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.
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.
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.”
Matrix Announces the Successful Sale of Schmuckal Oil Company
RICHMOND, VA / BALTIMORE, MD – August 27, 2019 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Schmuckal Oil Company and its affiliates (“Schmuckal” or the “Company”) on the sale of its 25 convenience retailing and petroleum marketing assets to True North Energy LLC. The transaction also included Schmuckal’s small wholesale fuel and transportation businesses.
Schmuckal was founded in 1955 when Art Schmuckal and George Slane developed a partnership to supply fuel to service stations in and around Traverse City, MI. In the 1980s, Art’s son, Paul Schmuckal, took control of the Company and transitioned it from a wholesale supplier to a leading convenience retailer in northern Michigan. Schmuckal Oil became a multi-branded fuels company through the acquisition of several Marathon stores in 2000 and has been consistently recognized as one of the best Shell operators in the country.
Matrix provided merger and acquisition advisory services to Schmuckal, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale and lease transactions. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Andrew LoPresti, Vice President; and Martin McElroy, Senior Analyst.
Kevin Severt, CEO of Schmuckal Oil Company commented, “Our Board of Directors, executive management team, and Schmuckal family members explored many options before selecting Matrix to run a structured process and guide us through the sale of the family business. While it is emotional and challenging to sell a business, we felt the time was right for the family to find another company with the culture of a “family owned and operated” business to take our operation into the future. Matrix provided a high-level of professionalism and ran a very productive process that helped us accomplish our goal. We thoroughly enjoyed working with the Matrix team, including Spencer Cavalier, Andrew LoPresti, and Martin McElroy, and are genuinely excited for our customers, employees, and shareholders to be selling our business to True North Energy.”
Mr. Cavalier added, “The Schmuckal family, led by Paul Schmuckal, built one of Michigan’s most successful petroleum marketing and convenience retailing companies, with the core of its retail operation clustered in the highly coveted Traverse City area. Matrix is honored to have advised the shareholders and have enjoyed working closely with Paul and the Company’s CEO, Kevin Severt, to successfully close this transaction.”
Tammera Diehm of Winthrop & Weinstine, P.A. served as legal counsel for Schmuckal.
Matrix Announces the Successful Sale of Richmond Electric Supply Co., LLC
RICHMOND, VA / BALTIMORE, MD – July 24, 2019 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Richmond Electric Supply Co., LLC (“RESCO” or the “Company”) to Locke Supply Co. (“Locke”), an employee-owned plumbing, electrical, and HVAC distributor located in Oklahoma City, OK. Prior to the sale, RESCO was owned by the Company’s management team and RTK Family Capital LLC (“RTK”), a family-owned investment firm headquartered in Richmond, VA.
Jeff Moore, Principal and Founder of RTK, noted, “We are thrilled with the outcome of this transaction and what it means for [RESCO CEO] Mike Bourn and his tremendous team. We’ve enjoyed our partnership with Mike over the past six-plus years and have the utmost confidence that RESCO’s employees and valued customers will yield significant benefits as a result of this transaction.” Regarding Matrix’s services, Mr. Moore added, “Matrix assisted RTK in acquiring RESCO in 2012 and we couldn’t be more pleased to have utilized their services again in this transaction. The team was extremely professional throughout the engagement and ensured that the ultimate outcome was beneficial for all constituents.”
Founded in 1983, RESCO is a full-line, stocking electrical wholesale distributor that serves commercial contractors, government and military agencies, residential contractors, and industrial and OEM markets on a regional and national scale. The Company has partnered with leading electrical industry manufacturers, such as General Electric (ABB), Siemens, EATON Cooper Power, 3M, and Leviton to provide its customers with the highest quality products available in the market. RESCO also represents several specialty product lines in the medium voltage space, including Kinney Manufacturing, Howard, S&C Electric, and TE Connectivity. RESCO is headquartered in Richmond, VA, with additional locations in Farmville, VA and Norfolk, VA.
RESCO was acquired in 2012 from retiring owner Darryl Harman by RTK and industry veteran Mike Bourn with the goal of building on the legacy Mr. Harman had established. With many of those growth objectives now realized, the ownership group engaged Matrix to serve as its exclusive financial advisor, which included valuation advisory, marketing the business to a select number of prospective buyers, 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 is the ultimate compliment and sign of trust for our team to advise a business in multiple transactions. We take that trust and responsibility very seriously and are grateful to have represented Jeff, Mike, and the entire RESCO organization in this successful closing.”
Regarding the transaction, Mr. Bourn commented, “I have no doubt that RESCO’s partnership with the Locke team will be extremely beneficial for our valued customers, vendors, and employees. I look forward to continuing to grow our footprint in the Mid-Atlantic and Southeast with the support of the Locke organization. As this chapter of ownership closes, I am thankful to my partners at RTK for their commitment to the business over the past several years. I am also extremely grateful to the team at Matrix for their guidance throughout this critical process.”
