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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 over 225 engagements within the industry, with a total transaction value of more than $10 billion.

Our business consulting group, Matrix Consulting Services, focuses on helping businesses perform better within the highly competitive Downstream Energy & Convenience Retail industry. This group offers a comprehensive business management system that teaches business owners how to create and implement a business strategy that ultimately generates company growth and drives financial returns.

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Recent Transactions

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, Baltimore, MD, Chicago, IL and Dallas, TX.

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, Car Washes, Food Service and Specialty Retail.

We are members of the following associations:  Auto Care AssociationACG Global, Below the Line Club, BPAMA, CTPMA, ILTANACS, NACS Hunter Club, NASM, NATSO, NECESMANPGA, PEI, SIGMA and TMA

What our Clients Are saying

  • “I am very pleased and have enjoyed working with the Matrix team.  Matrix has extensive knowledge and experience in the energy industry and structured an extremely well-run process.  Their guidance helped us from start to finish, and they were always there when we needed advice and support.”

    Ted Tanaka, CEO
    IPC (USA), Inc.
  • “This was a long and thought out process to come to the decision of putting our fuel business on the market. With the experience, knowledge and professionalism of Matrix, we felt very comfortable and confident in the process.  We know we made the right decision for the right reasons, and Matrix has made this a smooth and excellent transaction.”

    Doug Hartley, President
    The Hartley Company
  • “Our Board of Directors, executive management team, and Schmuckal family members explored many options before selecting Matrix to run a structured process and guide us through the sale of the family business. While it is emotional and challenging to sell a business, we felt the time was right for the family to find another company with the culture of a “family owned and operated” business to take our operation into the future. Matrix provided a high-level of professionalism and ran a very productive process that helped us accomplish our goal. We thoroughly enjoyed working with the Matrix team, including Spencer Cavalier, Andrew LoPresti, and Martin McElroy, and are genuinely excited for our customers, employees, and shareholders to be selling our business to True North Energy.”

    Kevin Severt, CEO
    Schmuckal Oil Company
  • “Selling one’s life work is a very challenging and emotional decision. Cedric and the Matrix team were extremely helpful in navigating this process. Their support and help, blending together the desires of us and the buyer, were invaluable. We thank them immensely. I would also like to thank the entire Apache team, our employees, customers, and suppliers. Your dedication was our success. Additional thanks goes to Jim Castle for having the faith and foresight to become partners with a 23-year-old over 27 years ago. Finally, a special thanks goes out to my lifelong friend, teammate, and brother, Willie Castle, whose decision to join us 12 years ago enabled us to take Apache to a new level. I wish my late father was around to see this”

    Christopher Ohl, President & Managing Partner
    Apache Oil Company, Inc.
  • “It was not an easy decision to sell a family run business of 40 years. My grandfather and father built a strong foundation for the growth of the Markette brand. That growth would not have been possible without our outstanding employees and loyal customers. Bunky and I wanted to ensure that the new owners valued the family-oriented culture of Markette and upheld the values of excellence in customer service and commitment to community service. Matrix assisted us in finding new owners that fit the bill. In addition, Matrix provided strong support and professional guidance through every step of the process to ensure a smooth transition to the next phase. Matrix was the right choice for us.”

    Lex West, President
    West Oil, Inc.

