Matrix Announces the Successful Sale of Carolina Convenience Corporation’s Petroleum Marketing Assets
RICHMOND, VA – August 13, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces that it has advised Carolina Convenience Corporation (“Carolina Convenience” or the “Company”) on the sale of seven of its S-Mart branded convenience stores and its wholesale fuels distribution business in South Carolina to an affiliate of Dublin, Ireland based Applegreen plc and Petrogas Global Ltd.
Headquartered in Lexington, SC, Carolina Convenience operated eight S-Mart convenience stores in Columbia and supplied numerous dealers primarily in the Columbia market with a handful of dealers in eastern South Carolina. The Company was a jobber for BP, ExxonMobil, and Sunoco and also supplied unbranded motor fuels to a few of its dealers. The S-Mart stores offer BP and Exxon branded motor fuels as well as a full array of convenience merchandise, and one of the stores is cobranded with a Hardee’s restaurant. The Company will continue to operate the Hardee’s business post-closing as well as one convenience store at a separate location.
Carolina Convenience is a second generation, family owned company founded in 1981 by Madhu and Sulochana Shrivastava, and today the Company is managed by Madhu Shrivastava, Chairman & CEO, and Seema Shrivastava-Patel, President. In addition to its petroleum marketing and convenience store business, the Company also operates several Hardee’s restaurants in the Columbia market which were not included in the sale to Applegreen. After nearly 37 years of operation, the Company is divesting substantially all of their convenience store and petroleum marketing business to focus on the operation of its Hardee’s restaurants and other business ventures. As part of the transaction, Applegreen retained the Company’s convenience store employees at the acquired stores.
Matrix provided merger and acquisition advisory services to Carolina Convenience, 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, and John Duni, Associate. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, also advised on the transaction.
Mr. Shrivastava, Chairman & CEO, commented, “Matrix has been a great advisor and partner throughout this entire journey. They conducted a thorough financial analysis and handled detailed contract negotiations which resulted in a successful conclusion. Matrix’s knowledge and experience in this area definitely helped us increase the value of our business. I would like to thank God for his blessings and support of all the employees and valued customers who made the business successful.”
Ms. Shrivastava-Patel, President, added, “I would like to thank all of our employees who helped build our company over 37 years. Coming to the U.S. with only $100, my parents are the epitome of the American Dream. This was a very difficult process to go through, but having a team like Matrix made it much easier. They made sure that every detail was considered to ensure we were in the best possible situation. Our family is also thankful to our legal team led by Richard Few and his associates at Parker Poe for guiding us through the legal process.”
Mr. Saunders added, “This transaction is the culmination of multifaceted advisory work as we helped the Shrivastava family understand the value of their company, identified which assets to divest, analyzed after tax proceeds from a sale as well as the ongoing cash flows of the remaining assets, and executed a transaction that achieved their goals. The Shrivastavas have worked extremely hard for many years building an exceptional business, and we are honored to have had the opportunity to lead them through this process.”
Richard Few, Erika Byrd, Todd Haynie, and Tim St. Clair of Parker Poe served as legal counsel for Carolina Convenience.
Matrix Announces the Successful Sale of Cheshire Oil Company, LLC
RICHMOND, VA – July 26, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces that it has advised Cheshire Oil Company, LLC (“Cheshire Oil” or the “Company”) on the sale of its ten (10) “T-Bird Mini Marts” branded convenience stores located in New Hampshire and Vermont, as well as its home heating oil, HVAC and burner service, and commercial fuels businesses, which serve customers in southwestern New Hampshire. Global Partners LP (NYSE: GLP) acquired the Company’s convenience stores and Dead River Company acquired the other businesses. Nearly all of the Company’s employees were retained as part of the transactions.
Headquartered in Keene, NH, Cheshire Oil is a fourth-generation family business that was founded in 1921 by George Robertson. Throughout the 1920’s and 1930’s, the Company operated a number of gas stations before eventually expanding into the home heating oil delivery business in the 1940’s and 1950’s. In the mid-1980’s the Company created its T-Bird Mini Marts convenience store brand, which George’s grandson, James Robertson, and great-granddaughter, JoJi Robertson have grown into a chain of ten (10) high volume, highly profitable stores that all sell Citgo branded motor fuels. Over the Company’s nearly 100 years of being in business, it has developed an extremely loyal base of customers across its convenience store network and home heating oil, HVAC and burner service businesses.
Matrix provided merger and acquisition advisory services to Cheshire Oil, which included valuation advisory, marketing of the various divisions of the Company through customized, confidential, structured sale processes, and negotiation of the transactions. The transactions were managed by Cedric Fortemps, Managing Director, and Stephen Lynch, Vice President. John Duni, Associate, also advised on the transactions.
James and JoJi Robertson, owners of Cheshire Oil, commented, “Mergers and acquisitions involve a great deal of critical business, legal, financial, and deal negotiation skills which Matrix brought to the table. Matrix’s knowledge of the convenience store and motor fuels market is exemplary, which was critical. Our sale was not easy and the extra effort made to see this sale through exemplifies Matrix’s professional abilities. We want to extend a heartfelt ‘THANK YOU’ to Matrix for their hard work in getting this deal to the finish line.”