John Orman III, President and CEO of Locke, added, “We are excited to welcome Mike and the entire RESCO team to our family of employees. Locke is committed to growing in every way possible and this addition provides all of us a tremendous opportunity. The growth potential is limitless, and we intend to take full advantage. We are thankful for the support of RTK and counsels on both sides for their support during this process.”
Graybill, Lansche & Vinzani, LLC served as legal counsel for RESCO and McAfee & Taft provided counsel to Locke.
Matrix Announces the Successful Sale of Fastrac Markets, L.L.C.
RICHMOND, VA / BALTIMORE, MD - July 1, 2019 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Fastrac Markets, L.L.C., Fastrac Transportation of New York, LLC, and related real estate entities (collectively, “Fastrac” or the “Company”) on the sale of its 54 convenience retailing and petroleum marketing assets in New York to EG America LLC, a subsidiary of Blackburn, U.K.-based EG Group Limited. The transaction also includes Fastrac’s wholesale fuel and transportation businesses.
Headquartered in Syracuse, New York, Fastrac is the premier convenience retailer and petroleum marketer across its operating footprint in the Rochester-Syracuse-Albany region. Over the past 20 years, management has focused on growing the Fastrac brand by building attractive fueling sites on expansive lots with large convenience stores. The stores offer high-quality, made-to-order (MTO) foodservice and a full-line of competitively-priced traditional convenience merchandise.
Matrix provided merger and acquisition advisory services to Fastrac, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Sean Dooley, Director; Christian Klawunder, Senior Associate; and John Mickelinc, Analyst.
Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group said, “Matrix has watched the growth and evolution of this dynamic company since its creation in 1998. Fastrac’s owners and management team invested skillfully in high traffic real estate locations and modern and expansive facilities, which allowed the Company to become a cutting-edge, high volume retailer in both the forecourt and backcourt. Matrix is honored to have advised the shareholders on their extremely successful exit from the industry.”
Roderick McDonald, Thomas Smith, and Kate Chmielowiec of Bond, Schoeneck & King, PLLC, as well as Camille Kahler of Saunders Kahler, LLP, served as legal counsel for Fastrac.
Matrix Announces the Successful Sale of Apache Oil Company, Inc.’s Petroleum Marketing & Retail Fuels Distribution Business
RICHMOND, VA / BALTIMORE, MD – June 27, 2019 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Apache Oil Company, Inc. and its affiliates (“Apache” or the “Company”) on the sale of its petroleum marketing and retail fuels distribution business to an undisclosed buyer. Apache’s petroleum marketing assets and dealer customers are primarily concentrated around the New York City and Boston metropolitan areas and include 27 commission marketers, 12 lessee dealers, and 56 wholesale supply accounts. Due to the two distinct geographic markets that the Company serves, the assets were offered as two separate packages and sold in two distinct transactions, albeit to the same buyer. As part of the sale, Apache also entered into long-term leases with the buyer on 22 of the properties. Both transactions closed separately on June 25, 2019.
Apache, headquartered in New London, CT, was founded in 1992 by Christopher Ohl and James Castle to distribute motor fuels to retail gas stations and service centers in and around the New York City metropolitan area. Apache later expanded into Massachusetts and other states after acquiring multiple Shell-branded fuels distribution packages from Motiva Enterprises, LLC. Under the direction of Christopher Ohl and William Castle, Apache now distributes Shell, Sunoco, Exxon, Mobil, Citgo, and Gulf branded fuels across five states in the Northeastern United States. A related entity, Willy’s Fuels LLC, which markets fuels to commercial customers in the heavy construction, pipeline and oil field service industries, was not included in the sale.
Matrix provided merger and acquisition advisory services to Apache, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale and lease transactions. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Stephen Lynch, Vice President; John Duni, Senior Associate; and Kyle Tipping, Analyst. Thomas Kelso, President of Matrix, also advised on the transaction.
Christopher Ohl, President & Managing Partner of Apache Oil Company, Inc., commented “Selling one’s life work is a very challenging and emotional decision. Cedric and the Matrix team were extremely helpful in navigating this process. Their support and help, blending together the desires of us and the buyer, were invaluable. We thank them immensely. I would also like to thank the entire Apache team, our employees, customers, and suppliers. Your dedication was our success. Additional thanks goes to Jim Castle for having the faith and foresight to become partners with a 23-year-old over 27 years ago. Finally, a special thanks goes out to my lifelong friend, teammate, and brother, Willie Castle, whose decision to join us 12 years ago enabled us to take Apache to a new level. I wish my late father was around to see this.”
Mr. Fortemps added, “We have known Messrs. Ohl and Castle for many years and are honored that they chose us as their trusted advisor to help them exit the business that they built and nurtured over 25+ years. We’re very pleased that we were able to find a buyer that they’re confident will be able to continue to serve their loyal customers, who they consider friends, with the same tremendous customer service that Apache provided.”
