U.S. Venture, Inc. in April 2020.
Martin Eagle is a second-generation family business that was founded in 1963 by Cecil “Zeke” Martin, a former college and professional football standout, with a single Shamrock-branded store in Denton, Texas. The Company is currently led by Zeke Martin’s sons, Stephen “Steve” Martin, President of Operations, and Gary Martin, President of Real Estate.
Matrix provided merger and acquisition advisory services to Martin Eagle, 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; Stephen Lynch, Director; and Kyle Tipping, Senior Analyst.
Steve Martin, President of Operations, Martin Eagle, commented, “After selling the commercial, municipal and transportation businesses back in April, Gary and I reevaluated whether it made sense to continue in the retail business. After much consideration, we decided it was time to move on to other opportunities. It was not an easy decision for us to sell the retail and wholesale businesses our family spent 60 years building. We have had many great relationships with our retail and wholesale customers over the years, and we believe the buyer will be a great fit for our customers going forward. Matrix did an excellent job on getting the sale completed and worked diligently with the Martin Eagle team on both transactions. We really appreciate their meticulous attention to detail and all their hard work.”
Mr. Underwood added, “We are honored to have been chosen by Martin Eagle to sell their retail and wholesale motor fuels businesses, and we know how difficult a decision it was for Steve and Gary to exit the fuels industry. We appreciated the opportunity to advise them on this transaction and wish them all the best.”
Bryon Hammer and Elle Whitaker of Bourland, Wall & Wenzel, P.C. served as legal counsel for Martin Eagle.
Matrix Launches New Healthcare Group, Welcomes Industry Veterans as Co-Heads
RICHMOND, VA / BALTIMORE, MD – September 9, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, has expanded its industry coverage with the establishment of the Matrix Healthcare Investment Banking Group. Leading this dedicated industry group will be Amanda Verner Thompson and Vasanta B. Pundarika, who have joined the firm as Managing Directors and Co-Heads of the new group.
Their initial focus will be in various healthcare sub-sectors, including hospitals and healthcare systems, behavioral health organizations, managed care companies, telemedicine providers, in addition to other ancillary services, including dialysis, urgent care, laboratories, and long-term care.
Ms. Pundarika said, “We are thrilled to join Matrix to build and grow the healthcare group on top of the firm’s strong foundation of providing transaction, advisory, and valuation services over the past 30 years.”
In their new roles, Ms. Thompson and Ms. Pundarika will be 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.
With 30 years of combined experience successfully advising healthcare companies, and over 230 completed engagements to their credit, they bring depth and years of expertise advising not-for-profit and for-profit clients on mergers and acquisitions, valuations, tax-exempt and taxable financings, and strategic advisory, including strategic options and strategic capital planning.
Ms. Thompson added, “We are delighted to be part of a firm where healthcare investment banking is an essential element and focus. Our clients will benefit from Matrix’s unwavering focus and energy in providing creative, objective, and independent advisory services.”
Both were previously with Raymond James & Associates as Directors of the Healthcare Finance Group where they led the behavioral health and managed care advisory efforts. They joined Raymond James in 2012 following the acquisition of Morgan Keegan and joined Morgan Keegan in 2007 with the acquisition of Shattuck Hammond Partners, a boutique healthcare investment bank.
Ms. Thompson graduated from Duke University with a B.A. in Biology and a minor in French and Ms. Pundarika graduated with Honors from Princeton University, where she received an A.B. degree in Anthropology.
Tom Kelso, President of Matrix said, “We are very excited to welcome Vasanta and Amanda to Matrix to lead the expansion of our services into the healthcare sector. This is a very important step in continuing to broaden our industry reach and drive growth at Matrix.”
Matrix Announces the Successful Sale of Medical Gas Supply, LLC d/b/a Bestway Welding Supply
RICHMOND, VA/BALTIMORE, MD – September 1, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Medical Gas Supply, LLC d/b/a Bestway Welding Supply (“Bestway” or the “Company”) to American Welding & Gas, Inc. (“AWG”), one of the nation’s largest independently owned producers and distributors of industrial, medical and specialty gases.
Ernest “Cotton” Speed, III, President of Bestway, noted, “The AWG brand is nationally recognized for excellent customer service, loyalty to employees, and above all else operating with integrity. I can’t think of a better partner to help Bestway’s employees usher in this next phase of growth.” Regarding Matrix’s services, Mr. Speed added, “The team at Matrix has been exceptional in every respect. The level of service and support I received was incredible, and they were able to create immense value for my business during the transaction process.”
The transaction was managed by David Shoulders, Managing Director and Head of Consumer & Industrial Investment Banking; William O’Flaherty, Director; John Mosser, Associate; Matt Oldhouser, Senior Analyst; and Duncan Rogers, Analyst. Mr. Shoulders noted, “It’s been a pleasure to work with Cotton on this engagement. His passion for his business and the industry is truly contagious. We’re thrilled to have achieved a successful outcome for him and Bestway.”
Mr. Speed is an industrial, medical and specialty gas industry veteran, having participated in the sale of over a half-dozen operating businesses. After selling his prior venture in late 2014, Mr. Speed acquired Bestway in early 2016 and quickly transformed the business into an established regional player capable of servicing the largest customers in the greater Houston, TX area and surrounding regions. Joined by Vice President of Operations, Merced Cavazos, and Head of Sales, Jake Juker, Mr. Speed has elevated the Company’s profile in the minds of vendors and customers by expanding Bestway’s distribution capabilities, namely its entry into the bulk distribution market. As a result of its product breadth and unmatched commitment to service, Bestway has emerged as the preferred provider of gases for customers in an array of end markets and industries.
