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.

by Kelly Simons

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.”

by Kelly Simons

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

by Kelly Simons

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.

by Kelly Simons

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.

by Kelly Simons

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.

by Kelly Simons

Matrix Announces the Successful Sale of Double Quick, Inc.

RICHMOND, VA / BALTIMORE, MD – April 23, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Double Quick, Inc. (“Double Quick”) on the sale of its convenience retailing, petroleum marketing, and quick service restaurant (“QSR”) assets to Charleston, SC based FR Refuel, LLC d/b/a Refuel, a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy. Double Quick directly operates 48 convenience retailing and petroleum marketing locations, five stand-alone QSR sites, and offers proprietary food service or branded QSR concepts at 34 of its convenience stores.

In 1983, Double Quick opened its first convenience store in Greenville, MS, and soon after opened two additional locations. The following year, Double Quick acquired 16 former “Mr. Quick” stores. The acquisition established Double Quick as a notable player in the Mississippi Delta convenience store market. Under the leadership of Tom Gresham, President & Partner and Bill McPherson, Partner, Double Quick established its own proprietary hot food offerings in 1984 which eventually became known as Hot N’ Crispy Chicken & Seafood. Double Quick saw an opportunity in the early 1990s to bring branded fast food to its marketing platform and entered into a partnership with Church’s Chicken. As the partnership with Church’s grew, Double Quick looked for other opportunities to expand its food offerings by also partnering with Krystal restaurants in 1995.

Matrix provided merger and acquisition advisory services to Double Quick, 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; Andrew LoPresti, Vice President; and Martin McElroy, Associate.

Tom Gresham stated, “Bill and I would first like to thank the awesome Double Quick team members who, over the last 36 plus years, adopted our core values of ‘Learn, Be Honest, Work Smart Together and Have Fun’, making Double Quick what it is today.” Bill McPherson added, “Tom and I want to thank our CFO Barry Schuster, for her support and guidance, Matrix for their financial advisory and transactional expertise, and the Bradley law firm for their legal guidance and professionalism throughout this entire process.”

Mr. Cavalier commented, “We are honored to have advised the Gresham and McPherson families on the sale of Double Quick. Tom and Bill were very progressive in the early years in establishing a reputable food service offering, which greatly increased customer trips and brand loyalty. They have built one of the most successful convenience retailing and restaurant companies we have advised to date, and it was a pleasure working with them on this transaction.”

Michael Noble, David Roth and David Rutter of Bradley Arant Boult Cummings LLP served as legal counsel for Double Quick.

by Kelly Simons

Matrix Announces the Successful Sale of Martin Eagle Oil Company’s Municipal and Commercial Fuels Businesses and its Affiliate, Southwest Transport Co.

RICHMOND, VA / BALTIMORE, MD – April 20, 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 municipal and commercial fuels businesses and transportation affiliate, Southwest Transport Co., to U.S. Venture, Inc. d/b/a U.S. Oil.

Martin Eagle Oil Company is a leading petroleum marketer and fuels distributor based in Denton, Texas and serves customers primarily in and around the Dallas-Fort Worth metroplex and north central Texas. The Company currently markets or supplies fuels to retail outlets, municipal/government (“municipal”) and commercial accounts. Southwest Transport Co. is a Martin Eagle affiliate that transports and distributes fuels to customers of Martin Eagle, as well as other third-party customers. U.S. Venture, Inc. is headquartered in Appleton, Wisconsin and is a privately-held company recognized as an innovative leader in the distribution and marketing of energy, automotive and lubricant products throughout North America.

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. The business has grown to include the municipal and commercial fuels businesses, a retail business consisting of 19 owned retail sites, over 45 supplied sites, and Southwest Transport Co.

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; Robbie Radant, Director; and Kyle Tipping, Senior Analyst.

Steve Martin commented, “It was not an easy decision for us to sell a part of Martin Eagle Oil that our family has built and run for over 60 years. We have had great relationships with our municipal and commercial customers over the years, and the Southwest Transport team has efficiently served and met all our customer delivery requirements. U.S. Venture will be a good fit for this business given their terminal located in Fort Worth and their overall investments in the Dallas-Fort Worth metroplex. Gary and I believe that U.S. Venture, also a family-owned company, will be a great place for our employees to continue their careers. I really appreciate all the efforts of the Matrix team in bringing this sale to fruition; they have worked tirelessly to market and complete the transaction.”