Erica Bigelow and Robert Tedesco of Rich May, P.C. and Timothy Bloomfield served as legal counsel for Apache.
Matrix Announces Promotions and Welcomes New Team Member
RICHMOND, VA / BALTIMORE, MD - June 18, 2019 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce two recent promotions, as well as the addition of a new team member.
Sean P. Dooley, CFA, ASA has been promoted to Director. He has helped advise on nearly 30 successful transactions since joining Matrix’s Downstream Energy & Convenience Retail Group in 2010. Mr. Dooley holds the Chartered Financial Analyst designation and is a member of the CFA Institute. He is also recognized as an Accredited Senior Appraiser in Business Valuation by the American Society of Appraisers.
Andrew A. LoPresti, CFA, CPA has been promoted to Vice President. He has been a member of Matrix’s Downstream Energy & Convenience Retail Group since 2012. During that time he has been involved in over 20 successful transactions. Mr. LoPresti holds the Chartered Financial Analyst designation, is a member of the CFA Institute and is also a Certified Public Accountant.
Matrix is also pleased to welcome Yolanda M. Williams, CPA as Controller. In her new role, she will be responsible for aspects of the firm’s accounting, banking and financial reporting. Ms. Williams began her career in public accounting with Goodman & Company, LLP and more recently served as Controller at Bostwick Laboratories, Inc. and TDBBS, LLC. She holds the Certified Public Accountant designation and is a graduate of James Madison University.
Mr. Kelso, President of Matrix said, “On behalf of everyone at Matrix, I extend my congratulations to both Sean and Andrew on their well-deserved promotions. Over their tenures, they have worked extremely hard and have played key roles in providing the absolute best financial advisory and transaction services to our clients. Consistent with our determination to hire top finance talent and promote from within, we look forward to Sean and Andrew continuing to grow their careers at Matrix. In addition, we are very pleased to have Yolanda join the Matrix team. We look forward to working with her and recognizing her future contributions to the firm.”
Thomas E. Kelso, President of Matrix Capital to Receive the Rev. Charles K. Riepe Alumni Award from The John Carroll School
BALTIMORE, MD – May 23, 2019 – Thomas E. Kelso, President of Matrix Capital Markets Group, Inc., has been named the 2019 recipient of the Reverend Charles K. Riepe Alumni Award.
Presented by The John Carroll School, an independent Catholic high school in Bel Air, MD, the award recognizes alumni who have demonstrated outstanding achievement and community service. The winner is an exemplary role model consistent with the Catholic values and philosophy of The John Carroll School to educate the whole person and to develop young men and women of moral integrity through challenging academics and real-life experiences. It is the highest honor that can be given to alumni of The John Carroll School.
The award will be presented to Mr. Kelso on Friday, May 24. He will also have the honor of giving the commencement speech at The John Carroll School graduation on Saturday, May 25.
Mr. Kelso is President of Matrix Capital Markets Group, a leading, independent investment bank, and founded the firm’s Downstream Energy & Convenience Retail Group (“DER”). In addition to his role as President of Matrix, he also co-advises clients on company sales, divestitures, acquisitions, capital raises, recapitalizations, restructurings, valuations and strategic planning.
He is the Chairman of the Maryland Stadium Authority (MSA), and also served as Chairman of Hogan for Governor 2018. He has also made a tremendous impact on John Carroll and spent nine years on The John Carroll School Board of Trustees. He was the first alumnus to serve as Chairperson of the Board of Trustees. During his tenure as Chairman, the Board conducted and completed a Facility Master Plan for the school and kicked off the fundraising for the first phase of a capital campaign. Mr. Kelso also headed the President Search Committee and spent time as Chair of the Development/Institutional Advancement Committee.
His philanthropic efforts include co-chairing the Children’s Scholarship Fund Baltimore’s Fund the Future Campaign to provide scholarships that allow Baltimore City children to attend parochial or private schools, and Honorary Co-Chair of the Maryland Food Bank’s 40th Anniversary Campaign. Additionally, The Kelso Bishop Family Foundation supports John Carroll, CSFB, the University of Maryland Medical System Shock Trauma, St. Joseph’s Hospital Foundation, the Fair Hill Foundation, the Bennett Institute of Kennedy Krieger and other organizations dedicated to providing educational opportunities for children, among others. Fittingly, Fr. Riepe was an enormous part of Mr. Kelso’s life, as Chaplain, his JV baseball coach, Principal and President of John Carroll and as a friend.
Matrix Announces the Successful Sale of Certified Tire & Service Centers, Inc.
RICHMOND, VA / BALTIMORE, MD - May 20, 2019 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the closing of the previously announced sale of California-based Certified Tire & Service Centers, Inc. (“Certified Tire” or the “Company”) to Monro, Inc. (NASDAQ: MNRO) (“Monro”), a leading provider of automotive undercar repair and tire services. The acquisition includes Certified Tire’s 40 retail stores and one distribution center.