Mr. Fortemps added, “We know how difficult of a decision it is to sell a long-standing family business, but we are very grateful for the opportunity to have advised the Robertson family on the successful sale of their businesses. We’re very pleased that the various businesses of the Company were acquired by buyers that understand the value of Cheshire’s employees and are eager to continue to grow on the success that the Robertsons have built.”
Angela Martin of Devine, Millimet & Branch, P.A. served as legal counsel for Cheshire Oil.
Global Partners Completes Acquisition of Retail Fuel and Jiffy Mart Convenience Store Assets in Vermont and New Hampshire from Champlain Oil Company
Global Partners LP announced that it has completed the acquisition of retail fuel and convenience store assets of Vermont-based Champlain Oil Company, Inc.
The acquisition includes 37 company-operated gas stations with Jiffy Mart-branded convenience stores in Vermont and New Hampshire, and approximately 24 fuel sites that are either owned or leased including lessee dealer and commission agent locations. The transaction also includes term fuel supply agreements for approximately 65 gas stations, primarily in Vermont and New Hampshire. The 126 stations primarily market major fuel brands such as Mobil, Shell, Citgo, Sunoco and Irving.
The purchase price, excluding inventory, was approximately $134 million, subject to post-closing adjustments. The transaction is expected to be accretive within the first full year of operations.
“The completion of this transaction expands our retail portfolio and geographic footprint in New England and provides additional volume to our strategically located terminals in New York and Vermont,” said Eric Slifka, Global Partners President and CEO. “We are excited to add the well-established Jiffy Mart brand and co-branding arrangements to our business and to further benefit from economies of scale in the purchase of fuel and convenience store merchandise. We look forward to building upon these premier assets and welcome our new associates to the Global team.”
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Matrix Announces the Successful Sale of Champlain Oil Company, Inc. & Coco Mart, Inc.
RICHMOND, VA - July 18, 2018 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Champlain Oil Company, Inc. and Coco Mart, Inc. (collectively “Champlain” or the “Company”) to Global Partners LP (NYSE: GLP). The acquired assets include 37 company operated convenience stores with gas, trading as Jiffy Mart, and approximately 24 fuel sites that are either owned or leased including lessee dealer and commission agent locations. The transaction also includes fuel supply agreements for approximately 65 gas stations, primarily in Vermont and New Hampshire.
Headquartered in Burlington, Vermont, Champlain is one of the largest petroleum wholesale distribution and convenience retail marketers in the northeast. For over 70 years, the Company has built a well-regarded reputation by maintaining rigorous quality standards of a major national chain, while upholding customer-centric values. Champlain was founded in 1949 by C. Douglas Cairns. Several decades later, in 1990, the Company acquired the Jiffy Mart brand along with 13 company-operated locations from Jiffy Mart, Inc. Under the leadership of Tony Cairns, President, and his son Bryan Cairns, Vice President, the Company has grown both its retail and wholesale channels of trade by offering high quality merchandise, food offerings and service at its Jiffy Mart stores and value-added services to ensure a competitive and sustainable business model for its wholesale customers.
Mr. Tony Cairns commented, “I would like to thank all of our employees who helped build our company over many years and Matrix who was a pleasure to work with.” Mr. Bryan Cairns added, “The Matrix team did a tremendous job. This was quite the process to go through, but having such a professional team directing us with their tireless work ethic and attention to detail made the process that much easier.”
Matrix provided merger and acquisition advisory services to Champlain, 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; and Christian Klawunder, Senior Associate. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, also advised on the transaction.
Mr. Cavalier commented, “The Cairns family and its talented management team built one of the most respected and successful independent petroleum marketing and convenience retailing companies in the industry. We truly appreciate the opportunity to advise the Company and the Cairns family on the sale and cherish the relationship we built with the family over many years.”
Peter Erly and Ethan McLaughlin of Gravel & Shea PC served as legal counsel for Champlain.
Matrix Announces the Successful Sale of NEMO Oil Company
RICHMOND, VA – July 2, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the sale of NEMO Oil Company, d/b/a New England Motor Oil (“NEMO” or the “Company”) to a subsidiary of a publicly-traded company. The transaction closed on June 29.
Founded in 2000, NEMO is a leading lubricants distributor to customers throughout New England. The Company has a nearly two-decade relationship as a Motorcraft bulk oil distributor, servicing a broad range of customers, including Ford dealers and tire and service chains. Headquartered in Lawrence, MA, NEMO has benefited from its favorable positioning in servicing the robust markets of Boston and Concord, in addition to the broader New England geography.
John Pluck, founder of NEMO commented, “We are excited to enter this next chapter for NEMO. The overlapping footprint between our business and the acquirer’s will certainly benefit our collective customer bases for years to come. Perhaps most importantly, we are overjoyed that our valued employees will be retained by the acquirer.”
Matrix served as exclusive financial advisor to NEMO, 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 William O’Flaherty, Vice President. Robbie Nickle, Associate, also advised on the transaction.
Regarding Matrix’s services, Mr. Pluck noted, “Matrix was able to run an expedited and efficient process that yielded an excellent outcome for our family and the business. We sincerely appreciate the efforts of David, William, and Robbie.”
Mr. Shoulders added, “We were thrilled to have been engaged by the Pluck family to assist them in the sale of their business. We’re pleased to have found an outcome that met all of the shareholders’ objectives.”