Mr. Underwood added, “We are grateful to have been chosen by Martin Eagle to implement the difficult decision of divesting their municipal, commercial and transportation businesses. We appreciated the opportunity to advise them on this transaction.”

Bryon Hammer and Elle Whitaker of Bourland, Wall & Wenzel, P.C. served as legal counsel for Martin Eagle.

by Kelly Simons

Matrix Announces the Successful Recapitalization of Shades of Light, LLC

RICHMOND, VA / BALTIMORE, MD – March 17, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the recapitalization of Shades of Light, LLC (“Shades of Light” or the “Company”). Matrix assisted Shades of Light in raising capital for the purpose of a partial membership interest redemption of a significant owner of the Company.

Regarding Matrix’s services, Bryan Johnson, CEO of Shades of Light commented, “When we approached Matrix, we asked them to explore alternatives to create liquidity for a departing shareholder. Their marketing efforts generated attractive opportunities from a wide range of capital providers; however, we ultimately decided that a minority capital raise was the right solution and best achieved our objectives. The Matrix team was extremely professional throughout the process and did an excellent job managing a highly complex transaction.”

The transaction was managed by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Products Group; William O’Flaherty, Director; John Mosser, Senior Analyst; Matt Oldhouser, Senior Analyst; and Duncan Rogers, Analyst. Mr. Shoulders noted, “Matrix has enjoyed a strong and longstanding relationship with Shades of Light and we are pleased to have represented the ownership group in achieving their desired outcome. We are confident that the next chapter at the Company will be a successful one as they continue to deliver exceptional products to their many valued customers.”

Founded in 1986 as a small lighting store in Richmond, VA, Shades of Light has grown into an industry-leading multi-channel retailer of lighting and other home décor products. After 25 years in business, in 2011, founder Ashton Harrison sold the Company to Mr. Johnson and Chris Menasco. Since that time, the Company has struck exclusive licensing deals with major home décor blogs, expanded the Company’s physical footprint with a 115,000 square foot distribution and production facility, acquired in-house manufacturing capabilities, and re-platformed the Shades of Light website and internet presence. Today, Shades of Light is nationally recognized as the premier source of curated lighting and home décor products in a variety of styles.

Whiteford Taylor Preston LLP served as legal counsel for the Company in the transaction.

by Kelly Simons

Refuel Buys 48-Store Double Quick Chain

Latest purchase adds Mississippi and Arkansas locations, will help fast-growing Refuel reach 100-store threshold by end of 2020.

Refuel Operating Co., LLC, a Charleston, S.C.-based retail and wholesale fuel distribution and convenience store business, announced that it has entered into an agreement to acquire Mississippi-based retail fuel distribution and convenience store chain Double Quick, Inc.

Indianola, Miss.-based Double Quick was founded in 1983 by current Managing Partners Tom Gresham and Bill McPherson. The company operates 48 convenience stores in addition to being a Church’s Chicken and Krystal QSR franchisee across Western Mississippi and Eastern Arkansas.

“Tom and Bill have built a wonderful company and we are extremely excited to welcome their employees to the Refuel family,” Refuel CEO Mark Jordan said. “Double Quick has a strong brand and an established footprint that provides density as we enter the Mississippi and Arkansas markets.”

Jordan cited Double Quick’s food service and reputation for first-class customer service as being highly complementary to the Refuel platform.

“While it was a bittersweet decision to sell Double Quick, we believe that Mark, Travis Smith, and the greater Refuel team will be great long-term stewards of the Double Quick brand and legacy that we have instilled in the local communities throughout our markets,” Gresham, who is also CEO, and McPherson said in a company statement.

McPherson added, “Tom and I would like to especially thank our CFO, Barry Schuster, and Matrix Capital for their hard work and diligence in getting us to a signed purchase agreement, and we look forward to a successful closing of the transaction with Refuel.”

Matrix Capital Markets Group, Inc., is the exclusive financial adviser for Double Quick.

Refuel is a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy.

Refuel is Busy Growing
The transaction represents the fifth acquisition for Refuel since establishing its partnership with First Reserve in May 2019, and brings the total company operated store count to 83 stores. Refuel’s previous acquisition was finalized last month when it acquired the Turtle Market assets in Myrtle Beach, S.C., which included two high volume convenience stores, one site currently under construction and a future development location that is set to begin construction in 2020.