Established in 1997 by industry veteran Jeff Darrow, Certified Tire is a leading independent automotive service chain on the West Coast. Headquartered in Riverside, CA, the Company has expanded from its original single site in Moreno Valley to its current footprint in the Los Angeles (23 locations), San Francisco (10 locations), and San Diego (7 locations) markets. Today, Certified Tire is the 3rd largest independent tire dealer headquartered in California and the 27th largest in the United States. Supporting Certified Tire’s approximately $45 million in sales are the Company’s 275 loyal team members, nearly all of whom will be transitioning with the business.
Mr. Darrow has been an innovator in the automotive repair business for over 40 years. He began his career in 1976 working as a tire installer for Bridgestone/Firestone in Southgate, California. After working as a salesman and assistant manager, in 1980, at the age of 20, Mr. Darrow was appointed store manager of Firestone’s Los Alamitos location. Over the next decade, he continued to receive various accolades within the organization until he was once again promoted in 1990, this time to district manager, responsible for 25 stores located throughout Orange County, Riverside County and San Bernardino County. After several years in that position, Mr. Darrow was determined to establish his own footprint, and following stints as partial owner of several operations, opened the doors of the first Certified Tire site two decades after his career began. From that date until the sale to Monro, Mr. Darrow has been recognized as a pioneer and leader in the California independent tire dealer market.
Commenting on the transaction, Mr. Darrow stated, “As Certified Tire has expanded its footprint throughout California, our priority has always been providing superior tire and automotive service to our valued customers. We are pleased to join the Monro family, which shares these core values and is committed to expansion and growth in our geography. I’m thrilled for what the partnership with Monro means for our exceptional employees and am proud to have selected an acquirer that will sustain the level of service that customers have come to expect from Certified Tire.”
Headquartered in Rochester, New York, Monro is a chain of over 1,200 company-operated stores, 98 franchised locations, eight wholesale locations and three retread facilities providing automotive undercar repair and tire sales and services. Monro operates in 30 states, serving the Mid-Atlantic and New England regions and portions of the Great Lakes, Midwest and Southeast and, with this acquisition, California. Monro went public in 1991 and trades on The Nasdaq Stock Market under the symbol MNRO.
Brett Ponton, President and Chief Executive Officer of Monro said, “We are thrilled to announce this acquisition, which provides us with a strong platform for further expansion into a dynamic and attractive region. The diversification of our geographic footprint in California represents a key milestone in the execution of our growth strategy, and we look forward to capitalizing on future opportunities in this market. We believe that the continued execution of our Monro. Forward initiatives will position us to more effectively and efficiently integrate this and other acquisitions, creating long-term shareholder value. Importantly, we would like to extend a warm welcome to the Certified Tire team who will be joining Monro.”
Matrix served as exclusive financial advisor to Certified Tire, 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, and William O’Flaherty, Vice President. Robbie Nickle, Associate, and John Mosser, Analyst, also advised on the transaction. Regarding Matrix’s services, Mr. Darrow noted, “The team at Matrix has been tremendous throughout this entire process. Their enthusiasm and dedication to finding the best transaction for my family and Certified Tire has been tireless. I would recommend Matrix to anyone and I am incredibly grateful for their efforts.”
Mr. Shoulders added, “We are pleased to have assisted Certified Tire in its sale to Monro. We consider the automotive aftermarket and auto and tire service sectors to be core focuses of our Consumer and Industrial Products Group and we look forward to future opportunities to work with operators in these markets looking to pursue a liquidity event. Our team at Matrix respects Jeff immensely and are fortunate to have developed a very close relationship with the Darrow family. We look forward to staying in touch with Jeff as he pursues other endeavors.”
Matrix Announces the Successful Sale of West Oil, Inc.’s Petroleum Marketing & Convenience Store Assets
RICHMOND, VA – May 1, 2019 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised West Oil, Inc. (“West” or the “Company”) on the sale of its 25 Markette convenience stores and one Lotto Land convenience store in South Carolina to FR Refuel, LLC, a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy. The transaction also includes 2 car wash properties and 3 vacant lots for future development.
West’s stores are primarily located in northeastern South Carolina and are modern, well-maintained facilities. Fourteen of the stores sell Shell branded motor fuels, and the remaining 12 stores carry the Company’s proprietary West Oil fuel brand. The stores offer a full array of convenience merchandise, and 6 stores have proprietary deli offerings. As part of the transaction, FR Refuel is acquiring the fee simple interest in 25 of the stores and a leasehold interest in the remaining property.