Murtha Cullina LLP served as legal counsel for NEMO.
Matrix Announces Promotions and New Industry Team Addition
RICHMOND, VA – June 20, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the promotion of two professionals, as well as the addition of a new team member to the firm.
Matrix would like to recognize the following individuals whose continued contributions to the firm and our clients have resulted in recent promotions:
Robbie A. Nickle, MBA, has been promoted to the position of Associate. Mr. Nickle joined the firm in 2016 as a Senior Analyst in Matrix’s Consumer & Industrial Products Group. Prior to joining Matrix, he was an Associate Equity Analyst with BB&T Capital Markets and a Senior Financial Analyst with Capital One. He received a B.A. in Economics from the College of William and Mary and also holds an MBA from the Mason School of Business at the College of William and Mary.
Martin C. P. McElroy, Jr., CFA, has been promoted to Senior Analyst in Matrix’s Downstream Energy & Convenience Retail Group. Mr. McElroy joined Matrix in 2017 as an Analyst in the firm’s Consumer & Industrial Products Group. Prior to Matrix, he was with Stifel Nicolaus in the Industrials Group. He received a B.S. in Business Administration from the University of Richmond with a major in Accounting and a concentration in Finance.
Matrix is also pleased to welcome John R. Mosser, Analyst, to the firm as a member of the Consumer & Industrial Products Group. He was previously a valuation consultant at Dixon Hughes Goodman in Charlotte, N.C. Mr. Mosser received a BSBA in Finance and Banking from Appalachian State University and he is a CFA Level II candidate.
Thomas E. Kelso, President of Matrix, said, “Congratulations to Robbie and Martin on their promotions. They have both performed exceptionally well and have made substantial contributions to the firm and our clients and are well deserving of this recognition. We also welcome John to the Matrix team and look forward to working with him. At Matrix we are guided by the ‘Matrix Principle’, which is a determination to do great work for our clients. Through hard work and our total commitment to the highest standards of ethics, the accomplishments of these professionals truly reflect our continued dedication to this principle.”
Matrix Announces the Successful Sale of Brabham Oil Company, Inc.
RICHMOND, VA – April 19, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces that it has advised Brabham Oil Company, Inc. (“Brabham” or the “Company”) on the sale of its 34 E-Z Shop convenience stores in South Carolina to Enmark Stations, Inc. d/b/a Enmarket, a subsidiary of the Colonial Group. The transaction also included Brabham’s fuels transportation fleet, an ethanol blending facility, and their consignment, wholesale, and commercial fuels distribution business.
Headquartered in Bamberg, Brabham’s stores and supply customers are primarily located in southern South Carolina with a handful of commercial customers in Georgia. All of the E-Z Shop stores and consignment sites, along with the majority of the dealer locations, sell motor fuels under Brabham’s proprietary Horizon fuel brand, which Enmarket has acquired. The E-Z Shop stores offer a full array of convenience merchandise, and 11 of the stores also include Subway restaurants. As part of the transaction, Enmarket is acquiring the fee simple interest in the 34 E-Z shop stores as well as 3 additional consignment locations and the ethanol blending facility.
Brabham is a fourth generation, family owned company that traces its roots back to 1929, when C.M. Brabham founded a wholesale fuel company and operated as a reseller for Colonial Oil Company. Over the next several decades, the Company transitioned into a commissioned agent for Standard Oil and a wholesale jobber for Phillips Petroleum Company. In 1970, Mr. Brabham’s son-in-law, Bob McCully, took the helm, and Brabham eventually expanded its fuel offerings to BP, Chevron, and Shell. The Company’s current President, Brab McCully, joined the business in 1986 and has played an integral role in the Company’s expansion throughout South Carolina. In 1999, Brabham introduced its proprietary fuel brand, Horizon, and began phasing out the major oil company brands. Today, E-Z Shop convenience stores with Horizon fuel are one of the largest and most recognized chains in South Carolina. Brab McCully’s three sons, Dustin, David, and Lee, are also involved in the operation of the business, and after nearly a century in operation, the family is exiting the convenience store and petroleum marketing business to focus on other business ventures.
Matrix provided merger and acquisition advisory services to Brabham, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Managing Directors Cedric Fortemps and Vance Saunders. John Duni, Associate, also advised on the transaction.
Brab McCully, President of Brabham Oil Company, Inc., commented, “When it came time to market our stores, I wanted to hire the best advisor I could find. I will go through this process of selling our fourth-generation company only once in my life and am confident Matrix was the best partner to help me get it right. Matrix did a fantastic job managing the process from beginning to end, exceeding our expectations every step of the way, and I am extremely pleased with the service they provided. I am delighted to have a fine company like Enmarket purchasing our business and retaining our wonderful, dedicated team of employees while continuing to service our great customers. I thank God for entrusting me to be the steward of this business, blessing it over the years, and putting the people in place to make this transaction successful for all involved.”
Mr. Saunders added, “We are honored to have had the opportunity to advise Mr. McCully on such an important engagement, which monetizes the value created by four generations of his family. We’re extremely pleased with the outcome of the transaction for the McCully family as well as the over 500 Brabham employees who will continue their careers with Enmarket.”
Otto Konrad, Judy Bristow, and Elizabeth Carr of Williams Mullen served as legal counsel for Brabham.