Downstream Energy Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • CLIENT: IPC (USA), Inc.
  • Client Description: A wholesale distributor of diesel, gasoline, and other petroleum products and a subsidiary of ITOCHU Corporation (TYO:8001)
  • Transaction Description: Advised on the sale to TACenergy, a division of The Arnold Companies
  • TYPE: Company Sale
  • Client Location: Santa Ana, CA
  • DATE: November 2019
  • CLIENT: The Hartley Company
  • Client Description: A leading convenience retailer and petroleum marketer in eastern Ohio
  • Transaction Description: Advised on the sale of its convenience retailing and petroleum marketing assets to Campbell Oil Company
  • TYPE: Company Sale
  • Client Location: Cambridge, OH
  • DATE: October 2019
  • CLIENT: Alligator Shell, LLC and PT Land Co., LLC
  • Client Description: A petroleum marketer, convenience store operator, and tunnel car wash operator in Virginia
  • Transaction Description: Advised on the sale to 7-Eleven, Inc.
  • TYPE: Company Sale
  • Client Location: Richmond, VA
  • DATE: September 2019
  • CLIENT: Schmuckal Oil Company
  • Client Description: A leading convenience retailer and petroleum marketer in northern Michigan
  • Transaction Description: Advised on the sale of 28 convenience retailing and petroleum marketing assets to True North Energy LLC
  • TYPE: Company Sale
  • Client Location: Traverse City, MI
  • DATE: August 2019
  • CLIENT: Fastrac Markets, L.L.C.
  • Client Description: A premier convenience retailer and petroleum marketer across Upstate NY
  • Transaction Description: Advised on the sale of its 54 convenience retailing and petroleum marketing assets, its wholesale fuels and transportation business in New York to EG America LLC, a subsidiary of Blackburn, U.K.-based EG Group Limited.
  • TYPE: Company Sale
  • Client Location: East Syracuse, NY
  • DATE: July 2019
  • CLIENT: Apache Oil Company, Inc.
  • Client Description: A Northeast petroleum marketer & retail fuels distributor with approximately 100 branded supply accounts
  • Transaction Description: Advised on the sale of Apache’s branded retail fuels distribution portfolio to an undisclosed buyer  
  • TYPE: Company Sale
  • Client Location: New London, CT
  • DATE: June 2019
  • CLIENT: Southern Maryland Oil, Inc.
  • Client Description: A premier heating oil, propane, and other refined fuels distributor and related services provider based in Maryland
  • Transaction Description: Advised on the sale to Star Group, L.P. (NYSE: SGU)
  • TYPE: Corporate Carve Out
  • Client Location: La Plata, MD
  • DATE: May 2019
  • CLIENT: West Oil Inc.
  • Client Description: A leading petroleum marketer and convenience retailer in the Southeast with Markette (25) and Lotto Land (1) convenience stores in South Carolina
  • Transaction Description: Advised on the sale of the Company’s petroleum marketing, convenience store and car wash assets to FR Refuel, LLC
  • TYPE: Company Sale
  • Client Location: Hartsville, SC
  • DATE: May 2019
  • CLIENT: Confidential
  • Client Description: Confidential
  • Transaction Description: Advised a petroleum marketer and operator of convenience stores on the acquisition of select convenience stores located in the Pacific Northwestern U.S.
  • TYPE: Buy-Side Advisory
  • Client Location: Confidential
  • DATE: April 2019
  • CLIENT: Schmitt Sales, Inc.
  • Client Description: A leading petroleum marketer and convenience retailer in the Northeast
  • Transaction Description: Advised on the sale of the convenience retailing and wholesale fuel assets to Sunoco, LLC and Sunoco Retail LLC
  • TYPE: Company Sale
  • Client Location: Buffalo, NY
  • DATE: December 2018
  • CLIENT: Revere Gas, Inc. (First Virginia Propane, Inc.)
  • Client Description: A third-generation propane gas distributor and owner and operator of a propane rail terminal serving itself as well as other commercial customers and throughput parties
  • Transaction Description: Advised on the sale of the propane distribution and rail terminal businesses to Quarles Petroleum