West Oil traces its roots back to 1964, when Lee West founded the Company in Hartsville, South Carolina. In 1973, Lee’s son, Alexander West Sr., joined the Company, assisting his father in opening their first retail store in Hartsville that same year. The Company had grown to 15 stores when Alexander (Lex) West Jr. joined the family business in 1989. Lex’s partner, Reginald (Bunky) Joyce III, joined the Company in 1993, and in 2003, they finalized the buyout of the Company from Alexander Sr.
Under the leadership of Lex West, the Company’s current President, and Bunky Joyce, Vice President, the Company continued to grow its highly regarded Markette convenience store chain while also expanding and diversifying its product and service offerings. In 2009, the Company introduced its proprietary fuel brand, West Oil, to diversify its fuel supply sources, and the West Oil branded sites are now some of the Company’s highest performing locations. In addition to its petroleum marketing operations, the Company also owns a propane distribution business, multiple wine and spirits shops, a mini storage business, and owns and develops other real estate. After over 50 years in operation, the shareholders decided to exit the convenience store business to diversify their wealth and focus on other business ventures.
Matrix provided merger and acquisition advisory services to West, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Vance Saunders, Managing Director; Stephen Lynch, Vice President; and John Mickelinc, Analyst.
Lex West, President of West Oil, Inc., commented “It was not an easy decision to sell a family run business of 40 years. My grandfather and father built a strong foundation for the growth of the Markette brand. That growth would not have been possible without our outstanding employees and loyal customers. Bunky and I wanted to ensure that the new owners valued the family-oriented culture of Markette and upheld the values of excellence in customer service and commitment to community service. Matrix assisted us in finding new owners that fit the bill. In addition, Matrix provided strong support and professional guidance through every step of the process to ensure a smooth transition to the next phase. Matrix was the right choice for us.”
Mr. Fortemps added, “The West family and Bunky have built an incredible company, and we’re honored that they engaged us to advise them on the difficult decision to exit this third-generation business. We are very pleased that we were able to help achieve their goals and with a buyer that will continue to run the business in a manner consistent with the values that guided them for so many years.”
Otto Konrad, Elizabeth Carr, and Arrion Dennis of Williams Mullen served as legal counsel for West.
Matrix Announces the Successful Sale of Tri-State Utilities Company
RICHMOND, VA – February 25, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Chesapeake, VA-based Tri-State Utilities Company (the “Company” or “Tri-State”) to Hoffman Southwest Corp. (“HSW”), a portfolio company of ORIX Capital Partners LLC (“ORIX”).
Founded in 1990 by Steve McSweeney, Tri-State is a leading, award-winning, regional provider of trenchless repair, rehabilitation, inspection, and other maintenance services to the municipal utility market. After nearly two decades of successfully providing technical services to support the maintenance needs of its customer base, Mr. McSweeney passed leadership of the Company’s operations to his two sons, Andy McSweeney and Joe McSweeney, in 2007. The change in leadership coincided with a period of rapid expansion for Tri-State, as the McSweeney brothers invested heavily in fleet and human capital in order to establish the Company as a market leader in trenchless utility rehabilitation throughout the Mid-Atlantic and Southeast. As a result of those investments, Tri-State maintains long-term sewer and stormwater contracts with an enviable list of blue-chip customers. Additionally, the Company has received recognition from its customers, vendors, and the broader industry for its exceptional safety credentials, technical expertise, increasingly diverse suite of services, and expanding geographic reach.
Andy McSweeney, President of Tri-State commented, “We are thrilled to be partnering with the HSW team to expand the breadth of services we’re able to offer our valued customer base. When Joe and I began contemplating a possible ownership transition, it was critical that we find a group that shared our Company’s values and commitment to growth. We feel confident that the HSW and ORIX teams are precisely the partners that share this vision.” Joe McSweeney, Chief Executive Officer of Tri-State added, “I have no doubt that HSW will help us build on the tremendous foundation that our father established and Andy and I were fortunate enough to continue. As shareholders in the combined entity, we are looking forward to personally maintaining the level of service and responsiveness that our customers and vendors have come to expect from Tri-State.”
HSW provides underground pipe inspection, trenchless pipe repair, excavation and cleaning services for municipal and utility customers.
Matrix served as exclusive financial advisor to Tri-State, 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, and William O’Flaherty, Vice President. Robbie Nickle, Associate, and John Mosser, Analyst, also advised on the transaction. Regarding Matrix’s services, Andy McSweeney noted, “In the face of what could have been an exhausting and emotional process for Joe and I, the Matrix team was an unwavering source of support, providing professional and thoughtful guidance throughout the engagement. We can’t imagine getting this transaction done without their assistance, and we feel fortunate that we selected Matrix as our advisor.”
Mr. Shoulders added, “The McSweeney family has built an impressive business that is poised for exceptional growth as it continues to address the needs of aging underground infrastructure. We are pleased to have assisted them in identifying a partner that brings a strategic commitment to expansion, supportive capital to achieve the Company’s objectives, and the opportunity for Joe and Andy to remain with the business as both managers and shareholders.”
