Downstream Energy & Convenience Retail Investment Banking


Matrix’s Downstream Energy & Convenience Retail Group is recognized as the national leader in providing sophisticated financial, transactional, and M&A (mergers & acquisitions) advisory services to companies in the downstream energy and multi-site retail industries. Since the Downstream Energy Group's inception in 1997, we have successfully completed more than 175 engagements, with a total transaction value of nearly $7 billion.

Recent Transactions

Tom Kelso, Managing Director & Principal, serves as Head of the Downstream Energy & Convenience Retail Group.  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.

The clients we serve include Convenience Store Retailers, Petroleum Marketers and Fuels Distributors, as well as companies in Propane Distribution, Heating Oil Distribution, Lubricants Distribution, Petroleum Transportation & Logistics, Petroleum Storage, Terminal & Bulk Plants, Oilfield Services, Renewable Fuels, Food Service and Specialty Retail.

We are members of the following associations:  ACG Global, BPAMA, CTPMA, Hunter Club, NACS, NPGA, NASM, SIGMA and TMA

acg logo   bpama    ctpma_logo    NEWER-Hunter-Club-Logo-Blue    NACS Member-Blue

 NPGA-Logo2    nasm       sigma   TMA-Logo

What our Clients Are saying

  • “Having worked for Honey Farms and with the Iandoli family for over 40 years, the sale of the company is bittersweet, but the outcome for the family has been very successful.  I want to thank the Iandoli family and our talented employees whose enduring commitment built an extremely strong company.  Lastly, I want to thank our M&A advisors, Matrix, and our legal counsel, Fletcher Tilton, who did a wonderful job advising the company and the family through this process.”

    David Murdock, President and CEO
    Honey Farms, Inc.
  • “In our talks with Dixie and Mr. Able, they liked our family-first approach to customer service, and took great comfort in knowing their customer base will be well taken care of. Our size gives the customer advantages in service, price protection plans, and delivery options. We think the acquisitions are a win-win for us and the customers, and we have heard very favorable feedback so far. The team at Matrix was a great partner to have as we navigated the negotiations and due diligence process.”

    Carlton Revere, President
    Revere Gas, Inc.
  • “Selling a company you have built from the ground up is a tough decision. You are concerned that your employees and customers will continue to be taken care of, and Matrix helped us achieve this goal. During the valuation process and through the entire sales process, the individuals that represent Matrix were professional in every manner. Our experience with Matrix was exceptional.”

    Don Newton, President and Co-Owner
    Superior Transport, Inc.
  • “Our experience with Matrix was exceptional. Their professionalism and experience was instrumental in developing a competitive bid process and their expertise in the petroleum distribution and convenience retail space created a broad spectrum of prospects. As a legacy, family owned marketer, it was very important that we partnered with a buyer of integrity and character for our employees, our customers and our supplier partners. Matrix was instrumental in achieving a successful sale on all fronts.”

    Edward Hough, President
    Leonard E. Belcher Inc.
  • “This is certainly a bittersweet moment.  With my family having been in the petroleum business for four generations and me my entire life, it is certainly hard not to look back without some nostalgia.  I am proud to reflect on everything we have been through in this industry, and how rewarding it’s been for me personally and my entire family.  In saying that, this represented an ideal time for our family and where we want to go with our future endeavors.  Matrix did a wonderful job in advising us with such a complicated transaction and was extremely patient while everything was put into place to make it happen.  They couldn’t have been a better partner, and we couldn’t have done it without everyone at Matrix and all of their expertise.”

    Brad Calkins, Owner
    Bradley Petroleum, Inc. and Sav-O-Mat, Inc.