Matrix Announces the Successful Sale of 33 Cenex® Zip Trip Retail Locations in Washington and Idaho
RICHMOND, VA – March 23, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces that it has advised CHS Inc. (“CHS” or the “Company”) on the sale of its 33 Cenex Zip Trip convenience stores in eastern Washington and northwestern Idaho to a subsidiary of Par Pacific Holdings, Inc. (NYSE: PARR) ("Par Pacific") for approximately $70 million plus the value of inventory at closing.
As part of the sale, CHS and Par Pacific have entered into a branded petroleum marketing agreement for the continued supply of Cenex branded refined products to the 33 Cenex Zip Trip stores. Additionally, the parties have entered into a separate supply agreement under which an affiliate of Par Pacific will supply refined products to CHS within select markets.
CHS is a leading, global agribusiness owned by farmers, ranchers, and cooperatives across the United States. In addition to its agriculture, nitrogen production, and food business segments, the Company owns and operates two petroleum refineries and more than 2,500 miles of pipeline. Through its energy segment, CHS manufactures, markets, and distributes Cenex branded refined fuels, lubricants, propane, and renewable energy products through a network of more than 1,500 Cenex branded retail petroleum outlets in 19 states, including its Cenex Zip Trip chain of convenience stores. The sale did not include the 35 Cenex Zip Trip locations in Minnesota, Montana, North Dakota, South Dakota, and Wyoming, which will continue to be owned and operated by the Company.
Matrix provided merger and acquisition advisory services to CHS, 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, Managing Director, Robbie Radant, Director, and Stephen Lynch, Vice President. John Duni, Associate, and Kyle Tipping, Analyst, also advised on the transaction.
“We couldn’t be more pleased with Matrix for their proven industry expertise, transactional insights, and dedication to supporting CHS on this project from our initial conversation through closing,” said Nicholas Colbert, Director of Corporate Development for CHS. “Matrix delivered tenfold and our entire team enjoyed working with them.”
Mr. Fortemps added, “We greatly enjoyed working with the entire CHS team and appreciate their tireless efforts, which were necessary to close this transaction within the compressed timeline that was desired. We’re extremely pleased that the transaction accomplishes the goals that CHS had set out from the start, including finding a partner that is excited about the future of these retail stores and their employees.”
Michael Kuhn of Ballard Spahr LLP served as legal counsel for CHS.
Matrix Announces the Successful Sale of Polsinello Fuels, Inc.’s Propane, Heating Oil and Other Refined Fuel Products Business
RICHMOND, VA - March 13, 2018 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Polsinello Fuels, Inc.’s (“PFI” or the “Company”) Home Heating and Commercial Fuels Business to Mirabito Holdings, Inc. The acquired assets consist of PFI’s propane, heating oil, commercial fuels and HVAC businesses; the Company will continue to operate its motor oils & lubricants and c-store divisions with an eye on rapidly expanding the remaining business segments both organically and through acquisitions.
Polsinello Fuels, Inc. was founded in 1952 by Louis Polsinello, Sr. as an oil burner repair services company. Over the years, Mr. Polsinello and his wife, Suzanne, grew the Company’s operations to include oil delivery trucks, followed by gas and diesel delivery, as well as a wide range of other products and services. Today, the Company is led by Louis Polsinello, Jr., who began his career in the mid-1970s, along with his children, Lou Polsinello III, Matthew Polsinello and Beth Polsinello.
Mr. Polsinello, Jr. commented, “Finding the right partner in whom to entrust our legacy, our employees and our customers was the highest priority. The Matrix team understood our concerns and guided the process. I strongly believe the Mirabito and Polsinello families are each made stronger by this transaction and we are excited by what the future holds for both of our growing organizations. It is our intention at Polsinello to immediately find new opportunities to grow, especially within our motor oils & lubricants business.”
Matrix provided merger and acquisition advisory services to PFI, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Spencer Cavalier, Managing Director and Sean Dooley, Vice President. Christian Klawunder, Senior Associate, also advised on the transaction.
Mr. Dooley added, “Matrix is honored to have had the opportunity to work with Lou and his management team to successfully divest its legacy propane, heating oil, commercial fuels and HVAC businesses. We wish them all the best with their future plans, including the continued growth of their successful motor oils and lubricants division.”
Robert May and Claire Murphy McRae of Lemery Greisler LLC served as legal counsel for PFI.
Matrix Announces the Successful Sale of Crenco Food Stores’ Convenience Stores & Truck Stop
RICHMOND, VA – March 7, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”) announces that it has advised Crenco Food Stores, Inc. and Crenshaw Oil Company, Inc. (hereinafter referred together as “Crenco” or “Company”) on the sale of their four convenience stores and one truck stop location to GPM Southeast, LLC and GPM Petroleum, LLC, two entities affiliated with GPM Investments, LLC, headquartered in Richmond, VA.
The convenience stores and truck stop are all high volume and highly profitable stores and are located in northern South Carolina, with three stores in Lancaster, one store in Rock Hill, and the truck stop in Richburg. All of the stores sell Exxon branded gasoline and assorted convenience merchandise. As part of the transaction, GPM Southeast is acquiring a fee simple interest in three stores and will be leasing one store and the truck stop from the Company under a long-term lease agreement.
