Matrix's Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and convenience retailing sectors, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals and car washes.
Group members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 270 engagements with a total transaction value of more than $13 billion.
Spencer Cavalier and Cedric Fortemps recently had the honor of presenting at the 2021 SIGMA Spring Conference:
Mergers & Acquisitions, Tax Law, and the Politics That May Affect Your Business, and Discussion with Douglas Kantor of Steptoe & Johnson
Spencer Cavalier and Cedric Fortemps serve as Co-Heads of the Downstream Energy & Convenience Retail Group. Mr. Cavalier works in our Baltimore, MD office and Mr. Fortemps works in our Richmond, VA headquarters. Our M&A advisory group has extensive experience in all areas of investment banking related to convenience store retailing and petroleum marketing & distribution, including structuring and managing the transaction process, client advisory, business valuation and site evaluation, real estate and petroleum marketing law, buyer/seller identification, contract negotiation, debt restructurings, and the Bankruptcy Code. Our downstream energy investment banking professionals are located in Richmond, VA and Baltimore, MD.
The clients we serve include Convenience Retailing, Petroleum Marketing & Distribution, Propane Distribution, Heating Oil Distribution, Lubricants Distribution, Petroleum Logistics, Terminals and Car Washes.
We are members of the following associations: ACG Global, Below the Line Club, BPAMA, CTPMA, KPMA, MAPDA, MPAMACS, NACS, NACS Hunter Club, NASM, NATSO, NECESMA, NPGA, PEI, SCCPMA, SIGMA and VPCMA.
Situation
Miller Oil Company Inc. (“Miller” or the “Company”) was founded in 1977 by “Gus” Miller when he purchased Exxon Company USA’s home heating oil business in Norfolk, VA. The Company experienced significant growth through the 1980’s as the business expanded into convenience retailing and petroleum marketing. In the 2000’s, the Company expanded its fuels distribution business into southern Florida.
Jeffrey “Jeff” Miller, Gus Miller’s son, was President, and had managed the businesses for the last 25 years.
The Company operated 21 petroleum marketing and convenience retail stores, 2 company owned dealer sites, and over 70 wholesale dealer accounts.
Matrix was engaged to perform a valuation of the Company.
After meeting with Gus Miller and Jeff Miller to go over the valuation and recommended sale process, the shareholders ultimately decided to exit the retail convenience store, petroleum marketing, and fuels distribution businesses to diversify family wealth and focus on other ventures.
Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value.
Solution
Matrix provided merger and acquisition advisory services to Miller, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transactions.
In order to maximize total proceeds, Matrix recommended marketing Miller’s wholesale fuels business in Florida separately from the Virginia and North Carolina convenience retail and wholesale fuels business.
Multiple competitive offers were received. Global Partners LP and Sunshine Gasoline Distributors Inc. were ultimately selected as the acquirers for the Virginia/North Carolina and Florida assets, respectively, Selling the Florida business separately yielded significantly more value for Miller. As part of the Global transaction, Miller was able to retain certain real estate and lease the real estate to Global Partners LP.
Matrix assisted Miller and their tax advisors to understand the tax implications of various transaction scenarios to maximize after-tax proceeds to the shareholders.
Matrix assisted in the negotiation of the purchase agreements and lease agreement and coordinated the due diligence and closing process.
The transaction with Sunshine Gasoline Distributors Inc. closed in November 2021 and the transaction with Global Partners LP closed in February 2022.
Situation
Under various predecessor entities, but through continued related family ownership, the Company operated retail convenience stores with fuel in west Texas since the early 1970’s. In 2001, Tyler and Monica Wolfe purchased the business from Monica’s father, Frank Ligon and in 2008 began rebranding the convenience stores under the Jack’s banner.
In 2014, Penta Operating, LLC was formed when four former Town & Country Food Stores executives, consisting of Alvin New, Devin Bates, Randy Brooks and Robert Eggleston, invested in the Company alongside the Wolfes.
The Company’s retail petroleum assets consisted of 9 high-quality, company-operated petroleum marketing and convenience retail stores, one Jack’s Lube & Wash oil change and car wash location, and one oil change with fuel location. In total. seven of the eleven locations operated a combination of in-bay or tunnel car washes.
The owners contacted Matrix in June 2021 regarding a potential sale of the assets, partly due to capital gains tax rates potentially increasing in 2022. Matrix was asked to perform a valuation of the Company’s assets and recommend a sale process to maximize value, with the sale needing to occur in 2021. Based on the valuation feedback provided, the shareholders decided to market the assets for sale in order to diversify wealth and focus on other ventures.
Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of the portfolio.
Solution
Matrix provided merger and acquisition advisory services to Penta Operating, LLC, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Matrix ran a very efficient process focused on strict deadlines for buyers in order to maximize the probability of a closing in 2021 and likely favorable tax rates.
Multiple competitive offers were received, and Monfort Companies was selected as the acquirer.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with Monfort Companies closed in December 2021.
Situation
Haywood Oil Company, Inc. d/b/a Peak Energy (“Peak” or the “Company”) was incorporated in 1952 as a local home heating oil delivery company. In 1973, David Blevins left Exxon to become President of Haywood Oil Company. The Company grew through multiple acquisitions that brought additional convenience stores, bulk plants, and fuel brands to the business.
Todd Blevins became President of Peak in 1999 and continued the legacy of growth by making seven acquisitions over the next ten years, transforming the Company into a leading petroleum marketer, fuels distributor and foodservice business.
The Company is headquartered in Waynesville, NC and operates two primary business segments that serve customers throughout western North Carolina, as well as parts of South Carolina, Georgia and Tennessee.
The convenience retail, petroleum marketing and wholesale fuels business consisted of 11 company-owned locations and served over 100 wholesale customers and the commercial fuels and heating oil business sold refined fuel products through 2 bulk plant locations.
