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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, 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

Tom Kelso, Managing Director & Principal, serves as Head of the Downstream Energy & Convenience Retail Group and works in our Baltimore, MD office.  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, 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

  • “The team at Schmitt Sales has done a tremendous job as we expanded our footprint in the Northeast through the leadership of Peter Glor. As we all know, this business can be unpredictable and challenging. The friendships that we have created not only with our customers, but colleagues in the industry have added to the success that we have enjoyed. I’d like to thank my dedicated team of employees for their hard work throughout the years. I’d also like to thank Matrix for their superior customer service and support through this entire process.”

    Maureen Schmitt, CEO
    Schmitt Sales, Inc.
  • “Lots of emotions were involved in making our decision to divest. While those emotions are important, there are business interests that need to be organized. Any family business considering to make such a change must have professionals that advise them well in advance of the ultimate sale. I could not dream of attempting a deal alone. The Matrix team are well versed in the intricacies of our industry and gave us good counsel as we navigated the transaction. Additionally, we are happy to call the team friends,”

    Carlton Revere, President and CEO
    Revere Gas, Inc.
  • “We’re very grateful for the guidance and insight Matrix provided to help Giant Eagle secure this growth opportunity. At GetGo, our positioning of taking the ‘cons out of convenience’ means we offer the highest quality fresh foods, products and services to our customers. Our acquisition of the Ricker’s chain supports this strategy, and we look forward to bringing together the best of both businesses in Indiana.”

    Polly Flinn, Executive Vice President
    Giant Eagle, Inc.
  • “The decision to sell our family business was a hard one. The compassion, professionalism and attention to detail that Matrix brought to the project made the decision easier. They worked with us and on our behalf from beginning to end. We are thrilled with the outcome.”

    The Borer Family
    Petr-All Petroleum Consulting Corporation
  • “We are confident that our dedicated employees and loyal customers will be well taken care of by Molo Petroleum, LLC and Andeavor. Matrix did a fantastic job for us and I am very thankful for their professionalism throughout the entire process. Their thoroughness and attention to detail was extremely impressive.”

    Mark Ogren, President
    Croix Oil Company

Downstream Energy Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • 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
  • CLIENT: NEMO Oil Company
  • Client Description: A leading lubricants distributor to customers throughout New England
  • Transaction Description: Advised on the sale to a subsidiary of a publicly-traded company
  • TYPE: Company Sale
  • Client Location: Lawrence, MA
  • DATE: June 2018
  • CLIENT: Brabham Oil Company, Inc.
  • Client Description: A petroleum marketer and convenience store operator in southern South Carolina with 34 E-Z Shop convenience stores, a motor fuels distribution business, and a motor fuels transportation fleet
  • Transaction Description: Advised on the sale to Enmark Stations, Inc. & Colonial Fuel and Lubricant Services, Inc.
  • TYPE: Company Sale
  • Client Location: Bamberg, SC
  • DATE: April 2018
  • CLIENT: CHS Inc.
  • Client Description: Owner/operator of two petroleum refineries and more than 2,500 miles of pipeline that manufactures, markets, and distributes Cenex® branded refined fuels through a network of more than 1,500 retail outlets across 19 states
  • Transaction Description: Advised on the sale of 33 Cenex Zip Trip convenience stores in eastern Washington and northwestern Idaho to a subsidiary of Par Pacific Holdings, Inc. (NYSE: PARR)
  • TYPE: Corporate Carve Out
  • Client Location: Inver Grove Heights, MN
  • DATE: March 2018
  • CLIENT: Polsinello Fuels, Inc.
  • Client Description: A leading retail, commercial and wholesale fuels and lubricants distributor in the Northeast
  • Transaction Description: Advised on the sale of the propane, heating oil and other refined fuel products business to Mirabito Holdings, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Rensselaer, NY
  • DATE: March 2018
  • CLIENT: Crenco Food Stores, Inc. and Crenshaw Oil Company, Inc.
  • Client Description: A fuels distributor and convenience retailer located in South Carolina
  • Transaction Description: Advised on the sale of four convenience stores and one truck stop location to affiliates of GPM Investments, LLC
  • TYPE: Company Sale
  • Client Location: Lancaster, SC
  • DATE: March 2018
  • CLIENT: Jet-Pep, Inc. and Bama Terminaling and Trading, Inc.
  • Client Description: A 270,000-barrel motor fuels terminal owner/operator and fuel distributor to 120 petroleum marketing retail assets throughout Alabama
  • Transaction Description: Advised on the sale to Alimentation Couche-Tard, Inc. (TSX: ATD.A, ATD.B) and CrossAmerica Partners LP (NYSE: CAPL)
  • TYPE: Company Sale
  • Client Location: Holly Pond, AL
  • DATE: December 2017
  • 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: Confidential
  • Client Description: Southeast convenience store retailer
  • Transaction Description: Advised on corporate valuation services
  • TYPE: Corporate Valuation
  • Client Location: Southeast
  • 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 Natural Gas Company of Virginia, Inc., d/b/a Mr. Able Propane
  • TYPE: Buy-Side Advisory
  • Client Location: Hartfield, VA
  • DATE: August 2017