The Company was founded in 1970 when Harold Crenshaw, Sr. formed Crenshaw Oil Company, Inc. In 2010, Harold ‘Hal’ Crenshaw, Jr. acquired complete control of the Company from his father. Over its nearly 50 years in operation, the Crenshaw family built an extremely successful business with the help of many hard-working, dedicated, loyal employees and won many awards in recognition of their accomplishments, including recently being named the 2017 South Carolina Retailer of the Year by the South Carolina Association of Convenience Stores (SCACS).
Matrix provided merger and acquisition advisory services to Crenco, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale transaction and leases. The transaction was managed by Cedric Fortemps, Managing Director. Stephen Lynch, Vice President, and John Duni, Associate, also advised on the transaction.
Harold Crenshaw, Jr., President of Crenco Food Stores, Inc., commented, “Matrix did a fantastic job representing our company to achieve the best result for our family and employees and honoring our 47 year legacy. Matrix found us the right buyer that would be the best fit for our employees and also provide us with our desired transaction structure. Throughout the entire transaction process, Matrix provided a high level of professional guidance and support and led us through all the financial complexities and emotions that accompany the sale of a family business.”
Mr. Fortemps added, “We were honored to have been engaged by Mr. Crenshaw to advise him on the sale of his business and are very pleased that through this transaction, he was able to exit with a deal structure that allows him to benefit today as well as in the future.”
Joshua Vann of Morton & Gettys, LLC served as legal counsel for Crenco.
Matrix Announces the Successful Sale of Connecticut Warehouse Distributors, Inc. and its Subsidiaries
RICHMOND, VA – March 2, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the sale of Connecticut Warehouse Distributors, Inc. and its subsidiaries (the “Company” or “CWD”) to Elliott Auto Supply Co., Inc. d/b/a Factory Motor Parts. The transaction closed on February 26.
Headquartered in Branford, CT, CWD was established by John Pluck, Jr. in 1996 with a vision to grow into the leading automotive aftermarket parts distributor throughout New England. Over the next three decades, as day-to-day operations transitioned to Mr. Pluck’s four sons, the Company established itself through its focused two-step distribution model, broad product portfolio, and ability to service both heavy-duty and light-duty markets. Today, the Company operates over 400,000 square feet of warehouse space across four distribution facilities and offers same or next day delivery service throughout New England. Additionally, CWD has established itself as the largest distributor of Motorcraft and AC Delco aftermarket products in the region, a Cole Hersee Master Distributor, and the sole distributor for Truck-lite in the United States.
Patrick Pluck, Vice President of CWD commented, “This is an excellent result for our valued employees and customers. Factory Motor Parts has established itself as one of the premier national distributors of premium original equipment and name brand automotive parts. Their commitment to their customers is unmatched. We are thrilled to join the Factory Motor Parts family.”
Todd Heldt, Executive Vice President of Factory Motor Parts added, “We at FMP are delighted to welcome CWD to the FMP family. We share so many of the same values and look forward to meeting and exceeding the unique needs of each of our new customers.”
Matrix served as exclusive financial advisor to CWD, 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 William O’Flaherty, Vice President. Robbie Nickle, Senior Analyst and Martin McElroy, Analyst also advised on the transaction.
Regarding Matrix’s services, Patrick Pluck noted, “Our family has owned and operated CWD for over three decades, and in that time, one of the best decisions we made was to hire Matrix to represent us in the sale of our business. We were extremely impressed by the level of attention and commitment we received throughout the transaction process, and would highly recommend the Matrix Consumer and Industrial Products Team.”
Matrix Celebrates 30 Years, Announces Promotion & Industry Group Expansion
RICHMOND, VA – February 26, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is celebrating its 30th Anniversary this year. In addition, Matrix is pleased to announce the promotion of Christian Klawunder, and welcome Kevin Moyer and John Mickelinc to the firm’s Downstream Energy & Convenience Retail Group.
Matrix first opened its doors in 1988, and what began as a small financial advisory group focused on helping business owners raise capital, has become one of the leading M&A advisory firms in the country. The company is headquartered in Richmond, VA, with additional offices in Baltimore, Chicago and Dallas.
Since its founding, Matrix has advised on more than 300 engagements. This track record of success is reflected in the great work they do for their clients, and the valued relationships Matrix has established and maintained over the years. “The Matrix Principle”, which embodies the firm’s core values of integrity, hard work and professionalism, is as important today as it was thirty years ago, and remains the foundation for each client engagement.
Thomas Kelso, President of Matrix, said, “It has been a privilege to advise so many highly successful business owners on, what is often, the largest and most important financial transaction of their lives; representing a lifetime of work or the work of multiple generations. Thank you to our clients for putting their trust in Matrix over the past thirty years. We continue to grow our firm and are excited about the future and the many opportunities that lie ahead.”
Matrix is also pleased to announce the following promotion and team additions:
Christian P. Klawunder has been promoted to Senior Associate. He has been a highly valued member of Matrix’s Downstream Energy & Convenience Retail Group since joining the firm in 2014. Over the course of his career at Matrix he has helped advise on a number of successful transactions, including Honey Farms, Inc., Bradley Petroleum, Inc., Campbell Oil Company, District Petroleum Products, Inc. and Pester Marketing Company. He received a B.B.A with a concentration in both accounting and finance, summa cum laude from Loyola University Maryland.