Matrix was initially retained to perform a valuation of the Company. After considering the likely valuation range that could be achieved through a competitive sale process, Todd Blevins decided it was the right time to sell the convenience retail, petroleum marketing and wholesale fuels business.
Objective
The Company engaged Matrix on July 10, 2021 to customize, execute, and complete a confidential sale process prior to December 31, 2021 in order to maximize after-tax net proceeds by avoiding any potential capital gains tax increases in 2022.
Solution
Matrix provided merger and acquisition advisory services to Peak, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and Majors Management, LLC was ultimately selected as the acquirer.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with Majors Management LLC closed in December 2021, ~5 months after Matrix was engaged.
Situation
Slidell Oil Company, LLC (“Slidell” or the “Company”), founded in 1948 and headquartered in Slidell, Louisiana, operated a petroleum marketing and retail fuels distribution business in Alabama, Louisiana, and Mississippi.
The Company’s asset base consisted of 16 commission marketer sites, one lessee dealer, and 23 wholesale supply accounts marketing under the Shell, Chevron, and Texaco fuel brands.
The 16 commission marketer sites were large, well-maintained stores and sported consistent branding and merchandise offerings, providing a buyer with the option to operate these stores and generate additional profitability.
The Company’s shareholders contacted Matrix in 2017 to discuss a potential transaction. Matrix provided the shareholders with a market valuation and discussed with them the primary value drivers for the business. The shareholders decided to focus on growing and improving the business to optimize value at a later date. Matrix advised on potential methods to derive additional value, including installing favorable provisions in commission marketer agreements that would allow a buyer to operate these stores if desired.
The shareholders reengaged Matrix in 2021 to update the valuation. The shareholders then made the strategic decision to divest their petroleum marketing and fuels distribution business in order to diversify their family wealth.
Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of the business.
Solution
Matrix provided merger and acquisition advisory services to Slidell, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and Circle K Stores Inc. was ultimately selected as the acquirer.
Matrix assisted in the negotiation of the asset purchase agreement and the real estate lease agreements for assets where Slidell would retain real estate control post-closing, and also coordinated the due diligence and closing processes for the transaction. The transaction closed in December 2021.
Situation
Tri-State Petroleum Corporation (“Tri-State” or the “Company”) was founded in 1974 by Edward J. Coyne, I and Elizabeth J. Coyne as an Atlantic Richfield distributor of tires, batteries, and automotive accessories. In the late 1980s and early 1990s, the Company implemented a strategic plan to expand into retail fuel marketing, by leveraging supply contracts with BP, Exxon, Citgo, and Sunoco, and acquiring two portfolios from BP in the mid-1990s, including company-operated convenience stores and wholesale dealer accounts.
The founders’ children, Colleen McGlinn, Erin Merrick, Sheila Romanek, and Edward Coyne, II, all joined the business during the 1980s and ‘90s, and, collectively, have managed the transformation of the Company into one of the leading Marathon distributors and convenience retailers in its trade area.
The Company operated 25 petroleum marketing and convenience retail stores, eight wholesale dealer accounts, and two commercial fuels bulk plants.
Matrix was engaged to perform a valuation of the Company and advise on a sale process. The shareholders ultimately decided to exit the retail convenience store, petroleum marketing, and commercial fuels businesses to diversify family wealth and focus on other ventures.
Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of Tri-State or its assets.
Solution
Matrix provided merger and acquisition advisory services to Tri-State, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and Majors Management, LLC was ultimately selected as the acquirer.
Matrix assisted Tri-State and their tax advisors to understand the tax implications of various transaction scenarios to maximize after tax proceeds to the shareholders.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with Majors Management LLC closed in December 2021.
Situation
Diversified Energy, LLC (“Diversified,” “Diversified Energy,” or the “Company”) operated a leading, full-service retail propane distribution company based in North Carolina.
Founded in 2000 by 19 of North Carolina’s Electric Membership Cooperatives, Diversified was formed in pursuit of an alternative energy source to market to customers in the region.
After the co-ops’ initial investment in the core North Carolina propane business, the Company further expanded its geographic footprint in 2000 with the acquisition of J.F. Energy Corp. located in Mount Joy, Pennsylvania.
Over the next two decades, Diversified grew its operations to 8 retail branches and 12 bulk plants, offering propane sales, service, and appliances to a customer base of over 19,000.
Matrix was retained to perform a strategic review of the Company for the executive committee board of Diversified Energy. After consultation with the executive committee and the full board of directors, the board voted to explore a potential sale of Diversified to focus on their core electric businesses. Matrix was retained to advise and execute on the sale process.
Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of Diversified Energy.
Solution
Matrix provided merger and acquisition advisory services to Diversified, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction. The sale process included a buyer pool of privately owned, regional and national propane marketers, large, public companies, and private equity firms.
Multiple competitive offers were received, and ultimately Sharp Energy, Inc. (“Sharp”), a subsidiary of Chesapeake Utilities Corporation (NYSE: CPK), was selected as the buyer.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with Sharp closed in December 2021.
Situation
Southern Counties Oil Co., L.P. d/b/a SC Fuels (“SC Fuels” or the “Company”), founded in 1930, was one of the oldest and largest, family-owned petroleum distributors in the U.S., selling over 1.4 billion gallons of fuel, 10 million gallons of lubricants, and 5 million gallons of DEF annually.
The Company had a rich history of growth and evolution which led them to serve more than 11,000 customers annually, ranging from small family-owned businesses to Fortune 500 companies, throughout the Western, Midwestern, and Southwestern U.S.
In addition to operating 47 proprietary cardlock locations, SC Fuels delivered branded and unbranded gasoline, diesel fuel, alternative fuels, lubricants, and other petroleum products, as well as offered fleet card programs.
The Company’s assets included 47 cardlocks, 13 bulk plants, ~20 warehouses, ~145 open dealers, ~20 fuel transports, ~125 tank wagon units, and numerous other properties and vehicles.
