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.
Matrix Announces the Successful Sale of Leonard E. Belcher, Inc.’s Retail Assets and Branded and Unbranded Wholesale Businesses
RICHMOND, VA – April 27, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of all of Leonard E. Belcher, Inc.’s (“L.E. Belcher” or the “Company”) retail assets and its branded and unbranded wholesale business to Petroleum Marketing Group, Inc. (“PMG”) of Woodbridge, Virginia. The Company’s retail assets acquired by PMG consist of thirteen company operated stores, one new to industry store that is scheduled to open in early June and one developmental property. Also included in the transaction was L.E. Belcher’s branded contract dealer accounts and its unbranded wholesale business. The Company’s retail assets, branded and unbranded wholesale contracts are primarily located in Massachusetts, Connecticut and Rhode Island.
L.E. Belcher is a well-established independent multi-branded marketer of petroleum products that is based in Springfield, Massachusetts. L.E. Belcher, Inc. began operations in the late 1920’s in Springfield. Mr. Charles Hough purchased the business from Leonard Belcher in the early 1950’s. The Company was sold to Mr. Hough’s son, Edward Hough, President, in the 1990’s. Under Edward’s leadership and direction, and assisted by David Ryan, Vice President, the Company has continued the tradition of delivering quality products and exceptional customer service as they have grown both their retail and wholesale footprint into a multi-state, multi-branded petroleum distribution enterprise with a reach that has stretched as far south as New Jersey and Pennsylvania. Earlier this year Matrix advised the Company on the sale of the Company’s two pipeline supplied distillate terminals, a distillate storage facility and its commercial fuels business to Sprague Resources LP (NYSE: SRLP).
Mr. Hough commented, “Our experience with Matrix was exceptional. Their professionalism and experience was instrumental in developing a competitive bid process and their expertise in the petroleum distribution and convenience retail space created a broad spectrum of prospects. As a legacy, family owned marketer, it was very important that we partnered with a buyer of integrity and character for our employees, our customers and our supplier partners. Matrix was instrumental in achieving a successful sale on all fronts.”
Matrix provided merger and acquisition advisory services to L.E. Belcher, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, transaction structuring, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Convenience Retail Group and John Underwood, Director. Andrew LoPresti, Senior Associate, and Carlton Zesch, Analyst, also advised on the transaction.
Mr. Underwood commented, “Matrix has now had the pleasure of working on two separate transactions for L.E. Belcher, the sale of the Company’s terminals and commercial fuels business and now the retail assets and branded and unbranded wholesale contracts. It has been a real pleasure to work with Mr. Hough and Mr. Ryan on the sales and we recognize and appreciate how difficult it has been for Mr. Hough to sell assets that his family has owned for decades.”
James Sheils, David Webber and Timothy Mulhern of Shatz, Schwartz and Fentin, P.C. served as legal counsel for Belcher.
Matrix Announces the Successful Sale of Bradley Petroleum, Inc. and Sav-O-Mat, Inc.
RICHMOND, VA – February 14, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Bradley Petroleum, Inc. and Sav-O-Mat, Inc. (collectively the “Company”) to Stinker Stores, Inc. (“Stinker”). Headquartered in Denver, Colorado, the Company’s operating history spans over a century in the petroleum marketing and convenience retailing industry, including owning and operating the first Denver-based gas station in 1912. Stinker is acquiring the Company’s 40 stores in Colorado and one in Wyoming.
The Bradley and Sav-O-Mat stores are well-known in the Colorado market, especially the Denver metropolitan region, as very high-volume fuel sites located in high traffic areas and configured to offer ease of ingress and egress for enhanced convenience and speed of refueling. The Company grew significantly under the leadership of George Calkins (deceased) and his son, Brad, both of whom are well-known as accomplished petroleum marketing and convenience retailers and real estate investors. Brad’s son, Buzz Calkins, has served as President of the Company for the last ten years and continued the Company’s legacy of strong profitability and growth.