Downstream Energy Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • CLIENT: Honey Farms, Inc.
  • Client Description: A convenience retailer operator with 33 Honey Farms branded stores in Massachusetts and New Hampshire
  • Transaction Description: Advised on the sale of the company to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Worcester, MA
  • DATE: October 2017
  • CLIENT: Revere Gas, Inc.
  • Client Description: A third-generation, family owned propane gas supplier serving over 26,000 residential and commercial customers throughout Eastern and Central Virginia, the Middle Peninsula, and the Northern Neck.
  • Transaction Description: Advised on the acquisition of Dixie Fuel Company and Natural Gas Company of Virginia, Inc., d/b/a Mr. Able Propane
  • TYPE: Buy-Side Advisory
  • Client Location: Hartfield, VA
  • DATE: August 2017
  • CLIENT: Superior Transport, Inc.
  • Client Description: Regional petroleum marketer serving northern Alabama, northwestern Georgia, and southern Tennessee that distributes over 75 million gallons of motor fuels annually through over 120 consignment and dealer supply accounts
  • Transaction Description: Advised on the sale of the consignment and wholesale assets to Empire Petroleum Partners, LLC
  • TYPE: Company Sale
  • Client Location: Rome, GA
  • DATE: June 2017
  • CLIENT: Leonard E. Belcher, Inc.
  • Client Description: A leading retail, commercial and wholesale fuels distributor in the Northeast
  • Transaction Description: Advised on the sale of the retail assets and wholesale businesses to Petroleum Marketing Group, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Springfield, MA
  • DATE: April 2017
  • CLIENT: Bradley Petroleum, Inc. and Sav-O-Mat
  • Client Description: A leading petroleum marketer and convenience retailer
  • Transaction Description: Advised on the sale to Stinker Stores, Inc.
  • TYPE: Company Sale
  • Client Location: Centennial, CO
  • DATE: February 2017
  • CLIENT: Leonard E. Belcher, Inc.
  • Client Description: A leading retail, commercial and wholesale fuels distributor in the Northeast
  • Transaction Description: Advised on the sale of the distillate terminal assets, commercial fuels and wholesale distillate businesses to Sprague Operating Resources LLC
  • TYPE: Corporate Carve Out
  • Client Location: Springfield, MA
  • DATE: February 2017
  • CLIENT: Confidential
  • Client Description: Western petroleum distributor
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: West Coast
  • DATE: January 2017
  • CLIENT: Campbell Oil Company
  • Client Description: A leading petroleum marketing and convenience retailer under the BellStores® brand, as well as a distributor of heating oil and other commercial fuels
  • Transaction Description: Advised on the sale of the heating oil and commercial fuels business to Lykins Energy Solutions
  • TYPE: Corporate Carve Out
  • Client Location: Masillon, OH
  • DATE: December 2016
  • CLIENT: 7-Eleven, Inc.
  • Client Description: Operates, franchises and/or licenses more than 60,000 convenience stores in 17 countries, including 10,700 in North America
  • Transaction Description: Advised on the sale of two truck stops and one convenience store located in Wyoming to Parkland Fuel Corporation
  • TYPE: Corporate Carve Out
  • Client Location: Irving, TX
  • DATE: December 2016
  • CLIENT: F.L. Roberts and Company, Inc.
  • Client Description: Owner/operator of 26 convenience stores and retail fuel outlets, 22 Golden Nozzle car washes, and 9 Jiffy Lube quick lube facilities in the greater Springfield, MA, Hartford, CT & northern and western MA. Also operates a wholesale motor fuels distribution business & a fuels transportation business
  • Transaction Description: Advised on the sale of the Jiffy Lube business to Atlantic Coast Enterprises, LLC
  • TYPE: Company Sale
  • Client Location: Springfield, MA
  • DATE: October 2016
  • CLIENT: F.L. Roberts and Company, Inc.
  • Client Description: Owner/operator of 26 convenience stores and retail fuel outlets, 22 Golden Nozzle car washes, and 9 Jiffy Lube quick lube facilities in the greater Springfield, MA, Hartford, CT & northern and western MA. Also operates a wholesale motor fuels distribution business & a fuels transportation business
  • Transaction Description: Advised on the sale of the convenience store and car wash businesses to affiliated companies of Nouria Energy Corporation
  • TYPE: Company Sale
  • Client Location: Springfield, MA
  • DATE: October 2016
  • CLIENT: Confidential
  • Client Description: Northeast petroleum marketer
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Northeast
  • DATE: October 2016
  • CLIENT: Confidential
  • Client Description: Northeast heating oil distributor
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Northeast
  • DATE: October 2016
  • CLIENT: Confidential
  • Client Description: Mid-Atlantic convenience store retailer
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Mid-Atlantic
  • DATE: October 2016
  • CLIENT: State Oil Company
  • Client Description: A petroleum marketer and fuels distributor in the greater Chicago metropolitan area
  • Transaction Description: Advised on the sale of the retail assets and wholesale fuels distribution business to CrossAmerica Partners LP (NYSE:CAPL)
  • TYPE: Company Sale
  • Client Location: Libertyville, IL
  • DATE: September 2016
  • CLIENT: Confidential
  • Client Description: Mid-Atlantic convenience store operator
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Mid-Atlantic
  • DATE: September 2016
  • CLIENT: Confidential
  • Client Description: Southeast petroleum distributor and convenience store operator
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Southeast
  • DATE: September 2016
  • CLIENT: Confidential
  • Client Description: Northeast convenience store operator
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Northeast
  • DATE: July 2016
  • CLIENT: Confidential
  • Client Description: Mid-Atlantic fuels distributor
  • Transaction Description: Advised on corporate valuation servicesAdvised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Mid-Atlantic
  • DATE: June 2016
  • CLIENT: Confidential
  • Client Description: Northeast convenience retailer operator
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Northeast
  • DATE: June 2016