After growing the Company both organically and through acquisitions, the Company’s shareholders engaged Matrix to perform a strategic review of each business unit and the enterprise as a whole, in order to explore various potential exit points now and in the future.
The shareholders ultimately decided to exit the industry in order to diversify their wealth into other business and charitable ventures.
Objective
To customize, execute, and complete a confidential sale process in a way that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of the Company.
Solution
Matrix provided SC Fuels with merger and acquisition advisory services, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.
Based upon a long-standing relationship between the principals of Pilot Company (“Pilot”) and SC Fuels, Pilot was approached on a pre-emptive basis, and Matrix assisted in the negotiation of the equity purchase agreement, coordination of the due diligence process, and structuring the post-closing lease agreements between SC Fuels and Pilot.
The transaction with Pilot closed in November 2021.
Situation
W.H. Rusher and Son, later Rusher Oil Company (“Rusher” or the “Company”) was founded in 1963 by W.H. Rusher as a commission marketing agent with Amoco Oil Company. Later, Bob L. Rusher reoriented his father’s company towards retail fuel sales, purchasing some of the most desirable real estate in its marketing territory for service stations.
Bob L. Rusher’s sons, Bobby and Joey Rusher, joined the business in the 1980s and over the next several years continued to grow by building new-to-industry stores and remodeling older locations. During this time, Rushco Food Stores Inc. was organized and became a successful chain of retail convenience stores and car washes.
Immediately prior to sale, Rusher Oil Company distributed Amoco and BP fuels to 19 branded convenience stores and one commissioned marketer location within a 20-mile radius of its Salisbury, North Carolina headquarters, and Rushco Food Stores, Inc. operated 19 branded convenience stores under the name Rushco Markets.
Matrix was engaged to perform a valuation of the Company and advise on a sale process. The shareholders ultimately decided to exit the retail convenience store and petroleum marketing business to focus on other ventures.
Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of Rusher or its assets.
Solution
Matrix provided merger and acquisition advisory services to Rusher, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and Sampson-Bladen Oil Company, Inc. was ultimately selected as the acquirer.
Matrix assisted Rusher and their tax advisors to understand the allocation of the purchase price to each entity and the tax implications of a sale to maximize after tax proceeds to shareholders.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with Sampson-Bladen Oil Company, Inc. closed in November 2021.
Situation
E.J. Pope & Son, Inc. (“EJP” or the “Company”) operated a leading petroleum marketing, convenience retailing, and QSR business in eastern North Carolina.
EJP was founded in 1919 as a coal hauling business by horse-drawn wagon. The Company opened its first convenience store, operating under the Handy Mart store brand, in 1975 in Mount Olive, NC. In 1994, the Company began co-branding stores with nationally recognized foodservice brands in order to enhance the store offerings.
Under the leadership of President E.J. “Judson” Pope III, the Company grew into a highly recognized regional chain of 36 convenience stores with 21 co-located branded QSRs or proprietary foodservice offerings situated across eastern North Carolina.
The Company, via its sister entity Pope Transport, also hauled its own fuel and acted as a common carrier for other third-party hauling customers.
Previously, in 2012, the Company engaged Matrix to divest certain non-core assets. EJP then reengaged Matrix in 2021 to market the entirety of its convenience store business so that the shareholders could focus on the Company’s other businesses and diversify their family wealth.
The shareholders desired to execute a post-closing hauling agreement with the acquirer in order to generate a revenue stream for Pope Transport.
Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of the convenience store business, while also generating considerable income through the execution of a hauling agreement.
Solution
Matrix provided merger and acquisition advisory services to EJP, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and GPM Investments, a wholly owned subsidiary of ARKO Corp (Nasdaq: ARKO), was ultimately selected as the acquirer.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with GPM Investments closed in November 2021.
Situation
Jacksons Food Stores, Inc. (“Jacksons” or the “Company”) owns, operates, and supplies more than 1,340 stores across nine western states. The Company is vertically integrated, with fuel supplied by Jacksons Energy, full-line grocery and supplies distributed through Capitol Distributing and fresh food products supplied through Capitol Kitchen.
Pursuant to 7-Eleven’s acquisition of Speedway from Marathon Petroleum Corp., the Federal Trade Commission (FTC”) required 7-Eleven to divest 293 locations.
Jacksons approached Matrix during the fourth quarter of 2020 regarding the potential acquisition of Speedway divestiture assets.
The Company was interested in the Western package of the Speedway divestiture, which included 62 Speedway and 7-Eleven branded convenience stores in California, Arizona and Nevada (“the Portfolio”).
Objective
Matrix was engaged to advise Jacksons on the valuation of the Portfolio, assist in the development of operating and financial assumptions, structure and negotiate the terms of the Company’s offer and review and advise on financing alternatives.
Solution
Matrix developed a comprehensive financial model to evaluate the acquisition and to analyze the projected post-acquisition performance of the Portfolio. The financial model’s many variables allowed the Company to easily perform sensitivity analyses on unique scenarios for the Portfolio and to estimate returns on equity using different operating and financial assumptions.
Matrix assisted Jacksons in preparing its formal offers for the Portfolio and in preparing materials regarding the acquisition for the Federal Trade Commission.
Matrix also advised on the terms of financing utilized to consummate the transaction.
Jacksons closed on the purchase of the final store in the 62-store Portfolio on October 4, 2021.
The successful acquisition is part of a continued focus for Jacksons on growth and expansion into additional markets across the Western U.S. and resulted in the Company gaining 58 stores in attractive California markets, where it had little or no presence prior to the transaction.
Situation
Lykins Companies, Inc. (“Lykins” or the “Company”), founded in 1948, was a leading distributor of diversified energy solutions to customers located throughout the Midwest, Mid-Atlantic, and Southern United States.
The Company operated through three distinct business lines: a commercial fuels, heating oil, & propane business (collectively “Bulk Fuels”); a wholesale and branded fuels business; and an electricity business. The Company’s assets included 25 bulk plants, ~125 consignment or open dealers, ~30 fuel transports, and ~100 tank wagon units.