Refuel’s current development pipeline consists of 12 new stores, many of which will be open prior to the end of 2020. Most of these stores are located in the Charleston area, including Mt. Pleasant, Point Hope, Nexton, Carnes Crossroads and Summerville. Refuel is also expanding in the Myrtle Beach, Beaufort, Bluffton and Hilton Head markets.

Operating five stores in early 2019, Refuel is on track to surpass the 100-store milestone by the end of 2020 with new builds and additional acquisitions in the pipeline.

Financial details of the transactions were not disclosed. The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the second quarter of 2020.

View original article here.

by alexgf

Matrix Announces the Successful Sale of Quarles Petroleum, Inc.’s Propane Rail Terminal

RICHMOND, VA / BALTIMORE, MD – February 3, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Quarles Petroleum, Inc., (“Quarles” or the “Company”) on the sale of its propane rail terminal to an undisclosed buyer. The state-of-the-art rail terminal provides wholesale distribution and throughput via 480,000 gallons of liquid gas storage capacity. Based in West Point, Virginia, the terminal is strategically located on the Norfolk Southern rail line along the York and Pamunkey Rivers.

Quarles Petroleum, Inc. is a growing regional provider of residential propane, heating oil, commercial delivered fuels and unattended fleet fueling locations. The family-owned firm, headquartered in Fredericksburg, serves customers in Virginia, Maryland, Delaware, West Virginia, Pennsylvania and North Carolina. Quarles continues to seek the right opportunities to accelerate their growth through strategic acquisitions.

Matrix provided merger and acquisition advisory services to Quarles, 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; John Duni, Senior Associate; and John Mickelinc, Senior Analyst.

Paul Giambra, President and CEO of Quarles, commented, “With the sale of this propane rail terminal, Matrix helped us divest a non-core asset. We will continue to focus on our core business areas as well as accelerate the search for acquisitions that support our strategic growth targets.”

Mr. Cavalier added, “We greatly appreciate the opportunity to work with Quarles’ talented management team on this divestment. We look forward to watching the Company’s continued growth in its core competencies.”

Laurence Parker and Trevor Wind of Williams Mullen served as legal counsel for Quarles.

by Kelly Simons

Matrix Announces Promotions and Welcomes New Team Member

RICHMOND, VA / BALTIMORE, MD – January 23, 2020 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce several promotions, as well as the addition of a new team member.


William J. O’Flaherty has been promoted to Director. He has been a member of Matrix’s Consumer & Industrial Products Group since 2011. Over the course of his career at Matrix, Mr. O’Flaherty has advised on over 31 successful sell-side, buy-side and capital markets engagements. He is a graduate of the University of Virginia’s McIntire School of Commerce where he received a B.S. in Commerce with a concentration in finance.

Stephen C. Lynch, CFA, CPA has been promoted to Director. Since joining Matrix’s Downstream Energy & Convenience Retail Group in 2011, he has advised on nearly 50 sell-side, buy-side, and other strategic and valuation advisory engagements. Mr. Lynch received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Tech. He holds the Chartered Financial Analyst designation, is a member of the CFA Institute and is also a Certified Public Accountant.

Martin C. P. McElroy, Jr., CFA has been promoted to Associate. He is a member of Matrix’s Downstream Energy & Convenience Retail Group and joined the firm in 2017. Since that time he has advised on over ten sell-side, strategic and valuation advisory engagements. Prior to Matrix, he was with Stifel Nicolaus in the Industrials Group. 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.

Matrix is also pleased to welcome Edward M. Farley V as an Analyst with Matrix’s Downstream Energy & Convenience Retail Group. Prior to joining Matrix he was an analyst with Boxwood Partners, LLC. Mr. Farley received a B.A. in Economics from Hampden-Sydney College, where he graduated summa cum laude. He also received a M.S. in Commerce with a concentration in Finance from the University of Virginia’s McIntire School of Commerce.

by Kelly Simons

Matrix 2019 Year In Review

As we reflect on 2019, we would like to take this opportunity to thank our clients for the privilege of working with them, and we appreciate the trust they placed in us as their advisor.