Downstream Energy Press Releases

  • October 18, 2017 -
    Matrix Announces the Successful Sale of Honey Farms, Inc.

    RICHMOND, VA – October 18, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Honey Farms, Inc. (“Honey Farms” or the “Company”) to Global Partners LP (NYSE: GLP).  Headquartered in Worcester, Massachusetts, the Iandoli family has owned Honey Farms since 1969, and […]

  • September 25, 2017 -
    Matrix Announces CFA Designations

    RICHMOND, VA – September 25, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce that Andrew A. LoPresti, John C. Duni and Kyle A. Profilet have received the Chartered Financial Analyst® (CFA®) designation and are now members of the CFA Institute. Mr. Thomas Kelso, President of Matrix, […]

  • September 11, 2017 -
    Matrix Announces Promotions and Expansion of Industry Groups

    RICHMOND, VA – September 11, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, is pleased to announce the promotion of three professionals, as well as the expansion of two key industry groups. Matrix would like to recognize the following individuals whose continued contributions to the firm and our clients have resulted in […]

  • August 8, 2017 -
    Matrix Advises Revere Gas on the Acquisition of Two Propane Companies

    RICHMOND, VA – August 8, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful acquisition of two propane gas companies by Revere Gas, Inc. (“Revere” or the “Company”). On June 1, Revere closed on the acquisition of Dixie Fuel Company, which is headquartered in Newport News, Virginia, […]

  • June 5, 2017 -
    Matrix Announces the Successful Sale of STi Fuels’ Consignment and Wholesale Fuels Business

    RICHMOND, VA – June 5, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of Superior Transport, Inc.’s (the “Company” or “STi”) consignment and wholesale motor fuels supply businesses and the related fuels transportation assets. The consignment and wholesale assets were acquired by Empire Petroleum Partners, LLC, and Usher Transport, Inc. acquired […]

  • April 27, 2017 -
    Matrix Announces the Successful Sale of Leonard E. Belcher, Inc.’s Retail Assets and Branded and Unbranded Wholesale Businesses

    RICHMOND, VA – April 27, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of all of Leonard E. Belcher, Inc.’s (“L.E. Belcher” or the “Company”) retail assets and its branded and unbranded wholesale business to Petroleum Marketing Group, Inc. (“PMG”) of Woodbridge, Virginia. The Company’s retail assets acquired by PMG consist […]

Downstream Energy Team

Thomas E. Kelso

Managing Director & Principal, Head of Downstream Energy & Convenience Retail Group tkelso@matrixcmg.com (667) 217-3330

Tom is Head of the Downstream Energy & Convenience Retail (DER) Group and serves as the President of Matrix.  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 […]

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Spencer P. Cavalier, CFA, ASA

Managing Director & Principal spcavalier@matrixcmg.com (667) 217-3320

Spencer is a member 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 […]

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Cedric C. Fortemps, CFA

Managing Director & Principal cfortemps@matrixcmg.com (804) 591-2039

Cedric is a member 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 […]

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R. H. “Tod” Butler, Jr.