Jason Krieger, President and CEO of AWG, added, “We are very pleased to welcome Bestway and their impressive team to AWG. Their focus on service first has provided them great growth in Houston. It also aligns well with our mission of providing productivity solutions for our clients with superior customer service. Together, we have a strong platform for growth in Texas.”
Balch & Bingham LLP served as legal counsel for the Company.
About AWG
AWG, headquartered in Raleigh, NC, operates 78 retail locations and 18 fill plants stretching from Montana to Florida. Founded in 1949, AWG produces and distributes industrial, medical, and specialty gases. www.awggases.com
Matrix Announces the Successful Sale of Wadsworth Oil Company of Clanton, Inc.
RICHMOND, VA / BALTIMORE, MD - August 27, 2020 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Wadsworth Oil Company of Clanton, Inc. (“Wadsworth” or the “Company”) on the sale of the Company to Circle K Stores Inc.
Wadsworth was founded in Tuskegee, Alabama, by William (Tamp) T. Wadsworth in the late 1920s as a PAN-AM fuel wholesaler. Jim Wadsworth, Tamp’s son, joined the family business in 1972, and shortly thereafter, purchased a small Amoco distributor in Clanton, AL. Throughout the 1980s and 1990s, Jim led the Company’s expansion from being primarily a wholesale supplier to a convenience retailer after building six additional retail locations. Throughout the 2000s, the Company continued to build and acquire new stores throughout central Alabama that now all operate under “The Store” brand name.
Matrix provided merger and acquisition advisory services to Wadsworth, 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; Andrew LoPresti, Vice President; and Nate Wah, Senior Analyst.
Jim Wadsworth, President of Wadsworth, commented, “I would like to thank Matrix for handling the sale of my business. They gave my company the same attention and quality of service that they would give to a thousand-store chain. They communicated effectively with me and my leadership team and advised us in a timely and open manner. The sale process was a learning experience for us, but Matrix made it a smooth transition. Their expertise is second to none, and I give special thanks to Spencer Cavalier, Andrew LoPresti, and Nate Wah.”
Mr. Cavalier added, “Jim built one of the highest performing niche marketing chains that we have seen in the market. We greatly appreciate the opportunity to advise him and his talented management team, led by Terry Carroll, through this successful sale process.”
Roy Crawford and Herbert H. West of Cabaniss, Johnston, Gardner, Dumas & O'Neal LLP served as legal counsel for Wadsworth.
Matrix Announces Promotions, Expands Industry Group
RICHMOND, VA / BALTIMORE, MD – August 11, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce two promotions, as well as the addition of two new team members.
John C. Duni, CFA, CPA has been promoted to Vice President. Mr. Duni has helped advise on over 25 sell-side, buy-side, and valuation advisory engagements since joining Matrix’s Downstream Energy & Convenience Retail Group in 2015. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute.
John R. Mosser has been promoted to Associate and is a member of the Consumer & Industrial Products Group. He has been with Matrix since 2018, and during that time has assisted with seven successful engagements.
Matrix is also pleased to welcome Michael J. Tucker, CFA, Analyst and Matthew L. Paniccia, Analyst to the firm’s Downstream Energy & Convenience Retail Group. Mr. Tucker was previously an Associate Portfolio Manager at KMG Wealth Management. 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. Mr. Paniccia was a summer and fall intern at Matrix, prior to joining the firm. He received a B.S. in Business Administration with a double concentration in Finance and Economics, along with a minor in Information Systems, and graduated magna cum laude from Loyola University Maryland.
Matrix Announces the Successful Sale of Midwestern Propane Gas Co.
RICHMOND, VA / BALTIMORE, MD – August 6, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Midwestern Propane Gas Co. (“Midwestern Propane” or the “Company”) on the sale of its propane distribution business to ThompsonGas, LLC. Midwestern Propane is one of the largest independent propane retailers in its region, serving approximately 5,000 residential and commercial customers throughout Illinois and Missouri.
The Company was established in 1936 by A.J. and Martha Urban, who opened their first retail heating fuel location in Belleville, Illinois. The entrepreneurs originally sold butane throughout the state, which at the time was a new heating and cooking fuel. During the 1930s and 1940s, as the Company grew and fostered positive relationships with its customers, it eventually transitioned from selling butane to propane in the 1950s.
Darrell Urban, grandson of the original founders and third generation owner, took over operations in 1985. Under Darrell’s leadership, Midwestern Propane grew both organically and through a series of acquisitions. In total, Darrell and General Manager Ron Brodwater completed four acquisitions from 1995 to 2005. In 2014, Don Urban, Darrell’s brother and 50% partner, sadly passed away. Darrell continued to grow the Company, until his unfortunate passing in 2019, when Susan his wife became the primary shareholder. Midwestern Propane is now under the leadership of the Company’s President (and former long-time General Manager), Ron Brodwater.
Matrix provided merger and acquisition advisory services to Midwestern Propane, 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, Director; and John Mickelinc, Senior Analyst.
Ron Brodwater, President of Midwestern Propane, stated, “Matrix was highly recommended by a friend who sold his propane business using Matrix as his investment banker. Matrix exceeded my expectations. My sincere thanks to Spencer, Sean and John for their thorough 24/7 effort on behalf of the company and Susan Urban.”
Mr. Dooley added, “To advise on the sale of an 80-plus year old company that has been in the family for three generations was truly an honor. It has been a privilege to work with Ron and his team to successfully execute this transaction for the Urban family.”
Matthew Schneider, Derek Moore, and Robert Leible of Husch Blackwell LLP served as legal counsel for Midwestern Propane.