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.
Matrix Announces the Successful Sale of Dealers Building Supply, Inc.
RICHMOND, VA – October 6, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce that it advised on the successful acquisition of Dealers Building Supply, Inc., d/b/a Dealers Wholesale (the “Company”) supported by The Firefly Group and Kocolene Development Corporation. The investment positions the Company to further enhance market penetration and expand its distribution capabilities. Matrix served as the exclusive advisor to Dealers Wholesale.
Dealers Wholesale, based in Indianapolis, IN, is a value-added distributor of doors, door hardware, and fireplaces to homeowners, professional contractors and developers in the residential and commercial end-markets. The Company was led by Mike and Jeff Roache for over thirty years. Together they worked to establish a reputation for customer service and quality and transferred those same core principles to the current management team.
The Firefly Group (www.thefireflygrp.com) invests in growth-oriented, lower middle-market companies in the Midwest. Kocolene Development Corporation (www.kocolene.com) operates several businesses in Indiana and also invests in companies in the Midwest.
About Matrix’s Building Products Group
Matrix’s Building Products Group has worked closely with many manufacturers, distributors, service providers, and retailers of building materials and related products. Over the years our professionals have gained a thorough understanding of the architectural specification and contractor bidding process, the impact of fluctuating commodity prices and the importance of inventory management. Team members have expertise within many sub-sectors including, architectural products, automation, cabinetry/hardware, concrete & masonry, decking, erosion control/geotextiles, fireplace construction, fire protection, flooring, furnishings/lighting, green build, HVAC, home automation, kitchen/bath, metal fabrication & erection, millwork, pipes valves & fittings, roofing, stone/hardscapes, waterworks and windows/doors.
Matrix Announces the Successful Sale of State Oil Company’s Retail Assets and Wholesale Fuels Distribution Business
RICHMOND, VA – September 27, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of State Oil Company and certain related entities’ (collectively “State Oil” or the “Company”) retail assets and wholesale fuels distribution business to CrossAmerica Partners LP (NYSE:CAPL) and its affiliates (collectively “CrossAmerica”).
Immediately prior to the closing of the transaction, the Company’s portfolio acquired by CrossAmerica consisted of three company operated retail convenience stores, 50 lessee dealers, 24 supply accounts, two non-fuel tenant locations, and three non-operating sites. The transaction included the real estate at 57 locations and the leasehold interest at one site; with the exception of one site located in Wisconsin, all of the stores are located in the greater Chicago metropolitan area. Also included in the transaction are the seller-financed land contracts associated with five of the Company’s supply accounts.
In separate but related transactions, four locations owned in fee simple by the Company were sold or are currently under contract to be sold to three other unrelated buyers.
After buying the Company in 1973, Peter and Bill Anest grew the Company over more than forty years into one of the largest petroleum distributors in the greater Chicago area. Over the past five years, Matrix has worked with State Oil as the Company and its owners have evaluated their strategic business plans, which ultimately culminated in the decision to sell the Company. Peter and Bill Anest, owners of State Oil, commented, “We greatly appreciate the advice and expertise that Matrix provided in the sale of the Company.”
Matrix provided merger and acquisition advisory services to State Oil, 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 & Retail Group, and John Underwood, Director. Stephen Lynch, Senior Associate, and John Duni, Senior Analyst, also advised on the transaction. Mr. Underwood commented, “It has been a pleasure to work with the Anest family and to assist them in the sale of the Company. We truly value the relationship that was built with the family over the past five years and the opportunity to represent State Oil.”
Richard Nikchevich and Jeremy Segal of Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel for State Oil.
Matrix Announces the Successful Sale of Budget Signs, LLC
RICHMOND, VA – September 27, 2016 - Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of Budget Signs, LLC (“Budget Signs” or the “Company”) to a Salem, Virginia-based franchisee of FASTSIGNS International, Inc. (“FASTSIGNS”). FASTSIGNS is a Carrollton, Texas-based portfolio company of Levine Leichtman Capital Partners. Matrix served as exclusive advisor to Budget Signs and the transaction was led by Mike Morrison, David Shoulders, William O’Flaherty and Pratik Thakral.
