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Board of Directors

    Thomas E. Kelso

    President tkelso@matrixcmg.com (667) 217-3330

    Tom serves as the President of Matrix and is a member of the Downstream Energy & Convenience Retail (DER) Group. He founded the DER Group to provide financial advisory services to companies engaged in the petroleum marketing and convenience store industries. In addition, he manages the firm’s Restructuring, Reorganization and Bankruptcy practice. Prior to joining Matrix in 1997, he was a principal at Kennilworth Holdings, Inc., where he consulted with clients on mergers and acquisitions, corporate restructurings and private placement of debt and equity. During that time, he worked primarily with companies engaged in the distribution of motor fuels and heating fuels, and in convenience store retailing. In addition to serving as President of Matrix, Tom oversees all of the activities of the DER Group with a focus on marketing and client recruitment. He also co-advises clients on company sales, divestitures, acquisitions, capital raises, recapitalizations, restructurings, valuations and strategic planning. Tom was the co-founder, 50% stockholder and CFO of Ocean Petroleum Company, an independent petroleum marketer and branded distributor for Exxon USA, Sunoco and BP in Maryland, Delaware, Pennsylvania and Virginia. Prior to founding Ocean, he was employed as the Business Manager of the Evening College and Summer Session, one of the six divisions of Johns Hopkins University, and was the CFO and a Director of the Johns Hopkins Federal Credit Union. He was educated at the University of Baltimore and Johns Hopkins University. Tom has advised many of the leading companies in the petroleum marketing and convenience retail industries and he has been employed as a professional in thirteen Chapter 11 bankruptcy cases. He has authored and contributed to a number of articles on the topics of mergers and acquisitions, access to capital, strategic planning and valuations for petroleum marketers and convenience store companies. He is a member of the Society of Independent Gasoline Marketers of America (SIGMA), the National Association of Convenience Stores (NACS), the NACS Hunter Club and the Turnaround Management Association (TMA). Tom currently serves as Chairman of the Maryland Stadium Authority. He was Chairman of Hogan for Governor Reelection Committee (2018) and Chairman of the Hogan Rutherford Inaugural Committees in both 2018 and 2014. In addition, he is a former Vice Chair & Director of the Foundation for the Preservation of Government House of Maryland, Inc., past Chair and Trustee Emeritus of the Maryland Public Policy Institute and a past trustee, Chairman of the Board and Trustee Emeritus of The John Carroll School. Tom is qualified as a FINRA General Securities Principal (Series 24), Uniform Securities Agent (Series 63), Investment Banking Representative (Series 79) and Operations Professional (Series 99).

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    Cedric C. Fortemps, CFA

    Treasurer cfortemps@matrixcmg.com (804) 591-2039

    Cedric is Co-Head of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions.  He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Cedric joined Matrix in 1998 and has advised numerous companies on various transactions, with the majority of those companies being petroleum marketers, fuels distributors, and convenience store chains; including Warren Equities, Inc., Victory Petroleum, Inc., Cumberland Farms, Inc., Express Lane, Inc., Angus I. Hines, Inc., and Rogers Petroleum, Inc. Cedric has also advised real estate investment trusts, municipalities, hospitality, specialty retail, manufacturing, distribution, consumer services, and business services companies, including Getty Realty, Inc., eatZi’s Market & Bakery, Inc., ZOOTS, and Connecticut’s Department of Transportation.  He has also been employed as a professional in excess of a dozen Chapter 11 bankruptcy cases, including DB Companies, Inc., Acme Petroleum & Fuel Co. Inc., and Fas Mart, and has provided expert testimony in court on behalf of some of those clients.  In addition, Cedric has successfully advised clients in financial distress on transactions outside of bankruptcy. Cedric received a B.S.B.A. with a concentration in Finance and graduated cum laude from the University of Richmond.  He is a CFA Charterholder and member of the CFA Institute.  He is qualified as a FINRA General Securities Representative (Series 7), General Securities Principal (Series 24), Introducing Broker-Dealer Financial and Operations Principal (Series 28), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  He also serves on the Advisory Board for the University of Richmond’s Student Managed Investment Fund and has been a guest lecturer for the University’s MBA Program.

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    Spencer P. Cavalier, CFA, ASA

    Secretary spcavalier@matrixcmg.com (667) 217-3320

    Spencer is Co-Head of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions. He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Since joining Matrix in 1998, Spencer has advised numerous companies on various transactions, with the majority of those being downstream energy companies involved in petroleum marketing and convenience retailing, wholesale fuels distribution, propane and heating oil distribution, lubricants distribution, and fuels terminaling and blending; including Carroll Independent Fuel Co., CrossAmerica Partners, LP, Global Partners, LP, Getty Realty, Inc., Pester Marketing Company, Ports Petroleum Company, Inc. & Ports Investments, LLC, Tedeschi Food Shops, Inc., and The Wills Group. Spencer has advised many of the leading companies in the downstream energy industry. He has authored and contributed to a number of articles on the topics of mergers and acquisitions, access to capital, strategic planning and valuations. He is a member of the Society of Independent Gasoline Marketers of America (SIGMA), the National Association of Convenience Stores (NACS), and the National Propane Gas Association (NPGA) and a member of the investment committee for the Fuel Fund of Maryland, Inc. Prior to joining Matrix, Spencer was a senior business valuation consultant with Ellin & Tucker, Chartered, a nationally recognized business valuation, consulting and accounting firm, and a commercial lender with NationsBank (now Bank of America). As a holder of the Chartered Financial Analyst designation, he is a member of the CFA Institute and is also recognized as an Accredited Senior Appraiser by the American Society of Appraisers. Spencer holds a B.S. degree (with honors) from West Virginia University and an M.B.A. from Baylor University. He is actively involved with The Bennett Institute’s Physically Challenged Sports Program at Kennedy Krieger and previously served on the Board of Visitors for University of Maryland’s Hospital for Children and the Board of Directors for TheCollegeBound Foundation. He is also qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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