Troutman Sanders served as legal counsel for Tri-State.
Matrix Announces Promotions, Expansion of Marketing Group and Industry Team Addition
RICHMOND, VA – January 23, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce several promotions, expansion of its Marketing Group, and the addition of a new industry team member.
We would also like to take this opportunity to thank all of our clients for the privilege of working with them this past year, and sincerely appreciate the trust they placed in us as their advisor. Through the hard work and dedication of all of our team members, we successfully advised on 19 merger and acquisition transactions in 2018.
Spencer P. Cavalier, CFA, ASA, Managing Director & Principal, and Cedric C. Fortemps, CFA, Managing Director & Principal, have been named Co-Heads of Matrix’s Downstream Energy & Convenience Retail Group.
In their new positions, Mr. Cavalier and Mr. Fortemps will lead Matrix’s Downstream Energy & Convenience Retail Group. They will also be responsible for new client engagement and transaction management, and will provide leadership and support for the professional development of the Group.
Thomas E. Kelso, Managing Director & Principal and President, and former Head of Matrix’s Downstream Energy & Convenience Retail Group, will continue in his role as President. In addition to managing the firm, he will focus on marketing, supporting group heads in expanding new client development, assisting in transaction management, and developing and implementing strategies for firm growth.
R. H. “Tod” Butler is now a Senior Advisor. Mr. Butler has been a valued member of the Downstream Energy & Convenience Retail Group since 1999, and has over 45 years of professional experience in the industry. He will continue to be actively involved in marketing and new client development across all groups within the firm.
John C. Duni, CFA, CPA is now a Senior Associate. Mr. Duni has helped advise on over ten successful 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.
Matrix has expanded its Marketing Group and promoted Honor P. Carver to Director of Marketing & Communications. She is responsible for leading the strategic marketing efforts for the firm and has been with Matrix since 2005. She most recently served as Marketing Manager.
Kelly A. Simons is now Assistant Director of Marketing & Communications. She will be responsible for supporting the marketing efforts for the firm. Mrs. Simons was previously Manager of Administrative Services for the Downstream Energy & Convenience Retail Group and first joined Matrix in 1998.
Matrix is also pleased to welcome Nathan B. Wah, CPA, Analyst, to the firm as a member of the Downstream Energy & Convenience Retail Group. He was previously a Senior Audit Associate with KPMG US LLP. He received a B.S. in Business Administration with concentrations in both Finance and Accounting, and graduated cum laude from Villanova University. He holds the Certified Public Accountant designation.
Mr. Kelso, President of Matrix, said, “We congratulate all of our team members and are pleased to recognize their outstanding contributions to the company. We are excited to have them as part of the foundation upon which we continue to build the firm. Through hard work and our total commitment to the highest standards, the accomplishments of these professionals truly reflect our continued dedication to our core values - the Matrix Principle.”
Matrix Announces the Successful Sale of Schmitt Sales, Inc.’s Convenience Retailing and Wholesale Fuel Assets
RICHMOND, VA – January 18, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Schmitt Sales, Inc.’s (“Schmitt Sales” or the “Company”) convenience retailing and wholesale fuel assets to Sunoco LP (NYSE: SUN). Schmitt Sales owned and operated Robo Mart convenience stores located in Buffalo, NY and distributed fuel to commission marketers and independent dealers located primarily throughout New York, Pennsylvania, Ohio, and West Virginia.
Peter C. Schmitt Jr. founded Schmitt Sales in 1964 at the age of 24. Always the entrepreneur, he pioneered the concept of installing fuel equipment at independent grocery stores in exchange for the right to distribute motor fuels and share related fuel profits. This successful business model, of providing a no cost opportunity to add a fuel offering to grocers, was then expanded to independent convenience retailers and other retail outlets. After Mr. Schmitt’s passing in 2003, Peter Glor became the Company’s President and, along with Maureen Schmitt, CEO, Mike Marong, Director of Finance and a talented group of employees, grew the Company from a local fuel distributor to one of the largest fuel distributors on the East Coast.
Mrs. Schmitt commented, “The team at Schmitt Sales has done a tremendous job as we expanded our footprint in the Northeast through the leadership of Peter Glor. As we all know, this business can be unpredictable and challenging. The friendships that we have created not only with our customers, but colleagues in the industry, have added to the success that we have enjoyed. I’d like to thank my dedicated team of employees for their hard work throughout the years. I’d also like to thank Matrix for their superior customer service and support through this entire process.”
Matrix provided merger and acquisition services to Schmitt Sales, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Andrew LoPresti, Senior Associate; and Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy & Convenience Retail Group, also advised on the transaction.
Mr. Cavalier added, “Schmitt Sales became one of the largest, most successful petroleum marketing and convenience retailing companies on the East Coast by consistently delivering unparalleled customer service. We are honored that the Schmitt family and the management team selected Matrix to advise them on the sale of the Company.”