Mr. Brad Calkins commented, “This is certainly a bittersweet moment. With my family having been in the petroleum business for four generations and me my entire life, it is certainly hard not to look back without some nostalgia. I am proud to reflect on everything we have been through in this industry, and how rewarding it’s been for me personally and my entire family. In saying that, this represented an ideal time for our family and where we want to go with our future endeavors. Matrix did a wonderful job in advising us with such a complicated transaction and was extremely patient while everything was put into place to make it happen. They couldn’t have been a better partner, and we couldn’t have done it without everyone at Matrix and all of their expertise.”
Matrix provided merger and acquisition advisory services to the Company, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Convenience Retail Group, and Spencer Cavalier, Managing Director. Tod Butler, Vice President of Business Development; Sean Dooley, Vice President; Andrew LoPresti, Associate; and Christian Klawunder, Associate, also advised on the transaction.
Mr. Cavalier commented, “We have been very fortunate to have known and worked with the Calkins family for many years. We have watched them build a very successful, market leading company whose longevity spans the work of several generations. We worked hand-in-hand with the family over the last decade to value the Company on several occasions and to advise on how to best position the Company to monetize the company assets for further diversification and tax-efficient estate planning. We thank the Calkins family for the opportunity to advise them.”
Jim Thomas and Carolyn Bishop of Minor & Brown PC served as legal counsel for the Company.
Matrix Announces Recent Promotions
RICHMOND, VA – February 7, 2017 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the following recent promotions.
Thomas E. Kelso has been elected by the Board of Directors to serve as President of Matrix. This new role will be in addition to his current responsibilities as Managing Director & Principal and Head of Matrix’s Downstream Energy & Convenience Retail Group.
David W. Shoulders has been promoted to Managing Director and Head of Matrix’s Consumer & Industrial Products Group. He has been with Matrix for over ten years and during that time has worked with Michael Morrison and their team to successfully close well over 30 transactions. Mr. Shoulders has been instrumental in sourcing and executing M&A and capital raising transactions, as well as developing and maintaining Matrix’s relationships with private equity funds. He will continue to manage transactions and focus on new client development.
William J. O’Flaherty is a member of Matrix's Consumer & Industrial Products Group and has been promoted to Vice President. Over the course of his seven year career, Mr. O’Flaherty has advised on over 45 successful sell-side and capital markets engagements across a variety of industries including transportation, packaging, manufacturing, distribution and business services. He received a B.S. in Commerce with a concentration in Finance from the University of Virginia’s McIntire School of Commerce.
Stephen C. Lynch, CFA, CPA has been promoted to Vice President. He has been a member of Matrix’s Downstream Energy & Convenience Retail Group since he joined the firm in 2011. Mr. Lynch has helped advise on over 25 successful engagements since joining Matrix, including sell-side advisory on transactions totaling over $1.3 billion of transaction value. Prior to joining Matrix, Stephen was a member of Deloitte & Touche LLP’s audit practice, where he gained substantial experience performing financial statement audits and internal control attestations across a broad range of companies. He received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Polytechnic Institute. He holds the Certified Public Accountant designation, is a CFA Charterholder and a member of the CFA Institute.
John C. Duni, CPA has been promoted to Associate. He has been with Matrix’s Downstream Energy & Convenience Retail Group since May 2015 and has already helped advise on seven successful engagements since joining Matrix. Mr. Duni was previously an Associate Equity Analyst with BB&T Capital Markets and a Senior Associate with the Assurance & Advisory Services Group at Keiter. He received a B.B.A. in Management from James Madison University. He also received a Post-Baccalaureate Accounting Certificate from Virginia Commonwealth University, holds the Certified Public Accountant designation and is a CFA Level III candidate.
Mr. Kelso, President of Matrix, said, “We congratulate David on his promotion and selection as Head of our Consumer & Industrial Products Group. He has worked exceptionally hard to earn this promotion and we look forward to working with him to grow and expand our presence in these industries. We congratulate William, Stephen and John on their promotions and are pleased to recognize their outstanding contributions to the company. We are excited to have them as part of the foundation on which we continue to build the firm.”