After growing the Company both organically and through acquisitions, the Company’s shareholders contacted Matrix regarding their desire to exit the industry in order to diversify their wealth into other business and charitable ventures.
Objective
To customize, execute, and complete a confidential sale process in a way that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of the Company’s Bulk Fuels, wholesale and branded fuels, and electricity businesses.
Solution
Matrix provided Lykins with merger and acquisition advisory services, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transactions.
Multiple offers were received for each business line, and the Company ultimately decided the greatest after-tax proceeds could be achieved through a three-part sale process.
Affiliates of World Fuel Services Corporation (NYSE: INT) acquired the Bulk Fuels business. The wholesale and branded fuels business was acquired by Colonial Oil, a subsidiary of Colonial Group, Inc. The electricity business was acquired by Shipley Choice, LLC, a subsidiary of Shipley Energy, Inc.
Matrix assisted in the negotiation of three separate asset purchase agreements and coordinated the due diligence processes and the multiple closings.
The transaction with Shipley Energy closed in January 2021, the transaction with Colonial Oil closed in April 2021, and the transaction with World Fuel Services closed in October 2021.
Situation
Mercury Fuel Service, Inc. was a second generation, privately held company headquartered in Waterbury, Connecticut. Brothers Michael Devino, Jr., President, Martin Devino, Chief Financial Officer, and Thomas Devino, Vice President, helped to significantly grow the retail gasoline business by pursuing desirable real estate, going to market with an aggressive pricing strategy, and offering consistent and high-quality service to their customer base.
The Company grew to 20 company operated convenience retail stores and over 30 wholesale dealer accounts. The company operated stores were all located in Connecticut and sold the Company’s proprietary branded fuel, Price Cutter, as well as Sunoco, Mobil, Gulf and Citgo branded fuel. The wholesale business served dealer accounts in Connecticut, Massachusetts and New York.
Matrix was initially retained to perform a valuation of the Company. After considering the likely valuation range that could be achieved, the Devino brothers decided it was time to sell the Company and exit the industry, at which time Matrix was engaged to manage the sale process.
Objective
To customize, execute, and complete a confidential sale process in a way that would allow the Devino family to realize maximum after-tax value upon the sale. If possible, the Devinos wanted to retain key real estate assets in a sale and lease that real estate to a strong credit tenant.
Solution
Matrix provided merger and acquisition advisory services to Mercury, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale and lease transactions.
Multiple offers were received, and ultimately it was determined that maximum value for the shareholders could be achieved by selling the Company to two different buyers. Eight of the stores were sold to EG Group, while the remaining 12 stores and wholesale dealer business were sold to Sam’s Food Stores.
Matrix advised on the negotiation of the asset purchase agreements, coordinated the due diligence processes, and structured the post-closing lease agreements for certain real estate properties the brothers retained.
The transaction with EG Group closed in May 2021 and the transaction with Sam’s Food Stores closed in September 2021.
Situation
Sherman V. Allen, Inc. (Sherman V. Allen or the “Company”) was founded in 1979 when Sherman “Mac” V Allen, Jr. opened a single store in Fair Haven, Vermont.
In the early 1980s, Mac purchased a local fuel business and started his own distribution company. Over the course of the next decade, Mac purchased other small fuel businesses, and quickly expanded operations into New York, New Hampshire, and Massachusetts.
The Company also diversified by opening a chain of specialty grocery stores throughout Vermont, leveraging the Mac’s Market tradename.
Matrix was engaged to perform a valuation of the Company and advise on a sale process. Jennifer Allen ultimately decided to divest the Company’s convenience stores to diversify family wealth and focus on grocery operations and other real estate opportunities.
Objective
To customize, execute, and complete a confidential sale process that would allow the Allen Family to realize maximum after-tax value upon the sale of their petroleum marketing and convenience retailing business.
Solution
Matrix provided merger and acquisition advisory services to Sherman V. Allen, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and Global Partners, LP (NYSE: GLP) was ultimately selected as the acquirer.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction with Global Partners, LP closed in August 2021
Situation
Circle K Stores Inc., wholly owned by Alimentation Couche-Tard, Inc. (TSX: ATD.A, ATD.B), operated a portfolio of 49 stores in and around the Oklahoma City metro area.
The Company sought a complete strategic exit from this market as part of its network optimization initiative, which would allow it to focus on core markets and efficiently allocate capital investment in regions that meet the Company’s strategic and brand objectives.
Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of the Oklahoma City assets.
Solution
Matrix provided merger and acquisition advisory services to Circle K, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and Casey’s General Stores, Inc. (NASDAQ: CASY) was ultimately selected as the acquirer.
Matrix assisted in the negotiation of the asset purchase agreement and coordinated the due diligence and closing process.
The transaction with Casey’s closed in June 2021.
Situation
Freeman Gas and Electric Co., Inc. (“Freeman,” “Freeman Gas,” or the “Company”) was founded in 1936 in Spartanburg, South Carolina. Originally a modest, single-location appliance dealership, Freeman grew to be one of the nation’s premier full-service propane retailers under the leadership of third-generation operator J.R. “Rob” Freeman III.
The Company, known for its full-service offerings ranging from retail propane sales, service, and installation to a full line of propane appliances, operated 23 showroom locations throughout North & South Carolina, Georgia, and Tennessee. With logistical support from its 38 bulk plant locations, Freeman served a diverse customer mix in this geography comprised of ~67,000 residential, commercial, agricultural, and forklift accounts in 86 counties.
Matrix was retained to perform a valuation of the Company and to advise on a possible sale process. Rob Freeman and the Company’s shareholders elected to exit the industry and diversify the family’s wealth.
Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of Freeman Gas, while also retaining certain key real estate assets and initiating a lease relationship with the buyer.
Solution
Matrix provided merger and acquisition advisory services to Freeman, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction. The sale process included a buyer pool of privately owned, regional and national propane marketers; and large, public companies including MLPs.