Paul Schulz and Elise Edwards from Lippes Mathias Wexler Friedman LLP served as legal counsel for Schmitt Sales.
Matrix Announces the Successful Sale of Revere Gas, Inc.’s Propane Distribution and Rail Terminal Assets
RICHMOND, VA – December 20, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Revere Gas, Inc.’s (“Revere” or the “Company”) propane distribution and rail terminal business to Quarles Petroleum, a Virginia based provider of residential and commercial fuel. Over its 75 years in business, Revere has grown to become one of the largest, family owned propane distributors in the U.S.
Founded in 1942 by H.L. Revere, the Company is a third-generation propane gas distributor headquartered in Hartfield, Virginia. Under the leadership of the late Charles Revere and his sons, Carlton Revere, President and CEO; and Craig Revere, Executive Vice President; the Company significantly expanded its marketing presence across eastern and central Virginia, operating eight branch offices, plus a rail terminal. Known for its exemplary customer service, unrivaled technical expertise, and active community involvement, Revere Gas serves over 26,000 residential, commercial, agricultural, industrial, and governmental customers in 32 counties.
“Lots of emotions were involved in making our decision to divest. While those emotions are important, there are business interests that need to be organized. Any family business considering to make such a change must have professionals that advise them well in advance of the ultimate sale. I could not dream of attempting a deal alone. The Matrix team are well versed in the intricacies of our industry and gave us good counsel as we navigated the transaction. Additionally, we are happy to call the team friends,” stated Carlton Revere.
Matrix provided merger and acquisition advisory services to Revere, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Vance Saunders, Managing Director; and John Duni, Associate.
Mr. Cavalier added, “Over the last few years we have been very fortunate to advise the Revere shareholders on two acquisitions and, ultimately, the sale of the Company. It has been an exceptional experience to work with one of the propane industry’s largest and most respected private companies. We thank the Revere family for giving us the opportunity to work with them so closely as they grew their business, and we wish them continued success as they capitalize on the shareholder value they have created to focus on other family business ventures.”
Scott Seymour, Dustin DeVore, Greg Davis, Jacob Glasser and Alex Powell of Kaufman & Canoles served as legal counsel for Revere.
Matrix Advises Giant Eagle, Inc. on the Successful Acquisition of Ricker Oil Company, Inc.
RICHMOND, VA – December 4, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful acquisition of Ricker Oil Company, Inc. (“Ricker Oil”) by Giant Eagle, Inc. (“Giant Eagle” or the “Company”). Ricker Oil owns and operates 56 Ricker’s convenience stores located in the Indianapolis and Fort Wayne metro areas and throughout central Indiana. The acquisition also includes Ricker Oil’s wholesale fuels distribution business of approximately 80 branded supply accounts located in Indiana, Illinois and Kentucky.
Ricker’s has provided high-quality fuels, clean convenience stores and wholesale fuel services to companies and consumers throughout Indiana since 1979. A strong commitment to its community, a sense of pride to its customers, and a long history of corporate trust is the foundation on which the company was built.
Like Ricker’s, Giant Eagle is a proud family-owned and values-driven company. Founded by five families nearly 90 years ago, representatives of each Giant Eagle family still serve the Company today, including fourth-generation family member Laura Karet, Giant Eagle’s President and CEO. The Company is a leading multi-format food, fuel and pharmacy retailer with 400-plus stores across western Pennsylvania, Ohio, West Virginia, Maryland and Indiana. The Ricker’s acquisition provides Giant Eagle with additional scale in the Indiana market as well as opportunities to leverage the strength of both the GetGo and Ricker’s brands.
Polly Flinn, Giant Eagle’s Executive Vice President & General Manager of GetGo said, “We’re very grateful for the guidance and insight Matrix provided to help Giant Eagle secure this growth opportunity. At GetGo, our positioning of taking the ‘cons out of convenience’ means we offer the highest quality fresh foods, products and services to our customers. Our acquisition of the Ricker’s chain supports this strategy, and we look forward to bringing together the best of both businesses in Indiana.”
Matrix provided merger and acquisition advisory services to Giant Eagle, which included valuation advisory, transaction structuring and negotiation of the transaction. The transaction was managed by John Underwood, Managing Director; Robbie Radant, Director; Stephen Lynch, Vice President; and Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy & Convenience Retail Group, also advised on the transaction.
“It has been exciting to help Giant Eagle accelerate its growth plans with the acquisition of Ricker Oil Company,” said Underwood. “This expansion will significantly increase GetGo’s market share in central Indiana. Laura and her team have been a pleasure to work with, and we sincerely appreciate the trust that they put in Matrix.”
Ramona Nee, Noah Beck, Vadim Brusser and Daniel Tavakoli led the Weil team which served as legal counsel for Giant Eagle.
About Giant Eagle, Inc.