Matrix Announces the Successful Sale of Leonard E. Belcher, Inc.’s Terminals and Commercial Fuels and Wholesale Distillate Businesses
RICHMOND, VA - February 1, 2017 - Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful sale of Leonard E. Belcher, Inc.’s (“L.E. Belcher” or the “Company”) distillate terminal assets and commercial fuels and wholesale distillate businesses to Sprague Operating Resources LLC, a subsidiary of Sprague Resources LP (“Sprague”) (NYSE: SRLP).
The Company’s assets acquired by Sprague consist of two pipeline supplied distillate terminals and a distillate storage facility with a combined shell capacity of 295,000 barrels, all located in Springfield, Massachusetts. Also included in the transaction was L.E. Belcher’s commercial fuels and wholesale distillate businesses with annual sales in excess of 50 million gallons. L.E. Belcher has served customers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont for over 85 years. The transaction does not include L.E. Belcher’s retail assets or branded and unbranded wholesale gasoline businesses.
L.E. Belcher is a well-established, independent, multi-branded marketer of petroleum products based in Springfield, Massachusetts. The Company will continue to own and operate their chain of retail gasoline stations and convenience stores and their network of branded and unbranded gasoline dealer accounts.
L.E. Belcher, Inc. began operations in the late 1920’s in Springfield. Mr. Charles Hough purchased the business from Leonard Belcher in the early 1950’s. The Company was sold to Mr. Hough’s son, Edward Hough, President, in the 1990’s. Under Edward’s leadership and direction, and assisted by David Ryan, Vice President, the Company has continued the tradition of delivering quality products and exceptional customer service as they have grown both their retail and wholesale footprint into a multi-state, multi-branded petroleum distribution enterprise with a reach that has stretched as far south as New Jersey and Pennsylvania.
Mr. Hough commented, “Matrix has done a phenomenal job of guiding us in this process. From the very beginning Matrix has demonstrated a professional approach and incredible tenacity to bring their impressive market awareness expertise to bear on our behalf. It has been an incredible journey. I would encourage anyone contemplating such a move to contact Matrix Capital Markets.”
Matrix provided merger and acquisition advisory services to L. E. Belcher, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, transaction structuring, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Convenience Retail Group and John Underwood, Director. Andrew LoPresti, Associate, and Carlton Zesch, Analyst, also advised on the transaction.
Mr. Underwood commented, “It has been a pleasure to work with Mr. Hough and Mr. Ryan on the sale of the terminal assets and the sale of the commercial and wholesale distillate businesses. We know it was a very difficult decision for Mr. Hough to sell assets that his family has owned for decades. Matrix greatly appreciates being given the opportunity to assist L. E. Belcher in this sale.”
James Shiels, David Webber and Timothy Mulhern of Shatz, Schwartz and Fentin, P.C. served as legal counsel for Belcher.
Matrix Announces the Successful Sale of Campbell Oil Company’s Heating Oil & Commercial Fuels Business to Lykins Energy Solutions
RICHMOND, VA - December 27, 2016 - Matrix Capital Markets Group, Inc. ("Matrix") announces the successful closing on the sale of Campbell Oil Company's (the "Company" or "Campbell Oil") residential heating oil and commercial fuels business to Lykins Energy Solutions. Campbell's heating oil and commercial fuels business is one of the leading wholesale distributors of fuel oil, gasoline, and diesel to residential, agricultural, commercial and industrial customers in central and eastern Ohio.
Headquartered in Massillon, Ohio, Campbell Oil was founded in 1939 by Chester Campbell as a distributor of gasoline, kerosene and fuel oil. The Company experienced significant growth organically and through acquisitions in the 1980s and 1990s, when it made a serious commitment to being a convenience retailer. Brian Burrow, who became President of Campbell Oil in 1997, has continued the Company's growth by building a very talented management team and shaping a successful retail strategy to become a strong convenience brand in Ohio. Going forward, Campbell Oil will focus on the continued growth of its retail operation, BellStores Inc.