Downstream Energy Press Releases

  • January 23, 2019 -
    Matrix Announces Promotions, Expansion of Marketing Group and Industry Team Addition

    RICHMOND, VA – January 23, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce several promotions, expansion of its Marketing Group, and the addition of a new industry team member. We would also like to take this opportunity to thank all of our clients for the privilege of working with them this past year, and sincerely appreciate the trust they placed in us as their advisor. Through the hard work and dedication of all of our team members, we successfully advised on 19 merger and acquisition transactions in 2018. Spencer P. Cavalier, CFA, ASA, Managing Director & Principal, and Cedric C. Fortemps, CFA, Managing Director & Principal, have been named Co-Heads of Matrix’s Downstream Energy & Convenience Retail Group. In their new positions, Mr. Cavalier and Mr. Fortemps will lead Matrix’s Downstream Energy & Convenience Retail Group. They will also be responsible for new client engagement and transaction management, and will provide leadership and support for the professional development of the Group. Thomas E. Kelso, Managing Director & Principal and President, and former Head of Matrix’s Downstream Energy & Convenience Retail Group, will continue in his role as President. In addition to managing the firm, he will focus on marketing, supporting group heads in expanding new client development, assisting in transaction management, and developing and implementing strategies for firm growth. R. H. “Tod” Butler is now a Senior Advisor. Mr. Butler has been a valued member of the Downstream Energy & Convenience Retail Group since 1999, and has over 45 years of professional experience in the industry. He will continue to be actively involved in marketing and new client development across all groups within the firm. John C. Duni, CFA, CPA is now a Senior Associate. Mr. Duni has helped advise on over ten successful engagements since joining Matrix’s Downstream Energy & Convenience Retail Group in 2015. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute. Matrix has expanded its Marketing Group and promoted Honor P. Carver to Director of Marketing & Communications. She is responsible for leading the strategic marketing efforts for the firm and has been with Matrix since 2005. She most recently served as Marketing Manager. Kelly A. Simons is now Assistant Director of Marketing & Communications. She will be responsible for supporting the marketing efforts for the firm. Mrs. Simons was previously Manager of Administrative Services for the Downstream Energy & Convenience Retail Group and first joined Matrix in 1998. Matrix is also pleased to welcome Nathan B. Wah, CPA, Analyst, to the firm as a member of the Downstream Energy & Convenience Retail Group. He was previously a Senior Audit Associate with KPMG US LLP. He 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. Mr. Kelso, President of Matrix, said, “We congratulate all of our team members and are […]

  • January 18, 2019 -
    Matrix Announces the Successful Sale of Schmitt Sales, Inc.’s Convenience Retailing and Wholesale Fuel Assets