Kevin J. Moyer and John T. Mickelinc have joined Matrix’s Downstream Energy & Convenience Retail Group as Analysts. Mr. Moyer was previously a Financial Analyst with Morgan Stanley and received a B.S. in Business Administration with a concentration in Finance from Towson University. Mr. Mickelinc received his B.S. in both finance and marketing, and graduated summa cum laude from Le Moyne College. He was an Associate with MuniCap, Inc. prior to joining Matrix.
Mr. Kelso added, “Congratulations to Christian on his well-deserved promotion. He has worked hard over the years and his efforts have helped us achieve exceptional value for our clients. We also welcome Kevin and John and look forward to their contributions to the firm.”
Matrix Announces the Successful Sale of Jet-Pep, Inc. and Bama Terminaling and Trading, LLC
RICHMOND, VA - December 11, 2017 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Jet-Pep, Inc. and Bama Terminaling and Trading, LLC (collectively “Jet-Pep” or the “Company”) to CrossAmerica Partners LP (NYSE: CAPL) and Circle K Stores, Inc., a wholly-owned subsidiary of Alimentation Couche-Tard Inc. (TSX: ATD.A and ATD.B). The transaction closed on November 28.
The acquired assets consist of 119 petroleum marketing and convenience stores located throughout Alabama, and a 270,000-barrel motor fuels terminal, which is located in Birmingham and directly connected to the Colonial and Plantation pipelines.
Headquartered in Holly Pond, Alabama, Jet-Pep was founded by Robert Norris, 100% owner and president, in 1973. For over 40 years in the industry, Mr. Norris and his executive team have grown the Company’s proprietary “Jet-Pep” brand by building new-to-industry sites and acquiring and improving locations. The Jet-Pep brand has grown to be one of the most well-recognized and trusted independent fuel brands in Alabama.
Mr. Norris commented, “I appreciate Matrix and their assistance with the marketing of my business. Spencer Cavalier and his team were instrumental in the sale with their excellent knowledge of the industry, contacts and asset evaluations. Matrix’s dedication, compassion and tenaciousness helped complete the sale.”
Matrix provided merger and acquisition advisory services to Jet-Pep, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Spencer Cavalier, Managing Director and Thomas Kelso, Managing Director and Head of the Downstream Energy & Convenience Retail Group. Sean Dooley, Vice President; Tod Butler, Vice President of Business Development; and, Andrew LoPresti, Senior Associate, also advised on the transaction.
Mr. Cavalier added, “While we have advised many extremely successful entrepreneurs, not many have achieved the success of Mr. Norris, who started the Company from scratch approximately 44 years ago and grew it to become one of the largest, privately-held convenience store chains in the U.S. He has an exceptional skill for investing in high return retail locations, engineering and constructing sites, and hiring and retaining very talented management personnel. We wish him continued success in his future business endeavors.”
Roy Williams of Jackson & Williams and Roy Crawford of Cabaniss, Johnston, Gardner, Dumas & O'Neal LLP served as legal counsel for Jet-Pep.
Matrix Announces the Successful Sale of Honey Farms, Inc.
RICHMOND, VA – October 18, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Honey Farms, Inc. (“Honey Farms” or the “Company”) to Global Partners LP (NYSE: GLP). Headquartered in Worcester, Massachusetts, the Iandoli family has owned Honey Farms since 1969, and the family’s retail food operations of delis and supermarkets spans back to the 1920s.
Honey Farms has enjoyed a long-standing reputation of superior customer service and strong brand recognition in the New England market; operating 33 stores in Massachusetts and one in New Hampshire.
The roots of the Honey Farms brand date back to the 1950s when they were dairy stores selling bread, milk and other staple food items. The Iandoli family purchased the Honey Farms chain along with a few legacy Millbrook Farms stores in July of 1969. After the supermarket business was sold in 1985, the Honey Farms stores became the core focus of the family, and the business grew significantly under the leadership of Wilfred Iandoli (deceased) and the current President and CEO, David Murdock, who has spent over four decades with the Company.
Mr. Murdock commented, “Having worked for Honey Farms and with the Iandoli family for over 40 years, the sale of the company is bittersweet, but the outcome for the family has been very successful. I want to thank the Iandoli family and our talented employees whose enduring commitment built an extremely strong company. Lastly, I want to thank our M&A advisors, Matrix, and our legal counsel, Fletcher Tilton, who did a wonderful job advising the company and the family through this process.”
Matrix provided merger and acquisition advisory services to Honey Farms, 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; and Christian Klawunder, Associate.
Mr. Cavalier added, “It was an honor to advise the Iandoli family and to work closely with Honey Farms’ talented management team, which was led by David Murdock. The Iandoli family and the management team built an extremely successful company, and the late Wilfred Iandoli and his family have been extremely philanthropic in the greater Boston community.”
Mark Donahue and Amanda Risch of Fletcher Tilton PC served as legal counsel for Honey Farms.
Matrix Announces CFA Designations
RICHMOND, VA - September 25, 2017 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce that Andrew A. LoPresti, John C. Duni and Kyle A. Profilet have received the Chartered Financial Analyst® (CFA®) designation and are now members of the CFA Institute.