Multiple competitive offers were received, and Superior Plus Energy Services, Inc. (“Superior”) (TSX: SPB) was ultimately selected as the acquirer.
Matrix assisted in the negotiation of the asset purchase agreement, coordination of the due diligence process, and structuring the post-closing lease agreements between Freeman and Superior.
The transaction with Superior closed in June 2021.
Situation
Mercury Fuel Service, Inc. was a second generation, privately held company headquartered in Waterbury, Connecticut. Brothers Michael Devino, Jr., President, Martin Devino, Chief Financial Officer, and Thomas Devino, Vice President, helped to significantly grow the retail gasoline business by pursuing desirable real estate, going to market with an aggressive pricing strategy, and offering consistent and high-quality service to their customer base.
The Company grew to 20 company operated convenience retail stores and over 30 wholesale dealer accounts. The company operated stores were all located in Connecticut and sold the Company’s proprietary branded fuel, Price Cutter, as well as Sunoco, Mobil, Gulf and Citgo branded fuel. The wholesale business served dealer accounts in Connecticut, Massachusetts and New York.
Matrix was initially retained to perform a valuation of the Company. After considering the likely valuation range that could be achieved, the Devino brothers decided it was time to sell the Company and exit the industry, at which time Matrix was engaged to manage the sale process.
Objective
To customize, execute, and complete a confidential sale process in a way that would allow the Devino family to realize maximum after-tax value upon the sale. If possible, the Devinos wanted to retain key real estate assets in a sale and lease that real estate to a strong credit tenant.
Solution
Matrix provided merger and acquisition advisory services to Mercury, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale and lease transactions.
Multiple offers were received, and ultimately it was determined that maximum value for the shareholders could be achieved by selling the Company to two different buyers. Eight of the stores were sold to EG Group, while the remaining 12 stores and wholesale dealer business were sold to Sam’s Food Stores.
Matrix advised on the negotiation of the asset purchase agreements, coordinated the due diligence processes, and structured the post-closing lease agreements for certain real estate properties the brothers retained.
The transaction with EG Group closed in May 2021 and the transaction with Sam’s Food Stores closed in September 2021.
Situation
Toms Sierra Company, Inc. (“Sierra” or the “Company”) operated a leading petroleum marketing and convenience retail chain outside of Sacramento, California. The Company’s stores operated under the Sierra Express brand name, which pays homage to their location in the foothills of the Sierra Nevada mountain range.
After initially presenting the Company’s board of directors with a general market and valuation update of the downstream energy and convenience retail sector in 2017, Matrix continued to brief Sierra on market dynamics and Matrix’s continuous activity within the sector.
After Matrix’s thorough analysis of the business, Matrix met with the Board to discuss the likely valuation range for the assets and a potential sale process. Sierra’s Board decided it was time to sell the Company to provide liquidity to the Company’s majority shareholder.
Objective
To customize, execute, and complete a confidential sale process that would allow Sierra’s shareholders to realize maximum after-tax value upon the sale of the Company.
Solution
Matrix provided merger and acquisition advisory services to Sierra, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.
Multiple competitive offers were received, and 7-Eleven, Inc. was ultimately selected as the acquirer. As part of the transaction with 7-Eleven, Sierra’s fee simple real estate interest at certain properties was simultaneously sold to an institutional real estate investment trust (REIT) that entered into a long-term lease agreement with 7-Eleven.
Matrix assisted in the negotiation of the asset purchase agreements with 7-Eleven and the REIT and the negotiation of the lease agreement between 7-Eleven and the REIT. Additionally, Matrix coordinated the due diligence and closing processes. The transactions with 7-Eleven and the REIT closed in June 2021.
Situation
Van Unen/Miersma Propane, Inc. (“VMP” or the “Company”), headquartered in Ripon, California, is one of the Central Valley’s largest suppliers of propane, serving over 11,500 customers across 15 counties.
VMP was founded in 1993 by Rick Van Unen, Marion Miersma, and Jeff Van Groningen with the purchase of two bobtails, 300 tanks, and not one customer. The Company grew at an exponential rate through organic growth, as well as the acquisitions of Sierra Propane (2000) and the assets of Hurts Propane (2006, rebranded as Windmill Propane).
The Company developed into one of California’s premier propane retailers with eight bulk plants, three trade names, and a diverse customer base of agricultural, commercial, residential, and wholesale customers.
Matrix was retained to perform a valuation of the Company and to advise on a sale process. Ultimately, the shareholders decided to sell the business to diversify their wealth and focus on other ventures.
Objective
To customize, execute, and complete a confidential sale process in a way that would allow the shareholders to realize maximum after-tax value upon the sale of the Company.
Solution
Matrix provided VMP with merger and acquisition advisory services, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The sale process included a buyer pool of privately owned, regional and national propane marketers, large, public companies, and private equity firms.
Multiple competitive offers were received for VMP, and Energy Distribution Partners, LLC (“EDP”) was selected as the acquirer.
Matrix assisted in the negotiation of the asset purchase agreement and coordinated the due diligence and closing process.
The transaction with EDP closed in May 2021.