Matrix provided merger and acquisition advisory services to Campbell, 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, Associate, and Kyle Profilet, Analyst, also advised on the transaction.
Mr. Burrow commented, "Spencer Cavalier and the team from Matrix did an outstanding job of representing us in the sale of our Home Heat and Commercial Fuels Division. The process that they employed to move us through this carve-out was very effective. We enjoyed working with their team and thank them all for their hard work."
Mr. Cavalier added, "Matrix is honored to have had the opportunity to work with Brian and his management team to successfully divest its legacy fuel oil and commercial fuels business so that the Company can focus all of its human and financial capital on the continued growth of its extremely successful retail chain."
Dustin Vrabel of Buckingham, Doolittle & Burroughs, LLC served as legal counsel for Campbell Oil.
Matrix Announces the Successful Sale of 7-Eleven’s Wyoming Stores
RICHMOND, VA – December 1, 2016 - Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of two truck stops and one convenience store owned by 7-Eleven, Inc. (the “Company”) to Parkland Fuel Corporation (“Parkland”).
7 Eleven acquired the three facilities (the “Stores”), two of which are located in Cheyenne, Wyoming and one in Laramie, Wyoming, along with seventy-six stores in California as part of its acquisition of CST Brands, Inc.’s (“CST”) West Coast Portfolio, which 7-Eleven closed on July 7, 2016. The Stores, which include a 10,300 square foot truck stop that was recently completely redeveloped, are all high-volume profitable retail locations and are expected to sell more than 15 million gallons of fuels on an annual basis.
Due to the fact that 7-Eleven did not operate any stores in Wyoming at the time of the closing on CST’s West Coast Portfolio, it entered into an agreement with CST to have CST continue to operate the Stores through a temporary lease agreement. 7-Eleven determined it was in its best interest to divest of these Wyoming properties due to its lack of store concentration around these markets, which it has now successfully done after engaging Matrix to manage and execute the sale process.
Matrix provided merger and acquisition advisory services to the Company, which included valuation advisory, marketing of the Stores through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Cedric Fortemps, Managing Director. Stephen Lynch, Senior Associate; and John Duni, Senior Analyst; also advised on the transaction.
Mr. Fortemps commented, “It was a pleasure working with the entire 7-Eleven team on structuring and executing on a process that would achieve their goals, which included a sale in a compressed time frame. It required a lot of hard work by everyone involved to successfully sell the stores exactly five months after being engaged, and finding the right partner in Parkland was certainly one of the keys to being able to accomplish 7-Eleven’s objectives.”
About 7-Eleven, Inc.
7‑Eleven, Inc. is the premier name and largest chain in the convenience-retailing industry. Based in Irving, Texas, 7‑Eleven® operates, franchises and/or licenses more than 60,000 stores in 17 countries, including 10,700 in North America. Known for its iconic brands such as Slurpee®, Big Bite® and Big Gulp®, 7‑Eleven has expanded into high-quality salads, side dishes, cut fruit and protein boxes, as well as pizza, chicken wings, cheeseburgers and hot chicken sandwiches. 7‑Eleven offers customers industry-leading private brand products under the 7-Select® brand including healthy options, decadent treats and everyday favorites, at an outstanding value. Customers also count on 7‑Eleven for bill payments, self-service lockers and other convenient services. Find out more online at www.7‑Eleven.com.
About Parkland Fuel Corporation
Parkland delivers gasoline, diesel, propane, lubricants, heating oil and other high-quality petroleum products to motorists, businesses, households and wholesale customers in Canada and the United States. Our mission is to be the partner of choice for our customers and suppliers, and we do this by building lasting relationships through outstanding service, reliability, safety and professionalism. We are unique in our ability to provide customers with dependable access to fuel and petroleum products, utilizing a portfolio of supply relationships, storage infrastructure, and third party rail and highway carriers to rapidly respond to supply disruptions in order to protect our customers. Find out more online at www.7-Eleven.com.