  • TYPE: Company Sale
  • Client Location: Hartfield, VA
  • DATE: December 2018
  • CLIENT: Giant Eagle, Inc.
  • Client Description: One of the nation’s largest multi-format food, fuel, and pharmacy retailers with $8.9 billion in annual sales
  • Transaction Description: Advised on the acquisition of Ricker Oil Company, Inc.
  • TYPE: Buy-Side Advisory
  • Client Location: Pittsburgh, PA
  • DATE: December 2018
  • CLIENT: Petr-All Petroleum Consulting Corporation
  • Client Description: A leading petroleum marketer and convenience retailer, d/b/a Express Mart, in the Northeast
  • Transaction Description: Advised on the sale of 78 convenience retailing and petroleum marketing assets to Speedway LLC, a wholly owned subsidiary of Marathon Petroleum Corporation (NYSE: MPC)
  • TYPE: Company Sale
  • Client Location: Syracuse, NY
  • DATE: November 2018
  • CLIENT: Croix Oil Company
  • Client Description: A leading petroleum marketer with operations primarily in the Minneapolis and St. Paul metropolitan area
  • Transaction Description: Advised on the sale of the convenience retailing assets to Northern Tier Retail, LLC (d/b/a Super America and Tesoro), a subsidiary of Andeavor
  • TYPE: Company Sale
  • Client Location: Stillwater, MN
  • DATE: September 2018
  • CLIENT: Croix Oil Company
  • Client Description: A leading petroleum marketer with operations primarily in the Minneapolis and St. Paul metropolitan area
  • Transaction Description: Advised on the sale of the wholesale fuel assets to D & M Oil, LLC, a wholly owned subsidiary of Molo Petroleum, LLC
  • TYPE: Company Sale
  • Client Location: Stillwater, MN
  • DATE: September 2018
  • CLIENT: Tevis Oil, Inc.
  • Client Description: A leading petroleum marketer and convenience retailer in the Mid-Atlantic
  • Transaction Description: Advised on the sale of the convenience retailing and wholesale motor fuel assets to SMO, Incorporated (d/b/a SMO Motor Fuels and Dash In®), a subsidiary of The Wills Group, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Westminster, MD
  • DATE: September 2018
  • CLIENT: Carolina Convenience Corporation
  • Client Description: A petroleum marketer and convenience store operator in Columbia, South Carolina and eastern South Carolina with 8 S-Mart branded convenience stores and a dealer fuel supply business
  • Transaction Description: Advised on the sale of 7 S-Mart branded convenience stores and the wholesale fuels distribution business to an affiliate of Dublin, Ireland based Applegreen plc and Petrogas Global Ltd.
  • TYPE: Corporate Carve Out
  • Client Location: Lexington, SC
  • DATE: August 2018
  • CLIENT: Cheshire Oil Company, LLC
  • Client Description: A third-generation company operating in southwest New Hampshire and southeast Vermont. Owned and operated ten T-Bird Mini Mart convenience stores that also sold gasoline and diesel, a home heating oil and burner service business, a commercials fuels business and a fuels transportation business
  • Transaction Description: Advised on the sale of the home heating oil, burner service and commercial fuels businesses to Dead River Company
  • TYPE: Company Sale
  • Client Location: Keene, NH
  • DATE: July 2018
  • CLIENT: Cheshire Oil Company, LLC
  • Client Description: A third-generation company operating in southwest New Hampshire and southeast Vermont. Owned and operated ten T-Bird Mini Mart convenience stores that also sold gasoline and diesel, a home heating oil and burner service business, a commercials fuels business and a fuels transportation business
  • Transaction Description: Advised on the sale of the Company's ten convenience stores to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Keene, NH
  • DATE: July 2018
  • CLIENT: Champlain Oil Company, Inc. and Coco Mart, Inc.
  • Client Description: A leading petroleum marketer, convenience retailer and fuels transporter throughout the Northeast
  • Transaction Description: Advised on the sale to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Burlington, VT
  • DATE: July 2018