Vice President of Business Development tbutler@matrixcmg.com (667) 217-3314

Tod is a member of the Downstream Energy & Convenience Retail Group (DER) and is responsible for all aspects of new client and business development and assisting in transaction management. Prior to joining Matrix in 1999, Tod served as an acquisition advisor with Petroleum Realty Investment Partners, L.P., and as the Mid-Continent Regional Director of […]

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M. Vance Saunders, CPA

Managing Director & Principal vsaunders@matrixcmg.com (804) 591-2037

Vance is a member of the Downstream Energy & Convenience Retail Group (DER) 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.  Vance joined Matrix in 2006 and has extensive […]

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John J. Underwood

Managing Director junderwood@matrixcmg.com (667) 217-3324

John is a member of the Downstream Energy & Convenience Retail (DER) 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 […]

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Robbie L. Radant

Director rradant@matrixcmg.com (667) 217-3323

Robbie is a member of the Downstream Energy & Convenience Retail Group (DER) 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. Prior to joining Matrix in 2016, Robbie […]

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Sean P. Dooley, CFA, ASA

Vice President sdooley@matrixcmg.com (667) 217-3322

Sean is a member of the Downstream Energy & Convenience Retail (DER) 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 […]

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Stephen C. Lynch, CFA, CPA

Vice President slynch@matrixcmg.com (804) 591-2033

Stephen is a member of the Downstream Energy & Convenience Retail (DER) 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 […]

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Andrew A. LoPresti, CFA, CPA

Senior Associate alopresti@matrixcmg.com (667) 217-3325

Andrew is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private place memoranda.  Prior to joining Matrix in 2012, Andrew was an Audit Associate with Deloitte & Touche, LLP and Clifton Gunderson, LLP, a […]

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Christian P. Klawunder

Associate cklawunder@matrixcmg.com (667) 217-3321

Christian is a member of the Downstream Energy & Convenience Retail (DER) 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 2014, Christian was an analyst with Ewing Bemiss & Co.  He also held intern positions […]

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John C. Duni, CFA, CPA

Associate jduni@matrixcmg.com (804) 591-2031

John is a member of the Downstream Energy & Convenience Retail (DER) 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 […]

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Carlton C. Zesch

Senior Analyst czesch@matrixcmg.com 804-591-2046

Carlton is a member of the Downstream Energy & Convenience Retail (DER) 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 2015, Carlton was a summer FP&A analyst at Axcess Financial. Carlton received a B.S. in […]

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Kyle A. Profilet, CFA, CPA

Analyst kprofilet@matrixcmg.com (804) 591-2040

Kyle is a member of the Downstream Energy & Convenience Retail (DER) 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 2014, Kyle was an associate with RSM US LLP. Kyle received a B.S. in Business […]

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Kelly A. Simons

Manager of Administrative Services ksimons@matrixcmg.com 804-591-2038

Kyle B. Tipping

Analyst ktipping@matrixcmg.com 804-591-2047

Kyle is a member of the Downstream Energy & Convenience Retail (DER) 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 […]

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Capital Markets Perspective Newsletter

Capital Markets Perspective

Welcome to Capital Markets Perspective! This publication focuses on capital markets activity, its impact on the downstream energy and convenience retail industry and other issues that can have an effect on shareholder value.

Our goal is to provide a combination of insight and expertise from our investment banking professionals about current market conditions and other issues affecting downstream energy companies from a financial perspective. We will also provide proprietary research on timely financial topics. Our plan is to devote one issue per year to sharing our consensus forecast on capital markets issues affecting the industry over the upcoming year. The other two issues will combine original research with timely insight.

We hope you find this publication interesting and informative!

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Associations

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