Mr. Thomas Kelso, President of Matrix, said, “Congratulations to Andrew, John and Kyle on this great achievement. Their commitment to earning the CFA designation reflects our continued dedication to providing the finest investment banking services to our clients. We feel honored to now have nine professionals at Matrix with this prestigious designation.”
Andrew A. LoPresti, CFA, CPA, Senior Associate. Prior to joining Matrix in 2012, Mr. LoPresti was an Audit Associate with Deloitte & Touche, LLP and Clifton Gunderson, LLP, a Senior Analyst at Greystone Advisory Group, LLC and an Analyst for the Office of the Special Inspector General for the Troubled Asset Relief Program (“TARP”) at the U.S. Department of the Treasury. Mr. LoPresti received a B.B.A with a concentration in Accounting and a minor in Biology from Loyola University Maryland.
John C. Duni, CFA, CPA, Associate. Mr. Duni has been with Matrix for two years. He was previously an Associate Equity Analyst with BB&T Capital Markets and Senior Associate - Assurance & Advisory Services with Keiter. He received a B.B.A. in Management from James Madison University and a Post-Baccalaureate Accounting Certificate from Virginia Commonwealth University.
Kyle A. Profilet, CFA, CPA, Analyst. Mr. Profilet has been with Matrix since 2014. He received a B.S. in Business Administration with concentrations in both Finance and Accounting, and graduated cum laude from Longwood University. He was previously with RSM US LLP.
Mr. LoPresti, Mr. Duni and Mr. Profilet are also Certified Public Accountants and members of Matrix’s Downstream Energy & Convenience Retail Group.
Recipients of the CFA charter have successfully completed the CFA Program, a graduate-level, self-study curriculum and a series of three intensive examinations taken sequentially, which, in total, takes most candidates between two and five years. Candidate surveys report that preparation for the three exams typically requires at least 900 combined hours of study. The CFA charter, the most respected and recognized investment credential in the world, represents a tradition of upholding the highest standards of education and integrity in the investment profession.
Matrix Announces Promotions and Expansion of Industry Groups
RICHMOND, VA - September 11, 2017 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the promotion of three professionals, as well as the expansion of two key industry groups.
Matrix would like to recognize the following individuals whose continued contributions to the firm and our clients have resulted in recent promotions:
M. Vance Saunders, CPA, has been promoted to Managing Director and Principal. Mr. Saunders joined the firm in 2006 as a member of Matrix’s Downstream Energy & Convenience Retail Group. He is responsible for new client development and managing all aspects of client transactions, and has extensive experience advising petroleum marketers, fuels distributors, and convenience store chains.
Mr. Saunders has been instrumental in the successful completion of numerous engagements, and has recently provided acquisition advisory services for Revere Gas, Inc., as well as sell-side advisory services for Superior Transport, Inc., F.L. Roberts and Co., and Biscayne Petroleum, LLC & Everglades Petroleum, LLC.
John J. Underwood, has been promoted to Managing Director. He has been a member of Matrix’s Downstream Energy & Convenience Retail Group since 2011. Over the years he has advised on multiple successful transactions including Leonard E. Belcher, Inc., State Oil Company, Stop-a-Sec, Inc. and Seck Enterprises, Inc.
Before joining Matrix, Mr. Underwood was the Retail Portfolio Manager for BP and was responsible for managing BP’s retail station divestment program in the US east of the Rockies. He oversaw over 50 transactions, comprising in excess of $1 billion of transaction value, during a six year period and managed the transition of BP’s retail assets from direct-supply to jobber-supply. He has over 30 years of major integrated oil company experience.
Carlton C. Zesch, has been promoted to Senior Analyst and has been with Matrix since 2015. He is a member of Matrix’s Downstream Energy & Convenience Retail Group. Mr. Zesch is a graduate of the University of Richmond’s E. Claiborne Robins School of Business where he received a B.S. in Business Administration with a concentration in Finance.
Matrix is also pleased to welcome two new additions to the firm:
Martin C. P. McElroy, Jr., CFA, Analyst, has joined Matrix’s Consumer & Industrial Products Group. Prior to joining Matrix, he was with Stifel Nicolaus in the Industrials Group. He has a B.S. in Business Administration from the University of Richmond with a major in Accounting and a concentration in Finance.
Kyle B. Tipping, Analyst, was previously with JoycePayne Partners and received his B.A. in Mathematics and Economics from Washington & Lee University. He is a member of Matrix’s Downstream Energy & Convenience Retail Group.
Mr. Kelso, President of Matrix, said, “The promotions of Vance and John to Managing Director are extremely well-deserved. Over the years, their unwavering commitment and deep industry knowledge have played a key role in deriving maximum value for our clients. Carlton’s promotion to Senior Analyst is the result of his continued hard work and exceptional financial analytics in support of our work on client transactions. We look forward to his continued professional growth at Matrix.
Martin and Kyle both have strong educational and investment banking backgrounds and are excellent additions to the firm. We welcome them to the Matrix team.
At Matrix we are guided by the ‘Matrix Principle’, which is to do great work for our clients. Through hard work and a commitment to the highest standards of ethics, the accomplishments of these professionals truly reflect the continued dedication to this principle.
Congratulations to all of our team members and we look forward to their future contributions to the firm.”