RICHMOND, VA / BALTIMORE, MD – April 4, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Global Partners LP (NYSE:GLP) (“Global” or the “Company”) on the sale of select fuel and convenience retail outlets (the “Stores”) to an affiliate of […]
We hope that you and your families continue to be healthy and safe. We want to start by thanking all of our clients who made 2021 the most successful year in the history of Matrix, and in particular, our Downstream Energy & Convenience Retail (DER) Investment Banking Group. We greatly […]
RICHMOND, VA / BALTIMORE, MD – December 22, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Penta Operating, LLC d/b/a Jack’s Convenience Stores (“Jack’s” or the “Company”) on the sale of eight petroleum marketing and convenience retail stores and one […]
RICHMOND, VA / BALTIMORE, MD – December 17, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of the assets of Slidell Oil Company, LLC (“Slidell” or the “Company”) to Circle K Stores Inc. Slidell owned a chain of […]
RICHMOND, VA / BALTIMORE, MD – December 16, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Tri-State Petroleum Corporation and its affiliates (“Tri-State” or the “Company”) on the sale of the Company’s 25 company-operated petroleum marketing and convenience retail stores, […]
RICHMOND, VA / BALTIMORE, MD – December 15, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Diversified Energy, LLC (“Diversified Energy” or the “Company”) on the sale of its propane distribution business to Sharp Energy, Inc., a wholly owned subsidiary […]
Tom serves as the President of Matrix Capital Markets Group, Inc. and is a member of the firm’s Downstream Energy & Convenience Retail Investment Banking Group. He joined Matrix and created the downstream energy group in 1997 to provide financial advisory services to companies engaged in the petroleum marketing and convenience store industries. He also manages the firm’s Special Situations 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, Tom worked primarily with companies engaged in the distribution of motor fuels and heating fuels, and in convenience store retailing. 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 and he is a frequent speaker on these topics. Tom 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, and as Chairman of Change Maryland and An America United, 501(c) 4’s created to advance the message of Governor Larry Hogan of Maryland. Previously he was Chairman of the Hogan for Governor Reelection Committee (2018) and Chairman of the Hogan Rutherford Inaugural Committees in both 2014 and 2018. 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 Chairman of the Board and Trustee Emeritus of The John Carroll School where he is the 2019 winner of the Charles K. Riepe Award. 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).
Read Full Bio »Tom serves as the President of Matrix Capital Markets Group, Inc. and is a member of the firm’s Downstream Energy & Convenience Retail Investment Banking Group. He joined Matrix and created the downstream energy group in 1997 to provide financial advisory services to companies engaged in the petroleum marketing and convenience store industries. He also manages the firm’s Special Situations 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, Tom worked primarily with companies engaged in the distribution of motor fuels and heating fuels, and in convenience store retailing. 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 and he is a frequent speaker on these topics. Tom 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, and as Chairman of Change Maryland and An America United, 501(c) 4’s created to advance the message of Governor Larry Hogan of Maryland. Previously he was Chairman of the Hogan for Governor Reelection Committee (2018) and Chairman of the Hogan Rutherford Inaugural Committees in both 2014 and 2018. 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 Chairman of the Board and Trustee Emeritus of The John Carroll School where he is the 2019 winner of the Charles K. Riepe Award. 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).
Spencer is Co-Head of the Downstream Energy & Convenience Retail Investment Banking 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, special situations, 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 former 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 a member of the WVU Foundation Board of Directors, serves on the Board of Directors for Chesapeake Employers’ Insurance Company, 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 The CollegeBound Foundation. He is also qualified as a FINRA General Securities Representative (Series 7), General Securities Principal (Series 24), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Spencer is Co-Head of the Downstream Energy & Convenience Retail Investment Banking 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, special situations, 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 former 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 a member of the WVU Foundation Board of Directors, serves on the Board of Directors for Chesapeake Employers’ Insurance Company, 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 The CollegeBound Foundation.
He is also qualified as a FINRA General Securities Representative (Series 7), General Securities Principal (Series 24), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Cedric is Co-Head of the Downstream Energy & Convenience Retail Investment Banking 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 on over 100 client engagements, with the majority of those engagements involving petroleum marketers, fuels distributors, and convenience store chains; including Warren Equities, Inc. (Xtra Mart), 7-Eleven, Inc., Alimentation Couche-Tard, Inc. (Circle K), Cumberland Farms, Inc., Victory Petroleum, Inc., CHS Inc., Apache Oil and F.L Roberts and Company, Inc. Cedric has also advised real estate investment trusts, municipalities, specialty retail, and hospitality 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 over 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.
Read Full Bio »Cedric is Co-Head of the Downstream Energy & Convenience Retail Investment Banking 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 on over 100 client engagements, with the majority of those engagements involving petroleum marketers, fuels distributors, and convenience store chains; including Warren Equities, Inc. (Xtra Mart), 7-Eleven, Inc., Alimentation Couche-Tard, Inc. (Circle K), Cumberland Farms, Inc., Victory Petroleum, Inc., CHS Inc., Apache Oil and F.L Roberts and Company, Inc.
Cedric has also advised real estate investment trusts, municipalities, specialty retail, and hospitality 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 over 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.
Vance is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. He joined Matrix in 2006 and has extensive experience advising petroleum marketers, fuels distributors, and convenience store chains on various transactions. He has also advised municipalities and specialty retail chains and has advised financially distressed companies both inside and outside of bankruptcy proceedings. Prior to joining Matrix, Vance worked in the Business Assurance and Advisory Services Group for the public accounting firm of Keiter, Stephens, Hurst, Gary & Shreaves in Glen Allen, Virginia, where his experience included a variety of assurance engagements. Vance also held a senior associate position in the Treasury group of Capital One Financial Corporation. Vance received a B.S.B.A. with concentrations in Finance and Accounting from Longwood University and an M.B.A. from Virginia Commonwealth University. He holds the Certified Public Accountant designation. He is also qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79). He previously served on the Alumni Advisory Board for the Longwood University College of Business & Economics.
Read Full Bio »Vance is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. He joined Matrix in 2006 and has extensive experience advising petroleum marketers, fuels distributors, and convenience store chains on various transactions. He has also advised municipalities and specialty retail chains and has advised financially distressed companies both inside and outside of bankruptcy proceedings. Prior to joining Matrix, Vance worked in the Business Assurance and Advisory Services Group for the public accounting firm of Keiter, Stephens, Hurst, Gary & Shreaves in Glen Allen, Virginia, where his experience included a variety of assurance engagements. Vance also held a senior associate position in the Treasury group of Capital One Financial Corporation.