Budget Signs, headquartered in Roanoke, Virginia, is a full-service sign and crane company that fabricates, installs and services signs in western Virginia, southern West Virginia and northern North Carolina. The company has grown to become recognized as the locally-owned market leader in the geographies it serves and will continue to provide regional service and installation to its diverse customer base under FASTSIGNS’ ownership.
Ed Armentrout, President of Budget Signs commented, “We are very pleased to have transitioned the ownership of our business to a buyer committed to the continued success and long-term growth of Budget Signs. The Matrix team proved to be extremely valuable in running a highly disciplined process that identified a buyer that satisfied the objectives we were looking to accomplish.” David Shoulders, Director at Matrix, added, “It is clear that Ed and Tori Armentrout placed a tremendous amount of importance on securing the right fit for the employees of Budget Signs who helped build the business. We are thrilled that this transaction was successful for them personally and for the ongoing business culturally.”
About Matrix’s Business Services Group
Matrix’s Business Services Group merger & acquisition expertise stems from numerous engagements and extensive research in a number of segments, including call centers, marketing, printing & engraving, staffing, systems integration, tele-services, telecommunications, transportation, utility services and waste management. Team members draw upon a deep bench of transaction experience and analytical resources to successfully manage and complete a wide range of corporate finance transactions, including mergers, acquisitions, and capital raising of debt and equity.
About Matrix Capital Markets Group, Inc.
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and Chicago, IL. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies, including company sales, recapitalizations, corporate divestitures, corporate recovery, management buyouts, capital raises of debt & equity, corporate valuations and fairness opinions. Matrix has served clients in a wide range of industries, including downstream energy & retail, healthcare, industrial products, building products, lumber, consumer products and business services. For additional information or to contact our team members, please visit www.matrixcmg.com.
Securities offered by MCMG Capital Advisors, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC.
Matrix’s Business Services Group Announces Transaction Closing
RICHMOND, VA – July 12, 2016 - Matrix Capital Markets Group, Inc. (“Matrix”), is pleased to announce the recapitalization of Business and Legal Resources (“BLR”) by Northcreek Mezzanine, Tenth Street Capital and management.
BLR, headquartered in Brentwood, TN, is a leading provider of compliance and training solutions in the B2B arena and offers a suite of web-based compliance products, mobile applications, employee training platforms, and digital and live professional development opportunities for the audiences it serves. The BLR parent brand comprises subsidiaries HRHero, MLeeSmith Publishers, HCPro, HealthLeaders Media, Patient Safety & Quality Healthcare, and Personnel Policy Service.
The recapitalization of BLR coincides with their acquisition of the HR, Environmental, and Healthcare assets of Thompson Information Services, another industry leader in compliance, from Columbia Books. This transaction also underscores BLR’s commitment to simplifying compliance for their audiences and expanding their market footprint through growth and partnership.
Matrix served as the exclusive financial advisor to BLR. The transaction was managed by Mike Morrison, David Shoulders, William O’Flaherty and Pratik Thakral.
About Matrix’s Business Services Group
Matrix’s Business Services Group merger & acquisition expertise stems from numerous engagements and extensive research in a number of segments, including call centers, marketing, printing & engraving, staffing, systems integration, tele-services, telecommunications, transportation, utility services and waste management. Team members draw upon a deep bench of transaction experience and analytical resources to successfully manage and complete a wide range of corporate finance transactions, including mergers, acquisitions, and capital raising of debt and equity.
Matrix Announces the Successful Sale of Mutual Oil Co., Inc.’s Unbranded Wholesale Fuels Distribution Business
RICHMOND, VA – June 1, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of Mutual Oil Co., Inc.’s (“Mutual” or “Company”) high volume unbranded wholesale refined fuels business to Truman Arnold Companies (“TAC Energy”), an independent national wholesale fuels distributor of refined petroleum products, headquartered in Dallas, Texas. Mutual distributes unbranded refined petroleum products to high volume retailers, resellers, commercial entities, governments and municipalities, and marinas in 17 states, with a focus on the Northeast and Mid-Atlantic regions.
Founded in 1937, Mutual has grown to become one of the largest and most diversified privately held petroleum distributors in the U.S. and enjoys a reputation of providing high quality products, service and logistics to its customers. The sale of the business to TAC Energy significantly expands the fuel supply, logistics capabilities, and support services that Mutual can provide to its current and future customers. Steve Shaer, Executive Vice President of Mutual Oil commented on the process, “As in the past, Matrix showed great professionalism in managing the process.”