Downstream Energy Press Releases

  • November 1, 2019 -
    Matrix Announces the Successful Sale of IPC (USA), Inc.

    RICHMOND, VA / BALTIMORE, MD – November 1, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised ITOCHU Corporation (TYO:8001) (“ITOCHU”) and its subsidiary IPC (USA), Inc. (“IPC”) on the sale of IPC’s U.S. wholesale petroleum distribution business to TACenergy, a […]

  • October 16, 2019 -
    Matrix Announces the Successful Sale of The Hartley Company

    RICHMOND, VA / BALTIMORE, MD – October 16, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised The Hartley Company, d/b/a Starfire, (“Hartley” or the “Company”) on the sale of its convenience retailing and petroleum marketing assets to Massillon, Ohio based […]

  • September 18, 2019 -
    Matrix Welcomes New Team Members, Expands Industry Groups

    RICHMOND, VA / BALTIMORE, MD – September 18, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce the addition of three new team members. Matt C. Oldhouser, CPA has joined the firm as a Senior Analyst with Matrix’s Consumer & Industrial Products […]

  • August 27, 2019 -
    Matrix Announces the Successful Sale of Schmuckal Oil Company

    RICHMOND, VA / BALTIMORE, MD – August 27, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Schmuckal Oil Company and its affiliates (“Schmuckal” or the “Company”) on the sale of its 25 convenience retailing and petroleum marketing assets to True […]

  • July 1, 2019 -
    Matrix Announces the Successful Sale of Fastrac Markets, L.L.C.

    RICHMOND, VA / BALTIMORE, MD – July 1, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Fastrac Markets, L.L.C., Fastrac Transportation of New York, LLC, and related real estate entities (collectively, “Fastrac” or the “Company”) on the sale of its […]

  • June 27, 2019 -
    Matrix Announces the Successful Sale of Apache Oil Company, Inc.’s Petroleum Marketing & Retail Fuels Distribution Business

    RICHMOND, VA / BALTIMORE, MD – June 27, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Apache Oil Company, Inc. and its affiliates (“Apache” or the “Company”) on the sale of its petroleum marketing and retail fuels distribution business to […]

Downstream Energy Team

Thomas E. Kelso

President, Managing Director & Principal tkelso@matrixcmg.com (667) 217-3330

Tom serves as the President of Matrix Capital Markets Group, Inc. and is a member of the firm’s Downstream Energy & Convenience Retail 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 Restructuring, Reorganization and Bankruptcy practice. Prior to joining Matrix in 1997, he was a principal at Kennilworth Holdings, Inc., where he consulted with clients on mergers and acquisitions, corporate restructurings and private placement of debt and equity. During that time, 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).

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Spencer P. Cavalier, CFA, ASA

Co-Head of Downstream Energy & Convenience Retail Group, Managing Director & Principal spcavalier@matrixcmg.com (667) 217-3320

Spencer is Co-Head of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions. He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Since joining Matrix in 1998, Spencer has advised numerous companies on various transactions, with the majority of those being downstream energy companies involved in petroleum marketing and convenience retailing, wholesale fuels distribution, propane and heating oil distribution, lubricants distribution, and fuels terminaling and blending; including Carroll Independent Fuel Co., CrossAmerica Partners, LP, Global Partners, LP, Getty Realty, Inc., Pester Marketing Company, Ports Petroleum Company, Inc. & Ports Investments, LLC, Tedeschi Food Shops, Inc., and The Wills Group. Spencer has advised many of the leading companies in the downstream energy industry. He has authored and contributed to a number of articles on the topics of mergers and acquisitions, access to capital, strategic planning and valuations. He is a member of the Society of Independent Gasoline Marketers of America (SIGMA), the National Association of Convenience Stores (NACS), and the National Propane Gas Association (NPGA) and a 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 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).

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Cedric C. Fortemps, CFA

Co-Head of Downstream Energy & Convenience Retail Group, Managing Director & Principal cfortemps@matrixcmg.com (804) 591-2039

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

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M. Vance Saunders, CPA

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

Vance 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.  Vance joined Matrix in 2006 and has extensive experience advising petroleum marketers, fuels distributors, and convenience store chains on various transactions.  Vance 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 also serves on the Alumni Advisory Board for the Longwood University College of Business & Economics.

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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 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).