Our investment banking professionals are passionate about helping our clients achieve the best result possible and are proud to have successfully completed 22 engagements firmwide in 2019. These included 13 sell-side M&A transactions (ten company sales and three corporate carve-outs), one buy-side advisory transaction, and eight valuation assignments for the purposes of exit and/or estate planning. Transaction value totaled nearly $900 million.

This past year also marked the launch of the “Principal Imperative”. This highly specialized program is led by our business consulting group, Matrix Consulting Services, and provides business owners and industry executives in the Downstream Energy & Convenience Retail industry with an opportunity to actively participate in a proven business strategy process. This comprehensive management system ultimately generates growth and drives financial returns, as well as addresses ownership, management and succession challenges. 2020 courses are now open for enrollment.

Last year provided many growth opportunities for our firm as well. We would like to recognize those individuals whose exceptional contributions to Matrix and our clients resulted in promotions, as well as highlight the addition of several new professionals to our growing team. We are delighted at their success and look forward to their continued achievements in the years to come.

Since its founding in 1988, Matrix has advised on more than 450 engagements. This track record of success is reflected in the great work we do for our clients, and the valued relationships we have established and maintained over the years. “The Matrix Principle”, which embodies the firm’s core values of integrity, hard work and independence, is as important today as it was thirty-two years ago, and remains the foundation for each client engagement.

 

 

by Kelly Simons

Matrix Announces the Successful Sale of Boulden Brothers Propane

RICHMOND, VA/BALTIMORE, MD – December 16, 2019 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces the successful closing on the sale of Boulden, Inc.’s (“Boulden” or the “Company”) propane distribution business to Sharp Energy, Inc., a Dover, Delaware based subsidiary of Chesapeake Utilities Corporation (NYSE:CPK). Operating as Boulden Brothers Propane, the Company is one of the largest independent propane retailers in its region, serving over 5,000 residential and commercial customers throughout Delaware, Maryland, and Pennsylvania.

Founded in 1946, Boulden is a third-generation company whose operations have included a broad spectrum of businesses throughout its 73 year history, including motor oil distribution, propane distribution, heating oil distribution, septic services, HVAC sales and service, plumbing services, and electrical services. Based in Newark, Delaware, the Company is currently owned and operated by Tim Boulden, President, and Mike Boulden, Vice President. Its current operations consist of the propane business, which launched in 1968, and the HVAC, plumbing, and electrical businesses. Over the years, Boulden has built an exceptional brand and loyal customer base, known for its exemplary customer service and technical expertise. The Boulden Brothers HVAC, plumbing, and electrical businesses were not included in the transaction and will continue to be owned and operated by the family post-closing.

Messrs. Tim and Mike Boulden commented, “It was a difficult decision to sell our family-run propane business after over 50 years of operation. We wanted to make sure we found a buyer that would continue the same level of dedication to our employees, customers, and the communities we serve. Matrix’s professional guidance and support throughout the entire process proved invaluable in achieving a very successful outcome.”

Matrix provided merger and acquisition advisory services to Boulden, 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 Group; John Duni, Senior Associate, and John Mickelinc, Senior Analyst.

Mr. Saunders added, “The Boulden family has built one of the most successful and highly regarded propane companies in the region, and we are honored to have advised them on the divestment of such a quality asset. We enjoyed working with Mike and Tim and wish them all the best as they continue to grow their HVAC, plumbing, and electrical businesses.”

John Kuffel of Young Conaway Stargatt & Taylor, LLP served as legal counsel for Boulden.

by Kelly Simons

Matrix Announces the Successful Sale of IPC (USA), Inc.

RICHMOND, VA / BALTIMORE, MD – November 1, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised ITOCHU Corporation (TYO:8001) (“ITOCHU”) and its subsidiary IPC (USA), Inc. (“IPC”) on the sale of IPC’s U.S. wholesale petroleum distribution business to TACenergy, a division of The Arnold Companies (TAC).

IPC is a wholesale distributor of diesel, gasoline, and other petroleum products based out of Santa Ana, CA. On an annual basis, IPC markets and distributes more than one billion gallons of petroleum products to customers in approximately 30 states, with its largest concentration of business on the West Coast. TACenergy is a national leading independent wholesale fuels distributor of refined petroleum products headquartered in Dallas, TX.

IPC was founded in March 2004 initially as a joint venture between ITOCHU and Chemoil, but in 2011, ITOCHU bought Chemoil’s interest in the joint venture and IPC became a wholly owned subsidiary.