    RICHMOND, VA – January 18, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Schmitt Sales, Inc.’s (“Schmitt Sales” or the “Company”) convenience retailing and wholesale fuel assets to Sunoco LP (NYSE: SUN). Schmitt Sales owned and operated Robo Mart convenience stores located in Buffalo, NY and distributed fuel to commission marketers and independent dealers located primarily throughout New York, Pennsylvania, Ohio, and West Virginia. Peter C. Schmitt Jr. founded Schmitt Sales in 1964 at the age of 24. Always the entrepreneur, he pioneered the concept of installing fuel equipment at independent grocery stores in exchange for the right to distribute motor fuels and share related fuel profits. This successful business model, of providing a no cost opportunity to add a fuel offering to grocers, was then expanded to independent convenience retailers and other retail outlets. After Mr. Schmitt’s passing in 2003, Peter Glor became the Company’s President and, along with Maureen Schmitt, CEO, Mike Marong, Director of Finance and a talented group of employees, grew the Company from a local fuel distributor to one of the largest fuel distributors on the East Coast. Mrs. Schmitt commented, “The team at Schmitt Sales has done a tremendous job as we expanded our footprint in the Northeast through the leadership of Peter Glor. As we all know, this business can be unpredictable and challenging. The friendships that we have created not only with our customers, but colleagues in the industry, have added to the success that we have enjoyed. I’d like to thank my dedicated team of employees for their hard work throughout the years. I’d also like to thank Matrix for their superior customer service and support through this entire process.” Matrix provided merger and acquisition services to Schmitt Sales, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Andrew LoPresti, Senior Associate; and Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy & Convenience Retail Group, also advised on the transaction. Mr. Cavalier added, “Schmitt Sales became one of the largest, most successful petroleum marketing and convenience retailing companies on the East Coast by consistently delivering unparalleled customer service. We are honored that the Schmitt family and the management team selected Matrix to advise them on the sale of the Company.” Paul Schulz and Elise Edwards from Lippes Mathias Wexler Friedman LLP served as legal counsel for Schmitt Sales.

  • December 20, 2018 -
    Matrix Announces the Successful Sale of Revere Gas, Inc.’s Propane Distribution and Rail Terminal Assets

    RICHMOND, VA – December 20, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Revere Gas, Inc.’s (“Revere” or the “Company”) propane distribution and rail terminal business to Quarles Petroleum, a Virginia based provider of residential and commercial fuel. Over its 75 years in business, Revere has grown to become one of the largest, family owned propane distributors in the U.S. Founded in 1942 by H.L. Revere, the Company is a third-generation propane gas distributor headquartered in Hartfield, Virginia. Under the leadership of the late Charles Revere and his sons, Carlton Revere, President and CEO; and Craig Revere, Executive Vice President; the Company significantly expanded its marketing presence across eastern and central Virginia, operating eight branch offices, plus a rail terminal. Known for its exemplary customer service, unrivaled technical expertise, and active community involvement, Revere Gas serves over 26,000 residential, commercial, agricultural, industrial, and governmental customers in 32 counties. “Lots of emotions were involved in making our decision to divest. While those emotions are important, there are business interests that need to be organized. Any family business considering to make such a change must have professionals that advise them well in advance of the ultimate sale. I could not dream of attempting a deal alone. The Matrix team are well versed in the intricacies of our industry and gave us good counsel as we navigated the transaction. Additionally, we are happy to call the team friends,” stated Carlton Revere. Matrix provided merger and acquisition advisory services to Revere, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Vance Saunders, Managing Director; and John Duni, Associate. Mr. Cavalier added, “Over the last few years we have been very fortunate to advise the Revere shareholders on two acquisitions and, ultimately, the sale of the Company. It has been an exceptional experience to work with one of the propane industry’s largest and most respected private companies. We thank the Revere family for giving us the opportunity to work with them so closely as they grew their business, and we wish them continued success as they capitalize on the shareholder value they have created to focus on other family business ventures.” Scott Seymour, Dustin DeVore, Greg Davis, Jacob Glasser and Alex Powell of Kaufman & Canoles served as legal counsel for Revere.

  • December 4, 2018 -
    Matrix Advises Giant Eagle, Inc. on the Successful Acquisition of Ricker Oil Company, Inc.