Matrix provided merger and acquisition advisory services to Mutual, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was co-managed by Spencer Cavalier, Managing Director, and Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Group. Andrew LoPresti, Associate, also advised on the transaction. Mr. Cavalier commented, “This is a bittersweet end to a long-term advisory relationship with the Mutual shareholders and their extremely professional and talented management team. It’s been a relationship built on trust, allowing us to propose and execute on mandates to enhance shareholder value in a very deliberate manner. We greatly appreciate our relationship with Steve and Ed and their confidence in us.”
Jeffrey Leiter of Leiter & Cramer PLLC served as legal counsel for Mutual.
Matrix Announces the Successful Sale of District Petroleum Products, Inc. & Related Entities
RICHMOND, VA – May 31, 2016 - Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of District Petroleum Products, Inc. & Related Entities (the “Company” or “District Petroleum”) to an affiliate of Dunne Manning, Inc. The Company, headquartered in Huron, OH, owns and operates twenty-two (22) Hy-Miler convenience stores and distributes and transports motor fuels to branded dealers and marinas throughout Ohio.
District Petroleum was founded in 1951 by a group of Sandusky Ohio industrialists that needed fuel and lubricants for their factories, boats and airplanes. The Company eventually made the decision to contract with Shell Oil Company for all of its petroleum needs, and in the early years operated as a small jobbership, distributing gasoline to a few dealer-operated locations, as well as selling fuel oil to home heat customers and lubricants to industrial accounts. With gasoline marketing beginning to change with the advent of self-serve gasoline and competitive street pricing, the Hy-Miler brand was born in 1976. Hy-Miler then became the name of the convenience store chain as new stores were added.
Matrix provided merger and acquisition advisory services to the Company, which included valuation advisory, marketing of the Company through a customized, 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 & Retail Team. Sean Dooley, Vice President, and Christian Klawunder, Associate, also advised on the transaction.
Scott Stipp, President of District Petroleum, commented “This was a tough process; bittersweet. I could not imagine attempting to navigate these waters without the knowledge and support of Matrix and their team of professionals.“
Mr. Cavalier commented, “Mike and Scott Stipp along with their Chief Financial Officer, Timothy Donnelly, and V.P. of Retail Gary Gockstetter have built a very strong company over the decades, and we were honored to advise the shareholders through a complex transaction that resulted in a highly successful exit from the industry and the monetization of significant family capital.”
Russell Rosler, Frank Zonars, Kristin Watt and Theodore Smith of Vorys, Sater, Seymour and Pease LLP, served as legal counsel for District Petroleum.
Matrix Announces the Successful Sale of Harbor Petroleum of New England, Inc.'s, Contract Dealer Business
RICHMOND, VA – May 4, 2016 - Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of the contract dealer business owned by Harbor Petroleum of New England, Inc. (the “Company” or “Harbor Petroleum”) to SEI Fuel Services, Inc., a wholly owned subsidiary of 7-Eleven, Inc. The Company, headquartered in Naugatuck, CT, owns and operates convenience stores and supplies fuels throughout Connecticut.
John Baker started Harbor Petroleum in 1981 with one station in Naugatuck and grew the business to its current level over a 35 year period. Mr. Baker has elected to reduce the scale of Harbor Petroleum, but will continue to own and supply a small group of stations that he primarily retains a fee or leasehold interest in.
Matrix provided merger and acquisition advisory services to Harbor Petroleum, on the divestiture, which included valuation advisory, marketing of the assets through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Team and John Underwood, Director. Vance Saunders, Director and Andrew LoPresti, Associate, also advised on the transaction.
John Baker, the owner of Harbor Petroleum, said “During the entire sales process, the analysts and individuals that represent Matrix were professional in every manner. I firmly believe that our Company obtained not only the broadest regional coverage exposure possible but a representative national exposure to qualified buyers as well."
Mr. Underwood commented, “Matrix is very happy to have helped John achieve his goal of selling the contract dealer business of Harbor Petroleum, we appreciated the opportunity to work with him to achieve his goals.”
Craig Sylvester and Christine Miller of Reid and Riege, P.C., served as legal counsel for Harbor Petroleum.