ITOCHU Corporation dates back to 1858 when the Company’s founder Chubei Itoh commenced linen trading operations. Today, ITOCHU is one of the leading Japanese conglomerates engaged in domestic trading, import/export, and overseas trading of various products such as textiles, machinery, metals, minerals, energy, chemicals, food, information and communications technology, realty, general products, insurance, logistics services, construction, and finance, as well as business investment in Japan and overseas.

Matrix provided merger and acquisition advisory services to ITOCHU and IPC, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Thomas Kelso, President of Matrix; John Underwood, Managing Director; Andrew LoPresti, Vice President; and Nathan Wah, Analyst.

Ted Tanaka, CEO of IPC, commented, “I am very pleased and have enjoyed working with the Matrix team. Matrix has extensive knowledge and experience in the energy industry and structured an extremely well-run process. Their guidance helped us from start to finish, and they were always there when we needed advice and support.”

Mr. Underwood added, “We have had a long-term relationship with IPC dating back to 2011 and have enjoyed working with them over the years. We are honored to have been chosen by ITOCHU to implement the difficult decision of divesting the business of IPC and appreciated the opportunity to advise them on this transaction.”

Thomas Pilkerton III of DLA Piper LLP (US) served as legal counsel for ITOCHU and IPC.

by Kelly Simons

Matrix Announces the Successful Sale of The Hartley Company

RICHMOND, VA / BALTIMORE, MD – October 16, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised The Hartley Company, d/b/a Starfire, (“Hartley” or the “Company”) on the sale of its convenience retailing and petroleum marketing assets to Massillon, Ohio based Campbell Oil Company, d/b/a BellStores.  Hartley directly operated 16 convenience retailing and petroleum marketing locations and distributed wholesale fuels to multiple company owned, dealer operated sites and open dealers.

Hartley was founded in Cambridge, Ohio in 1912 when W.H. Hartley built the first gasoline station located between Columbus, Ohio and the Pennsylvania state line. In 1925, Hartley became a distributor for Shell Oil Company and quickly grew from ten stations to one of the largest jobberships in Ohio.  In the 1970s, The Hartley Company established the Starfire brand to distinguish itself from other independent operators.  The Starfire branding revitalized the Company, and in the 2000s, under the fifth generation of Hartley leadership, headed by Doug Hartley, President, and Eric Johnson, Senior Vice President, the Company grew to become one of the leading petroleum marketers in the region through its acquisition of additional stores from BP.

Matrix provided merger and acquisition advisory services to Hartley, 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; Andrew LoPresti, Vice President; and Martin McElroy, Senior Analyst.

Doug Hartley, President of Hartley, commented, “This was a long and thought out process to come to the decision of putting our fuel business on the market. With the experience, knowledge and professionalism of Matrix, we felt very comfortable and confident in the process.  We know we made the right decision for the right reasons, and Matrix has made this a smooth and excellent transaction.”

Mr. Cavalier added, “We have had a very long and meaningful relationship with the Hartley family, providing valuation guidance since the early 2000s, divesting over 20 locations in 2006, and now advising the shareholders on the ultimate sale of the Company.  We feel honored to have worked with such a successful and entrepreneurial multi-generational family over such a long period of time.”

Tammera Diehm of Winthrop & Weinstine, P.A. served as legal counsel for Hartley.

by Kelly Simons

Matrix Announces the Successful Sale of G.G. Schmitt & Sons, Inc.

RICHMOND, VA / BALTIMORE, MD – October 1, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of G.G. Schmitt & Sons, Inc. (“G.G. Schmitt” or the “Company”) to Patrick Industries, Inc. (NASDAQ: PATK) (“Patrick”), a manufacturer and distributor of component products and building products serving the recreational vehicle, marine, and various other industrial markets.

Ron Schmitt, Chief Executive Officer of G.G. Schmitt, noted, “After more than 68 years as a family-owned business in the marine industry, we are incredibly pleased to partner with Patrick which will continue to support the G.G. Schmitt team and our plans for continued growth and expansion. We are excited to be a part of the Patrick family of brands and are looking forward to the next phase of executing on the many strategic initiatives and opportunities in front of us.” Regarding Matrix’s services, Mr. Schmitt added, “We couldn’t have asked for a better representative than the Matrix team during this critical process. Their transactional expertise matched with their knowledge of the marine sector were instrumental in helping us achieve this outcome. We are so appreciative of all of their efforts.”