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Robbie L. Radant

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

Robbie 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. Prior to joining Matrix in 2016, Robbie worked for 7-Eleven, Inc. for 28 years.  During his tenure with 7-Eleven, he served in multiple operational, finance and accounting roles.  His most recent position was Vice President of Mergers and Acquisitions (M&A).  In that capacity, he led 7-Eleven’s acquisition team on closing 27 transactions, totaling 1,400 convenience stores and over 1,200 wholesale fuel sites.  The aggregate value of these acquisitions exceed $3 billion.  These efforts included the analysis of both public and private companies factoring in a variety of market conditions and various MLP structures.  In addition, Robbie executed 5 structured sell-side divestment processes and oversaw the sale of more than 300 individual store locations.  As part of his responsibilities, Robbie also initiated and managed the sale leaseback of 50 small strip centers. In addition to his role leading 7-Eleven’s M&A efforts, during his tenure at 7-Eleven, Robbie previously served as Director of Payment Acceptance; Manager of Treasury Planning and Analysis; Manager of Financial Planning and Analysis; Senior Financial Analyst of FP&A; Senior/Project Accountant; and, Internal Auditor.  Robbie was also responsible for several leasehold negotiations for 7-Eleven’s corporate offices as well as managing the sales process of two corporate headquarters buildings. Robbie received a B.S. in Accounting and Related Services from the University of Wisconsin-Eau Claire. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Sean P. Dooley, CFA, ASA

Director 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 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).  

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R. H. “Tod” Butler, Jr.

Senior Advisor tbutler@matrixcmg.com (667) 217-3314

Tod is a member of the Downstream Energy & Convenience Retail (DER) Group 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 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).

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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 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).  

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Andrew A. LoPresti, CFA, CPA

Vice President alopresti@matrixcmg.com (667) 217-3325

Andrew is a member of the Downstream Energy & Convenience Retail (DER) 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).

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Christian P. Klawunder

Senior 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 at T. Rowe Price and PricewaterhouseCoopers. Christian received a B.B.A with concentrations in both Finance and Accounting, and graduated summa cum laude from Loyola University Maryland.  He is a CFA Level III candidate. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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John C. Duni, CFA, CPA

Senior 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 & 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).

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Martin C. P. McElroy, Jr., CFA

Senior Analyst mmcelroy@matrixcmg.com 804-591-2035

Martin 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, 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).

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Kyle B. Tipping

Senior 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 and Economics from Washington & Lee University where he was a member of the varsity baseball team. He has successfully completed the level II CFA. He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  

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John T. Mickelinc

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

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 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 has successfully completed the level II CFA.  He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  

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Nathan B. Wah, CPA

Analyst nwah@matrixcmg.com (667) 217-3327

Nate 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 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.  He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  

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Filip Zigic

Analyst fzigic@matrixcmg.com (667) 217-3328

Filip 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 2019, Filip was an Associate at Morgan Stanley. Filip received a B.S. in Business Administration with a concentration in Finance and a minor in Information Systems, and graduated cum laude from Loyola University Maryland. He has passed all three levels of the CFA Program, and will be awarded the charter upon completion of the required work experience.  He is qualified as a FINRA Investment Banking Representative (Series 79).

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Kelly A. Simons

Assistant Director of Marketing & Communications ksimons@matrixcmg.com 804-591-2038
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Melvin L. Strine

Director - Matrix Consulting Services mstrine@matrixcmg.com 804-591-2061

Mel is Head of Matrix Consulting Services and is a member of the Downstream Energy & Convenience Retail (DER) Group.  He has worked in the retail petroleum industry for over 40 years.  In 1977 he joined Exxon Company, USA and served in many different key management roles, geographies, and departments, all within downstream marketing.  In January 2000, he joined The Wills Group as the President/CEO of SMO, Inc. and Dash In Food Stores, Inc. and Potomac Energy Holdings, LLC.  The latter being a joint venture started in 2008 between MOTIVA/Shell and The Wills Group.  While President, he defined his career in three primary areas:  creating accelerated, profitable growth, helping people develop their skills and capabilities, and managing strategy and succession for the next generation of leaders. Mel is a results-driven thought leader in the retail petroleum industry.  He has served as a member of the Board of Directors at The Wills Group, the Maryland Area Petroleum Distributors Association (MAPDA), Junior Achievement of Central Virginia and The Greater Richmond Youth Development Association.  He has also served as a contributing member in various petroleum and convenience store organizations. He has been an active member of the community, providing financial support, positive energy and career counseling to many students, individuals and organizations. He is a native of Ohio and received a Bachelor’s Degree in Business Management from The Ohio State University, his Training and Development Certification from the University of Oklahoma and an MBA from Averett School of Business in Virginia.

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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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