Vance received a B.S.B.A. with concentrations in Finance and Accounting from Longwood University and an M.B.A. from Virginia Commonwealth University. He holds the Certified Public Accountant designation. He is also qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79). He previously served on the Alumni Advisory Board for the Longwood University College of Business & Economics.
John is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. He brings over 30 years of major integrated oil company experience to the Matrix team. Prior to joining Matrix in 2011, John was the Retail Portfolio Manager for BP and was responsible for managing BP’s retail station divestment program in the United States 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. John has worked in virtually all facets of retail marketing, and has substantial experience in product distribution, logistics, product supply and supply planning. In addition to his U.S. experience, he has worked in overseas downstream operations in Romania, Poland and England. John received a B.S. degree in Accounting from Indiana University, and an M.B.A. from the University of Colorado and holds the Certified Public Accountant designation. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »John is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. He brings over 30 years of major integrated oil company experience to the Matrix team. Prior to joining Matrix in 2011, John was the Retail Portfolio Manager for BP and was responsible for managing BP’s retail station divestment program in the United States 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. John has worked in virtually all facets of retail marketing, and has substantial experience in product distribution, logistics, product supply and supply planning. In addition to his U.S. experience, he has worked in overseas downstream operations in Romania, Poland and England.
John received a B.S. degree in Accounting from Indiana University, and an M.B.A. from the University of Colorado and holds the Certified Public Accountant designation. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Sean is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Prior to joining Matrix in 2010, Sean was an associate in the Forensic and Valuation Services Group for the public accounting firm of Ellin & Tucker, Chartered in Baltimore, Maryland, where his experience included a variety of valuation engagements. He also held an analyst position in the Federal Systems Group of Unisys Corporation. Sean received a B.S.B.A. with a concentration in Finance from East Carolina University. He is a CFA Charterholder and member of the CFA Institute, and is also recognized as an Accredited Senior Appraiser in Business Valuation by the American Society of Appraisers. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Sean is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Prior to joining Matrix in 2010, Sean was an associate in the Forensic and Valuation Services Group for the public accounting firm of Ellin & Tucker, Chartered in Baltimore, Maryland, where his experience included a variety of valuation engagements. He also held an analyst position in the Federal Systems Group of Unisys Corporation.
Sean received a B.S.B.A. with a concentration in Finance from East Carolina University. He is a CFA Charterholder and member of the CFA Institute, and is also recognized as an Accredited Senior Appraiser in Business Valuation by the American Society of Appraisers. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
David is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. He joined Matrix in 2021 and has more than 15 years of experience advising petroleum marketers, fuels distributors, and convenience store companies on a range of transactions. Prior to joining Matrix, David was an investment banker at Raymond James & Associates and Morgan Keegan & Company focused on the downstream energy sector. David also previously worked as a Senior Commercial Credit Analyst at Comerica Bank, based in Detroit, MI. David received a B.A. in Journalism with a concentration in Public Relations from The University of Georgia and an M.B.A. from Georgia State University. He is a CFA Charterholder and a member of the CFA Institute and the CFA Society Atlanta. He is also qualified as a FINRA General Securities Representative (Series 7) and Uniform Securities Agent (Series 63).
Read Full Bio »David is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. He joined Matrix in 2021 and has more than 15 years of experience advising petroleum marketers, fuels distributors, and convenience store companies on a range of transactions. Prior to joining Matrix, David was an investment banker at Raymond James & Associates and Morgan Keegan & Company focused on the downstream energy sector. David also previously worked as a Senior Commercial Credit Analyst at Comerica Bank, based in Detroit, MI.
David received a B.A. in Journalism with a concentration in Public Relations from The University of Georgia and an M.B.A. from Georgia State University. He is a CFA Charterholder and a member of the CFA Institute and the CFA Society Atlanta. He is also qualified as a FINRA General Securities Representative (Series 7) and Uniform Securities Agent (Series 63).
Stephen is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Prior to joining Matrix in 2011, 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. In addition, he has experience with limited partner investments in private equity and venture capital funds. Stephen received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Tech. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Stephen is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Prior to joining Matrix in 2011, 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. In addition, he has experience with limited partner investments in private equity and venture capital funds.
Stephen received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Tech. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Tod is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for all aspects of new client and business development and assisting in transaction management. Prior to joining Matrix in 2001, Tod served as an acquisition advisor with Petroleum Realty Investment Partners, L.P., and as the Mid-Continent Regional Director of Real Estate for Getty Realty Corp. (NYSE: GTY). Previously, he was a shareholder in Mid-States Petroleum, Inc., a large mid-western distributor of wholesale petroleum products, where he served as president and CEO. His career spans over 45 years of petroleum marketing and transaction experience. Tod is a past president and former chairman of the executive committee for the Society of Independent Gasoline Marketers of America and a member of the prestigious 25 Year Club of The Petroleum Industry. He received a B.S. in Accounting from Ferris State University. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Tod is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for all aspects of new client and business development and assisting in transaction management. Prior to joining Matrix in 2001, Tod served as an acquisition advisor with Petroleum Realty Investment Partners, L.P., and as the Mid-Continent Regional Director of Real Estate for Getty Realty Corp. (NYSE: GTY). Previously, he was a shareholder in Mid-States Petroleum, Inc., a large mid-western distributor of wholesale petroleum products, where he served as president and CEO. His career spans over 45 years of petroleum marketing and transaction experience.
Tod is a past president and former chairman of the executive committee for the Society of Independent Gasoline Marketers of America and a member of the prestigious 25 Year Club of The Petroleum Industry. He received a B.S. in Accounting from Ferris State University. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Andrew is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is involved in all aspects of transaction execution, the creation and delivery of valuation presentations, and is responsible for the development, training, and mentoring of analysts. Prior to joining Matrix in 2012, Andrew 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. Andrew received a B.B.A with a concentration in Accounting and a minor in Biology from Loyola University Maryland. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Andrew is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is involved in all aspects of transaction execution, the creation and delivery of valuation presentations, and is responsible for the development, training, and mentoring of analysts. Prior to joining Matrix in 2012, Andrew 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.