Matrix Advises Revere Gas on the Acquisition of Two Propane Companies
RICHMOND, VA - August 8, 2017 - Matrix Capital Markets Group, Inc. ("Matrix"), a leading, independent middle-market investment bank, announces the successful acquisition of two propane gas companies by Revere Gas, Inc. ("Revere" or the "Company"). On June 1, Revere closed on the acquisition of Dixie Fuel Company, which is headquartered in Newport News, Virginia, and supplies propane gas to over 1,300 retail and wholesale customers in the Peninsula area. On August 1, Revere closed on the acquisition of Natural Gas Company of Virginia, Inc., d/b/a Mr. Able Propane. Headquartered in Richmond, Virginia, Mr. Able Propane is a regional distributor of retail and wholesale propane gas and a retailer of HVAC equipment serving over 3,000 customers.
Founded in 1942 and celebrating its 75th anniversary, Revere Gas has enjoyed continued growth and productivity for three generations. Led by Carlton Revere, President, and Craig Revere, Executive Vice President, the Company has built a stellar reputation for providing timely and reliable service, with a strong focus on safety and serving their local communities. The two most recent acquisitions adds increased bulk storage facilities and new personnel, further increases their reach throughout Eastern and Central Virginia, the Middle Peninsula, and the Northern Neck, and expands their propane and associated products and services to over 26,000 customers.
Carlton Revere commented, "In our talks with Dixie and Mr. Able, they liked our family-first approach to customer service, and took great comfort in knowing their customer base will be well taken care of. Our size gives the customer advantages in service, price protection plans, and delivery options. We think the acquisitions are a win-win for us and the customers, and we have heard very favorable feedback so far. The team at Matrix was a great partner to have as we navigated the negotiations and due diligence process."
Matrix provided merger and acquisition advisory services to the Company, which included advising on valuation, deal structuring, and financing options. The transaction was managed by Spencer Cavalier, Managing Director; Vance Saunders, Director; and John Duni, Associate.
Mr. Cavalier added, "We have had the good fortune of knowing the Revere family and watching them grow the Company for years. Carlton, Craig, and their team are extremely successful operators and we expect more growth in years to come. We were honored to have the opportunity to advise Revere on these two exceptional acquisitions."
Dustin DeVore of Kaufman & Canoles, P.C. served as legal counsel for the Company.
Matrix Announces the Successful Sale of STi Fuels’ Consignment and Wholesale Fuels Business
RICHMOND, VA – June 5, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of Superior Transport, Inc.’s (the “Company” or “STi”) consignment and wholesale motor fuels supply businesses and the related fuels transportation assets. The consignment and wholesale assets were acquired by Empire Petroleum Partners, LLC, and Usher Transport, Inc. acquired the transportation division assets. Superior Transport, Inc., d/b/a STi Fuels, is a leading petroleum marketer serving the three-state market of northern Alabama, northwestern Georgia, and southern Tennessee and distributes over 75 million gallons of motor fuels annually through over 120 consignment and dealer supply accounts.
Headquartered in Rome, Georgia, STi was initially the wholesale and transportation division of D&D Oil Company, Inc., d/b/a Cowboys Food Mart. In 2002, STi was incorporated into a new entity and operated as a sister company to D&D Oil until the sale of the Cowboys Food Mart chain to The Pantry, Inc. in 2004. STi continued to haul fuels for The Pantry after the Cowboys sale and, over the next four years, built a large common carrier business with 78 transports hauling fuels in 4 states. In 2008, STi sold its common carrier business to the Kenan Advantage Group, Inc. in order to focus exclusively on building its retail and wholesale motor fuels operations. The Company was primarily an unbranded marketer and developed their own Hi-Tech fuel brand to offer customers a high quality fuel image coupled with the lower costs of unbranded fuel.
Over the last several years, the Company has grown significantly under the leadership of its President and co-owner Don Newton, co-owner Jarrett Shadday, and CFO Kevin Bush. At the time of the sale to Empire, the Company retailed fuels through 47 consignment accounts and supplied wholesale fuels to 77 customers. The majority of the fuels marketed by the Company were through their proprietary Hi-Tech and Smile brands, and the Company also supplied unbranded fuels to customers using their own flags. STi supplied 6 Shell sites and 11 BP sites and was a jobber for both companies, and the Company operated a trucking division that hauled fuel to its consignment and wholesale sites in Georgia and Tennessee. The Company also has a commercial fuels business operating as Enterprise Oil Company and will continue to operate and grow this business going forward.
Matrix provided merger and acquisition advisory services to STi, 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, Director and Tom Kelso, Managing Director and Principal. Kyle Profilet, Analyst, also advised on the transaction.
Mr. Newton commented, “Selling a company you have built from the ground up is a tough decision. You are concerned that your employees and customers will continue to be taken care of, and Matrix helped us achieve this goal. During the valuation process and through the entire sales process, the individuals that represent Matrix were professional in every manner. Our experience with Matrix was exceptional.”
Mr. Saunders added, “Don, Jarrett, and Kevin have built an excellent portfolio of petroleum marketing assets, and Matrix is honored to have had the opportunity to advise them on their exit from this business that they have worked so hard to build. We wish them all the best in their future endeavors.”
Scott Smith of McRae, Smith, Peek, Harman and Monroe, LLP served as legal counsel for STi.