Matrix provided merger and acquisition advisory services to G.G. Schmitt, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was led by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Products Group, William O’Flaherty, Vice President, and John Mosser, Analyst. Mr. Shoulders noted, “It was a pleasure to work with Ron, Gere and Steve to find a home for the brand their father started and they helped grow.” Mr. O’Flaherty added, “This marks the second transaction Matrix has closed in the marine market in the past year and is reflective of our dedication to serving the advisory needs of business owners in the outdoor and recreation industries.”

Originally established in 1951 by Gervase G. Schmitt to service the marine and rail-transit industries, G.G. Schmitt has grown into the premier designer and manufacturer of customized hardware and structural components to major OEMs in the marine industry. The Company offers various aluminum and stainless-steel components, including marine towers, seats, ladders, handrails, port lights, and other metal hardware and related products. G.G. Schmitt is often recognized as the leading provider of fabricated and superior finished metal products in the markets it serves.

Throughout its entire history, G.G. Schmitt has been a family-oriented enterprise. Ron Schmitt and his two brothers, Gere (Vice President) and Steve (Vice President – Materials), have been operationally involved in the Company since the early 1970’s and were provided majority ownership of G.G. Schmitt in the 1990’s. Under their leadership, in addition to growing the Company’s manufacturing and engineering capabilities, G.G. Schmitt has expanded regionally to support its blue-chip customer base. Along with its headquarters in Lancaster, PA, the Company now boasts facilities in Sarasota, FL and Summerville, SC. Today, across all of its locations, G.G. Schmitt maintains over 120,000 square feet of manufacturing space supported by the Company’s 160 dedicated employees.

“G.G. Schmitt’s excellent reputation within the marine industry has been built over many decades based on its high-quality products, engineering expertise, and strong industry relationships,” said Todd Cleveland, Chairman and Chief Executive Officer of Patrick. “This acquisition is aligned with our strategic initiatives and capital allocation strategy and we look forward to working with the G.G. Schmitt team to help further drive brand value.”

“We believe the marine industry is well-positioned for long-term growth, and we are excited to partner with the G.G. Schmitt team, who have a proven track record of consistently and creatively adapting to changing dynamics in the marine space, and continue to foster and strengthen marine customer relationships through high-quality, innovative custom product solutions and its legacy of excellent customer service,” said Andy Nemeth, President of Patrick. “G.G. Schmitt’s brand platform and highly engineered processes and products, as well as its longstanding relationships with leading marine OEM customers, have been instrumental in expanding its customer base within the recreational boating market. Consistent with previous acquisitions, we will support G.G. Schmitt with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.”

Brubaker Connaughton Goss & Lucarelli LLC served as legal counsel and Trout, Ebersole & Groff, LLP provided tax and accounting services for G.G. Schmitt.

by Kelly Simons

Matrix Welcomes New Team Members, Expands Industry Groups

RICHMOND, VA / BALTIMORE, MD - September 18, 2019 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce the addition of three new team members.

Matt C. Oldhouser, CPA has joined the firm as a Senior Analyst with Matrix’s Consumer & Industrial Products Group. Prior to 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 passed the Level 1 CFA.

Filip Zigic, Analyst is a member of Matrix’s Downstream Energy & Convenience Retail Group. He was previously an Associate with Morgan Stanley. Mr. Zigic received a B.S. in Business Administration with a concentration in Finance and a minor in Information Systems and graduated cum laude from Loyola University Maryland. He has passed all three levels of the CFA Program, and will be awarded the charter upon completion of the required work experience.

Matrix is also pleased to welcome Duncan C. Rogers as an Analyst with the Consumer & Industrial Products Group. Prior to joining Matrix, Mr. Rogers was an investment analyst intern at Spider Management Company. He received a BSBA with a concentration in Finance and graduated cum laude from the University of Richmond.

Mr. Thomas Kelso, President of Matrix said, “We are excited about the continued growth our firm is experiencing. In order to stand by The Matrix Principle, which is to do great work for our clients, we are committed to bringing the very best talent on board. Matt, Filip and Duncan are all excellent additions to our team, and we look forward to their continued professional growth and future contributions to the firm.”

by Kelly Simons