Giant Eagle, Inc., ranked among the top 40 largest private companies according to Forbes magazine, is one of the nation’s largest multi-format food, fuel and pharmacy retailers with $8.9 billion in annual sales. Founded in 1931, the company operates stores throughout western Pennsylvania, Ohio, northern West Virginia, Maryland and Indiana.
Matrix Announces the Successful Sale of Petr-All’s (d/b/a Express Mart) Petroleum Marketing and Convenience Retailing Assets
RICHMOND, VA - November 5, 2018 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Petr-All Petroleum Consulting Corporation’s, d/b/a Express Mart (“Petr-All”, “Express Mart”, or the “Company”), 78 convenience retailing and petroleum marketing assets to Speedway LLC, a wholly owned subsidiary of Marathon Petroleum Corporation (NYSE: MPC).
Petr-All was founded in 1975 in Dryden, NY by the late Francis (Frank) Borer. To better serve the end customer, the first Express Mart convenience store opened in 1989 to offer, in addition to gasoline, a full convenience merchandise product line-up. Over the last three decades, and under the more recent management of Daniel Twombly (President of Finance) and Mike Askwith (President of Marketing, Planning & Store Operations), the Express Mart brand has grown to 78 company-operated stores throughout the State of New York. Frank’s wife, Patricia (Patti) Brock Borer, and their four children have remained active in the Company to this day.
The Borer family commented, “The decision to sell our family business was a hard one. The compassion, professionalism and attention to detail that Matrix brought to the project made the decision easier. They worked with us and on our behalf from beginning to end. We are thrilled with the outcome.”
Matrix provided merger and acquisition advisory services to Petr-All, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Sean Dooley, Vice President; Christian Klawunder, Senior Associate; and, Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, and Robbie Radant, Director, also advised on the transaction.
Mr. Cavalier added, “We have been very fortunate to have a long-term relationship with the Borer family and their exceptional management team, led by Dann Twombly and Mike Askwith. Over the years we watched them grow and manage a best-in-class convenience retailing company, and it has been an honor for us to advise them on this successful transaction.”
Roderick McDonald, Dennis Brown, and Martin Schwab of Bond, Schoeneck & King PLLC served as legal counsel for Petr-All.
Matrix Announces the Successful Sale of Engineered Metals and Composites, Inc.
RICHMOND, VA – October 1, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of West Columbia, South Carolina-based Engineered Metals and Composites, Inc. (“EMC” or the “Company”) to Patrick Industries, Inc. (NASDAQ: PATK) (“Patrick”), a publicly-traded manufacturer of component products and distributor of building products and materials for the recreational vehicle, manufactured housing, marine, and various other industrial markets. The transaction closed on September 28.
Founded in 1998, EMC is a leading designer and manufacturer of custom marine towers, frames, and other fabricated component products for OEMs in the marine industry. The Company is strategically positioned in a region that is home to some of the largest saltwater boat manufacturers in North America. Under the leadership of Founder and Chief Executive Officer Ed Forbes and President Chris Wainscott, the Company has expanded its design and engineering capabilities, as well as its manufacturing footprint, to support the growing needs of its impressive customer base.
“EMC’s technical expertise and innovative product offerings complement our marine product portfolio, and provide us with an excellent opportunity to further penetrate the marine market, increase our content per unit, and leverage our existing capabilities within our marine-centric brands,” 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 EMC team to help further drive brand value.”
“We believe the marine industry is well-positioned for continued growth and we are excited to partner with Ed Forbes, Chris Wainscott, and the EMC team to further expand our presence as a key component supplier in this space through high-quality, innovative custom product solutions and excellent customer service,” said Andy Nemeth, President of Patrick. “EMC’s industry reputation for metallurgical expertise, highly engineered processes and products, and continuous innovation and product quality, as well as its longstanding relationships with leading marine OEM customers, has been instrumental in expanding its customer base within the recreational boating market. Consistent with previous acquisitions, we will support EMC 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.”
Ed Forbes added, “After more than 35 years in the marine industry, I am excited to partner with Patrick to further drive and support the EMC team and our plans for continued growth. Patrick’s strategic resources and marine industry presence, capabilities, and vision align with our goal of providing the highest quality innovative solutions to our customers.”
Matrix served as exclusive financial advisor to EMC. The transaction was led by David Shoulders, Managing Director, and William O’Flaherty, Vice President. Robbie Nickle, Associate, and John Mosser, Analyst, also advised on the transaction. Regarding Matrix’s services, Mr. Forbes commented, “Chris and I have been overwhelmed by the level of service that the Matrix team has provided us and our business. Throughout a complex process for us, we always felt they provided exceptional advice and guidance. They have gone above and beyond our expectations and found a perfect home for EMC.”
Mr. Shoulders added, “We are thrilled to have been able to assist Ed, Chris, and the EMC team during this transition. We are confident that the partnership between EMC and Patrick will have a tremendous benefit for all customers, suppliers, and employees involved.”