    RICHMOND, VA – December 4, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful acquisition of Ricker Oil Company, Inc. (“Ricker Oil”) by Giant Eagle, Inc. (“Giant Eagle” or the “Company”). Ricker Oil owns and operates 56 Ricker’s convenience stores located in the Indianapolis and Fort Wayne metro areas and throughout central Indiana. The acquisition also includes Ricker Oil’s wholesale fuels distribution business of approximately 80 branded supply accounts located in Indiana, Illinois and Kentucky. Ricker’s has provided high-quality fuels, clean convenience stores and wholesale fuel services to companies and consumers throughout Indiana since 1979. A strong commitment to its community, a sense of pride to its customers, and a long history of corporate trust is the foundation on which the company was built. Like Ricker’s, Giant Eagle is a proud family-owned and values-driven company. Founded by five families nearly 90 years ago, representatives of each Giant Eagle family still serve the Company today, including fourth-generation family member Laura Karet, Giant Eagle’s President and CEO. The Company is a leading multi-format food, fuel and pharmacy retailer with 400-plus stores across western Pennsylvania, Ohio, West Virginia, Maryland and Indiana. The Ricker’s acquisition provides Giant Eagle with additional scale in the Indiana market as well as opportunities to leverage the strength of both the GetGo and Ricker’s brands. Polly Flinn, Giant Eagle’s Executive Vice President & General Manager of GetGo said, “We’re very grateful for the guidance and insight Matrix provided to help Giant Eagle secure this growth opportunity. At GetGo, our positioning of taking the ‘cons out of convenience’ means we offer the highest quality fresh foods, products and services to our customers. Our acquisition of the Ricker’s chain supports this strategy, and we look forward to bringing together the best of both businesses in Indiana.” Matrix provided merger and acquisition advisory services to Giant Eagle, which included valuation advisory, transaction structuring and negotiation of the transaction. The transaction was managed by John Underwood, Managing Director; Robbie Radant, Director; Stephen Lynch, Vice President; and Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy & Convenience Retail Group, also advised on the transaction. “It has been exciting to help Giant Eagle accelerate its growth plans with the acquisition of Ricker Oil Company,” said Underwood. “This expansion will significantly increase GetGo’s market share in central Indiana. Laura and her team have been a pleasure to work with, and we sincerely appreciate the trust that they put in Matrix.” Ramona Nee, Noah Beck, Vadim Brusser and Daniel Tavakoli led the Weil team which served as legal counsel for Giant Eagle. About Giant Eagle, Inc. Giant Eagle, Inc., ranked among the top 40 largest private companies according to Forbes magazine, is one of the nation’s largest multi-format food, fuel and pharmacy retailers with $8.9 billion in annual sales. Founded in 1931, the company operates stores throughout western Pennsylvania, Ohio, northern West Virginia, Maryland and Indiana.

  • November 5, 2018 -
    Matrix Announces the Successful Sale of Petr-All’s (d/b/a Express Mart) Petroleum Marketing and Convenience Retailing Assets

    RICHMOND, VA – November 5, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Petr-All Petroleum Consulting Corporation’s, d/b/a Express Mart (“Petr-All”, “Express Mart”, or the “Company”), 78 convenience retailing and petroleum marketing assets to Speedway LLC, a wholly owned subsidiary of Marathon Petroleum Corporation (NYSE: MPC). Petr-All was founded in 1975 in Dryden, NY by the late Francis (Frank) Borer. To better serve the end customer, the first Express Mart convenience store opened in 1989 to offer, in addition to gasoline, a full convenience merchandise product line-up. Over the last three decades, and under the more recent management of Daniel Twombly (President of Finance) and Mike Askwith (President of Marketing, Planning & Store Operations), the Express Mart brand has grown to 78 company-operated stores throughout the State of New York. Frank’s wife, Patricia (Patti) Brock Borer, and their four children have remained active in the Company to this day. The Borer family commented, “The decision to sell our family business was a hard one. The compassion, professionalism and attention to detail that Matrix brought to the project made the decision easier. They worked with us and on our behalf from beginning to end. We are thrilled with the outcome.” Matrix provided merger and acquisition advisory services to Petr-All, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Sean Dooley, Vice President; Christian Klawunder, Senior Associate; and, Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, and Robbie Radant, Director, also advised on the transaction. Mr. Cavalier added, “We have been very fortunate to have a long-term relationship with the Borer family and their exceptional management team, led by Dann Twombly and Mike Askwith. Over the years we watched them grow and manage a best-in-class convenience retailing company, and it has been an honor for us to advise them on this successful transaction.” Roderick McDonald, Dennis Brown, and Martin Schwab of Bond, Schoeneck & King PLLC served as legal counsel for Petr-All.