Robbie Radant Joins Matrix’s Downstream Energy & Retail Group in New Dallas Office
RICHMOND, VA – November 1, 2016 - Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce Robbie L. Radant has joined the firm as a Director in its Downstream Energy & Retail Group (“Group”). Mr. Radant will head Matrix’s new Dallas office, originate new client assignments, and execute transactions, including mergers and acquisitions, capital raises, and corporate valuations. Matrix is headquartered in Richmond, VA, with offices in Baltimore, MD, Chicago, IL, and now also Dallas, TX.
Mr. Radant joins Matrix after working 28 years for 7-Eleven, Inc. During his tenure with 7-Eleven, he served in multiple operational, finance, and accounting roles. His most recent position was Vice President of Mergers and Acquisitions (M&A). In that capacity, he led 7-Eleven’s acquisition team on closing twenty-seven (27) transactions, totaling 1,400 convenience stores and over 1,200 wholesale fuel sites. The aggregate value of these acquisitions exceed $3 billion. These efforts included the analysis of both public and private companies factoring in a variety of market conditions and various MLP structures. In addition, Robbie executed five (5) structured sell-side divestment processes and oversaw the sale of more than 300 individual store locations. As part of his responsibilities, Mr. Radant also initiated and managed the sale leaseback of fifty (50) small strip centers.
Mr. Radant commented, “I am very pleased to join Matrix as I look to leverage my industry knowledge, relationships, and M&A talents with this highly regarded investment banking firm. After considering all of my options, I chose to join Matrix because, in my experience at 7-Eleven, Matrix clearly and consistently did the best work for their clients. Their total dedication to maximizing value for their clients is reflected in their work product and the highly ethical way they deal with buyers.”
Tom Kelso, Head of Matrix’s Downstream Energy & Retail Group, added, “We are very excited to welcome a professional of Robbie’s experience and stature to Matrix. Not only does he add significant M&A industry experience to our group, he also brings many years of direct petroleum marketing and convenience retailing knowledge that will benefit all of our clients. We believe the addition of Robbie reflects our continued, long term commitment to provide the absolute best transaction evaluation and execution services to our clients and the industries we serve.”
In addition to his role leading 7-Eleven’s M&A efforts, during his tenure at 7-Eleven, Mr. Radant previously served as Director of Payment Acceptance; Manager of Treasury Planning and Analysis; Manager of Financial Planning and Analysis; Senior Financial Analyst of FP & A; Senior/Project Accountant; and, Internal Auditor. Mr. Radant was also responsible for several leasehold negotiations for 7-Eleven’s corporate offices as well as managing the sales process of two corporate headquarters buildings.
Matrix Announces the Successful Sale of F.L. Roberts’ Convenience Store, Car Wash & Jiffy Lube Businesses
RICHMOND, VA - October 18, 2016 - Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of F.L. Roberts and Company, Inc.’s (the “Company”) convenience store, car wash, and Jiffy Lube businesses. The convenience store and car wash businesses were acquired by affiliated companies of Nouria Energy Corporation, and the Jiffy Lube business was acquired by Atlantic Coast Enterprises, LLC.
The Company, headquartered in Springfield, MA, owned and operated a chain of 26 convenience stores and retail fuel outlets, 22 Golden Nozzle car washes, and 9 Jiffy Lube quick lube facilities in the greater Springfield, MA and Hartford, CT markets as well as northern and western Massachusetts. The Company also operates a wholesale motor fuels distribution business and a fuels transportation business in these markets, and these divisions have been retained by the Company with the intent to sell them to Frank Roberts prior to the end of the year.
