Matrix Capital Markets Group, an independent investment bank, served as lead financial advisor on Carroll Independent Fuel’s syndicated debt refinancing.
A privately-owned, full-service fuel company established in 1907 in Baltimore, Carroll is a petroleum marketing and convenience store operator with several hundred retail locations throughout the Mid-Atlantic. In addition to retail fuel distribution, Carroll’s commercial services include gasoline and diesel sales and delivery, fuel filtering, diesel exhaust fluid supply, unbranded and branded gasoline and station services, commercial motor fuel supply, tank loan services, transportation and business planning.
“We were fortunate to work with Matrix to structure and intermediate this important financing,” John Phelps, president and CEO of Carroll, said. “Their experience, expertise and detailed approach were critical to securing capital with very attractive terms.”
Matrix provided capital advisory services to Carroll, which included financial modeling, assessment of optimal financing strategy, enhanced structural flexibility and negotiation of the financing. The transaction was managed by John Whalen, head of Matrix’s Capital advisory investment banking group, Ryan Weir, vice president and Garrett Novotny, analyst.
“Throughout the entire process the Matrix team provided excellent guidance and advice,” Juergen Laue, CAO of Carroll, said. “Their determined, yet flexible approach and proven methodology allowed for the best outcome for all parties. Simply put, we could not have achieved this without them.”
“We very much appreciate the trust that Carroll placed in us to advise them on this financing,” Whalen said. “Carroll is a best-in-class operator and the success of this refinancing not only reflects the company’s existing strong credit profile, but also affords greater flexibility to the company as it further scales and diversifies. It was a privilege to work with the Carroll team.”
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