  • September 28, 2018 - Matrix Announces the Successful Sale of Croix Oil Company’s Convenience Retailing & Wholesale Motor Fuel Assets
    Matrix Announces the Successful Sale of Croix Oil Company’s Convenience Retailing & Wholesale Motor Fuel Assets

    RICHMOND, VA – September 28, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Croix Oil Company’s (“Croix” or the “Company”) convenience retailing assets to Northern Tier Retail, LLC (d/b/a SuperAmerica® and Tesoro), a subsidiary of Andeavor and its wholesale fuel assets to D & M Oil, LLC, a wholly owned subsidiary of Molo Petroleum, LLC. The convenience retailing assets consist of all thirteen of Croix’s company-operated locations. The wholesale motor fuel assets acquired by D & M Oil, LLC consist of five dealer and three commissioned sites and approximately 70 supply contracts. Headquartered in Stillwater, Minnesota, Croix is a leading Minnesota and western Wisconsin petroleum marketer with operations primarily in the Minneapolis and St. Paul metropolitan area. Croix is a fuel distributor for BP, ExxonMobil, and Marathon and is a SuperAmerica® and Circle K® franchisee. Croix’s roots date back to the John J. Kilty Company that began operations in the late 1800s as a coal company. In 1964, John Ogren purchased the company and renamed it the Kilty-Ogren Petroleum Company. In the 1960s, their primary business consisted of bulk fuel and heating oil sales and operated a single service station. In 1972, the company changed its name to Croix Oil Company and expanded into various related businesses, including trucking, commercial and industrial fuels, lubricants, branded and unbranded retail fuels supply, convenience store operations, and real estate (focusing primarily on petroleum retail properties). In 1995, John’s son, Mark Ogren, became President of the Company and over the last twenty years, Croix Oil Company has refocused its business on the retail and wholesale distribution of motor fuels. Croix has grown rapidly since the early 2000s through single site acquisitions, new-to-industry builds, and the acquisition of approximately one third of BP’s stations in the Twin Cities when BP divested its assets in 2006. Mr. Mark Ogren commented, “We are confident that our dedicated employees and loyal customers will be well taken care of by Molo Petroleum, LLC and Andeavor. Matrix did a fantastic job for us and I am very thankful for their professionalism throughout the entire process. Their thoroughness and attention to detail was extremely impressive.” Matrix provided merger and acquisition advisory services to Croix, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by John Underwood, Managing Director and Andrew LoPresti, Senior Associate. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, also advised on the transaction. Mr. Underwood added, “It has been a pleasure working with Mark and his team, and we sincerely appreciate the trust that he put in Matrix. We are pleased that the two transactions had a successful outcome and achieved the goals that Mark had envisioned at the beginning of the sale process.” Tammera R. Diehm and James W. Dierking of Winthrop & Weinstine, P.A. served as legal counsel for Croix.

Downstream Energy Team

Thomas E. Kelso

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

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

Read Full Bio »

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 member of the investment committee for the Fuel Fund of Maryland, Inc. Prior to joining Matrix, Spencer was a senior business valuation consultant with Ellin & Tucker, Chartered, a nationally recognized business valuation, consulting and accounting firm, and a commercial lender with NationsBank (now Bank of America). As a holder of the Chartered Financial Analyst designation, he is a member of the CFA Institute and is also recognized as an Accredited Senior Appraiser by the American Society of Appraisers. Spencer holds a B.S. degree (with honors) from West Virginia University and an M.B.A. from Baylor University. He is actively involved with The Bennett Institute’s Physically Challenged Sports Program at Kennedy Krieger and previously served on the Board of Visitors for University of Maryland’s Hospital for Children and the Board of Directors for TheCollegeBound Foundation. He is also qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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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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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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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 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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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

Senior Associate 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 II 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

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 is a CFA Level II candidate.   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

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 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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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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