The Company was founded in 1920 by Frank L. Roberts (“F.L.”) with a single automotive and tire store in Springfield, MA. In the early years, the Company grew its chain of service stations and established and expanded a fuel oil and motor oil business. In the early 1970’s, the Company sold the fuel oil division in order to focus on growing the gas station portfolio, and in the later 1970’s, the Company began to concentrate on new businesses that would complement the gas stations – a chain of Golden Nozzle car washes, a chain of Jiffy Lube quick lube facilities, a diner, and even a small hotel and discount tobacco shop. Through the leadership of four generations of the Roberts family, the Company grew into a large, diversified business with highly recognizable brands, a loyal customer base, and an industry-leading rewards program. The Company is family-owned and managed by F.L.’s grandson, Steven Roberts – President, Steven’s nephew, Frank Roberts – Managing Director & VP Wholesale/Commercial Sales, Steven Sanchioni – CFO, and Richard Smith – VP of Operations.
The assets divested by the Company are comprised of high volume locations and were predominately fee owned properties. The convenience stores sell Sunoco, Valero, and F.L. Roberts branded fuels, and the Golden Nozzle facilities wash over 2.5 million cars per year. The Jiffy Lube facilities consistently lead the entire Jiffy Lube national system in revenue per store. The Company’s wholesale business has grown dramatically over the last few years, and Frank Roberts, who manages the wholesale fuels and fuels transportation businesses, plans to continue to grow these businesses after acquiring them from the Company later this year.
Matrix provided merger and acquisition advisory services to the Company, which included valuation advisory, marketing of the various divisions of the Company through customized, confidential, structured sale processes, and negotiation of the transactions. The transaction was co-managed by Cedric Fortemps, Managing Director and Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Team. Vance Saunders, Director; Stephen Lynch, Senior Associate; John Duni, Senior Analyst; and Kyle Profilet, Analyst, also advised on the transactions.
Steven Roberts commented, “I have been the ‘shepherd’ of the F.L. Roberts’ company assets for over forty years and have been fortunate to lead Roberts with the help of a talented executive and advisory team adding very successful ventures in other related business spaces. Many of these ventures have become consumer favorites in our region. Selling was the most difficult challenge I have ever had to face. Matrix quickly grasped the meaningfulness of our asset mix and how to capitalize on the significant value our team had created. This was a challenge they crafted into a successful sale strategy. I am very indebted to their talented team.”
Mr. Fortemps commented, “The Roberts family built an extremely unique, successful retail business with an extraordinarily loyal customer base that found tremendous value in the Company’s integrated loyalty program at all of its convenience stores, car washes and Jiffy Lubes. It was a pleasure to work with Steve Roberts, Frank Roberts, Steve Sanchioni and Richard Smith, and we are exceptionally pleased that both remaining generations in the business were able to accomplish their goals through the transactions.”
Bruce Raphael, David Stringer, Ahmed Sidik, and Alex Mancebo of Jones Day and Craig Brown of Doherty, Wallace, Pillsbury & Murphy, P.C. served as legal counsel for the Company.
Jack Krichavsky, President of Almada Corp., and Mark Sisitsky also advised Steven Roberts on the transactions.
About Nouria Energy
Founded in 1989 by Tony El-Nemr, Nouria Energy is one of New England’s largest and most trusted family-owned and operated convenience stores and fuel retailers. The company owns and operates 116 convenience store locations and 49 car washes in Massachusetts, Maine, New Hampshire, Rhode Island, and Connecticut. Nouria operates a transport logistics business and supplies its company operated locations and wholesale customers with Shell, Irving, Gulf, and Sunoco branded fuels, as well as private and unbranded brands throughout New England.
About Atlantic Coast Enterprises, LLC
Atlantic Coast Enterprises, LLC (ACE) is a Jiffy Lube franchisee formed by the partnership of veteran lube operators Al Chance, Steve Allison and Dan Ramras, who together have over half a century of experience in the fast lube industry. With 61 stores in Florida, the Carolinas and Western Massachusetts, ACE is one of the largest franchisee companies in the Jiffy Lube network. The company currently has over 750 employees, and continues to grow by hiring and developing the best talent in the industry.