Andrew received a B.B.A with a concentration in Accounting and a minor in Biology from Loyola University Maryland. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
John is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2015, John was an Associate Equity Analyst with BB&T Capital Markets and Senior Associate – Assurance & Advisory Services with Keiter. John received a B.B.A. in Management from James Madison University. He also received a Post-Baccalaureate Accounting Certificate from Virginia Commonwealth University. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute. He is also qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »John is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2015, John was an Associate Equity Analyst with BB&T Capital Markets and Senior Associate – Assurance & Advisory Services with Keiter.
John received a B.B.A. in Management from James Madison University. He also received a Post-Baccalaureate Accounting Certificate from Virginia Commonwealth University. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute. He is also qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Martin is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, he was an Equity Research Associate Analyst with Stifel Nicolaus in the Industrials group. Martin graduated from the University of Richmond where he received a B.S. in Business Administration with a major in Accounting and a concentration in Finance. Additionally, he is a CFA Charterholder and member of the CFA Institute. He is qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Martin is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, he was an Equity Research Associate Analyst with Stifel Nicolaus in the Industrials group.
Martin graduated from the University of Richmond where he received a B.S. in Business Administration with a major in Accounting and a concentration in Finance. Additionally, he is a CFA Charterholder and member of the CFA Institute. He is qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Kyle is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2017, Kyle was a research analyst at JoycePayne Partners. Kyle received a B.A. in Mathematics and Economics from Washington & Lee University where he was a member of the varsity baseball team. He is a CFA Charterholder and member of the CFA Institute. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Kyle is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2017, Kyle was a research analyst at JoycePayne Partners.
Kyle received a B.A. in Mathematics and Economics from Washington & Lee University where he was a member of the varsity baseball team. He is a CFA Charterholder and member of the CFA Institute. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
John is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, John was an associate with MuniCap, Inc., a tax increment financing consulting firm. John received a B.S. in both Finance and Marketing, and graduated summa cum laude from Le Moyne College. He is a CFA Charterholder and member of the CFA Institute. He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »John is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, John was an associate with MuniCap, Inc., a tax increment financing consulting firm.
John received a B.S. in both Finance and Marketing, and graduated summa cum laude from Le Moyne College. He is a CFA Charterholder and member of the CFA Institute. He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Nate is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2018, Nate was a Senior Audit Associate with KPMG US LLP. Nate received a B.S. in Business Administration with concentrations in both Finance and Accounting, and graduated cum laude from Villanova University. He holds the Certified Public Accountant designation and has successfully completed the Level I CFA. He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Nate is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2018, Nate was a Senior Audit Associate with KPMG US LLP.
Nate received a B.S. in Business Administration with concentrations in both Finance and Accounting, and graduated cum laude from Villanova University. He holds the Certified Public Accountant designation and has successfully completed the Level I CFA. He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Mike is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2020, he was an Associate Portfolio Manager at KMG Wealth Management. Mike graduated from Virginia Tech where he received a B.S. in Accounting and Finance. Additionally, he is a CFA Charterholder and member of the CFA Institute. He is currently qualified as a FINRA General Securities Representative (Series 7), a Uniform Combined Representative (Series 66) and Investment Banking Representative (Series 79).
Read Full Bio »Mike is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2020, he was an Associate Portfolio Manager at KMG Wealth Management.
Mike graduated from Virginia Tech where he received a B.S. in Accounting and Finance. Additionally, he is a CFA Charterholder and member of the CFA Institute. He is currently qualified as a FINRA General Securities Representative (Series 7), a Uniform Combined Representative (Series 66) and Investment Banking Representative (Series 79).
James is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, James was an assurance senior associate with PricewaterhouseCoopers, LLP in their alternative investments group. James received a B.S. in both Finance and Accounting, and graduated summa cum laude from Le Moyne College. He also received an M.S. in Accounting from Loyola University Maryland. He holds the Certified Public Accountant designation. He is currently qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »James is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, James was an assurance senior associate with PricewaterhouseCoopers, LLP in their alternative investments group.
James received a B.S. in both Finance and Accounting, and graduated summa cum laude from Le Moyne College. He also received an M.S. in Accounting from Loyola University Maryland. He holds the Certified Public Accountant designation. He is currently qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Alex is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, Alex graduated from Washington & Lee University in 2021 and received a B.S. in Accounting. He has successfully completed the Level I CFA. He is currently qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Alex is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.
Prior to joining Matrix, Alex graduated from Washington & Lee University in 2021 and received a B.S. in Accounting. He has successfully completed the Level I CFA. He is currently qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Alexander is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, he was a Finance and Accounting Analyst at Ballast Consulting Group, LLC. Alexander graduated from the University of Richmond where he received a B.S. in Business Administration with concentrations in Finance and Accounting. He is currently qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Read Full Bio »Alexander is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.
Prior to joining Matrix, he was a Finance and Accounting Analyst at Ballast Consulting Group, LLC. Alexander graduated from the University of Richmond where he received a B.S. in Business Administration with concentrations in Finance and Accounting. He is currently qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).
Jared is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, Jared was an Analyst with CFRA Research in their forensic equity research group and an Analyst with Maximus as part of their Finance Rotational Program. Jared received a B.S.B.A in both Business with a concentration in Finance and P.P.E.L (Philosophy, Politics, Economics and Law) with a concentration in Political Science, and graduated from University of Richmond. He has successfully completed the Level I CFA.
Read Full Bio »Jared is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, Jared was an Analyst with CFRA Research in their forensic equity research group and an Analyst with Maximus as part of their Finance Rotational Program.
Jared received a B.S.B.A in both Business with a concentration in Finance and P.P.E.L (Philosophy, Politics, Economics and Law) with a concentration in Political Science, and graduated from University of Richmond. He has successfully completed the Level I CFA.