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Downstream Energy & Convenience Retail
Investment Banking Group

Matrix's Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and convenience retailing sectors, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals and car washes.

Group members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 270 engagements with a total transaction value of more than $13 billion.

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 and Baltimore, MD.

The clients we serve include Convenience Retailing, Petroleum Marketing & Distribution, Propane Distribution, Heating Oil Distribution, Lubricants Distribution, Petroleum Logistics, Terminals and Car Washes.

We are members of the following associations:

Downstream Energy & Convenience Retail Industry

ACG Global, Auto Care, Below the Line Club, CTPMA, KPMA, MAPDA, MPAMACS, MPCA, NACS, NACS Hunter Club, NAG Convenience, NASM, NPGA, PA Petroleum, PEI, SIGMA and VPCMA.

 

Propane Industry

FPGA, Minnesota Propane, MPG, Pennsylvania Propane Gas, SEPA and WPGA

What our Clients Are saying

  • “The Matrix team was extremely professional and competent, and worked tirelessly to generate a result that exceeded our expectations. I would like to thank Spencer, Andrew, and Nate for all of their effort and guidance.  Job well done!”

    Jere Johnston, President
    Alpena Oil Company, Inc.
  • “This acquisition is very complementary to our existing business divisions, and we look forward to welcoming both the customers and employees of the seller into the greater Tri Gas family of businesses. We are especially excited for the expansion opportunity that this presents to Comfort Plus Services. We would also like to thank the team at Matrix for their leadership throughout the transaction. Their attention to detail and proficiency led to a mutually beneficial closing for both parties.”

    Keith McMahan, Chairman & CEO and Nash McMahan, President
    Tri Gas & Oil Co., Inc.
  • “It was not an easy decision to sell the company that we had built over the past century.  The Matrix team provided professional guidance and advisory expertise throughout the entire process and were truly instrumental in securing a successful outcome.  CrossAmerica was a natural fit as a buyer for CSS as they share our long tradition of excellence and strong commitment to their customers and employees.”

    Chris Riley, President
    Community Service Stations, Inc.
  • “It has been a pleasure to be involved in this family business serving the motoring public for all these many years. It has been an honor to work alongside the best group of people I could ask for. We had very specific guidelines in choosing a buyer. Matrix was instrumental in that process. I am confident that we made the right choice with PMG.”

    Louis Cox, President
    Holt Oil Company, Inc. d/b/a Cstore
  • “It has been an honor and a pleasure to serve the people of Hampton Roads by providing motor fuel and other products for the past 30 years.  We are very thankful for the many talented people who helped build Tidewater Convenience into what it is today.  When Carol and I agreed that it was time to retire, we knew that we could rely on Matrix to find the next steward of our business.  We are very satisfied with the result and know that Global Partners will continue our legacy of delivering high-quality service in each of our locations.”

    Chuck Weaver, President
    Tidewater Convenience, Inc.

Downstream Energy Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • CLIENT: Alpena Oil Company, Inc.
  • Client Description: A leading, northern Michigan grocery and convenience retailer
  • Transaction Description: Advised on the sale of Alpena Oil Company, Inc. to Blarney Castle Oil Co.
  • TYPE: Company Sale
  • Client Location: Alpena, MI
  • DATE: January 2023
  • CLIENT: Nutmeg Farms LLC
  • Client Description: A petroleum marketer and convenience store retailer
  • Transaction Description: Advised on the sale of Nutmeg Farms LLC
  • TYPE: Company Sale
  • Client Location: Wolcott, CT
  • DATE: December 2022
  • CLIENT: Carroll Independent Fuel, LLC
  • Client Description: A leading petroleum marketing and convenience store operator with several hundred retail locations throughout the Mid-Atlantic
  • Transaction Description: Advised on the Capital Raise for Carroll Independent Fuel, LLC
  • TYPE: Capital Raise of Debt & Equity
  • Client Location: Sparks Glencoe, MD
  • DATE: November 2022
  • CLIENT: Community Service Stations, Inc.
  • Client Description: A leading New England based wholesale motor fuels distributor, supplying approximately 75 million gallons annually
  • Transaction Description: Advised on the sale of Community Service Stations, Inc.
  • TYPE: Company Sale
  • Client Location: Framingham, MA
  • DATE: November 2022
  • CLIENT: Holt Oil Company, Inc. d/b/a Cstore
  • Client Description: Petroleum marketer, convenience retail store operator and wholesale fuels distributor
  • Transaction Description: Advised on the sale of Holt Oil Company, Inc. d/b/a Cstore’s 19 petroleum marketing, convenience retail stores and wholesale dealer business
  • TYPE: Company Sale
  • Client Location: Fayetteville, NC
  • DATE: November 2022
  • CLIENT: Tidewater Convenience, Inc., d/b/a Tidewater Convenience, and its affiliates
  • Client Description: A petroleum marketer and convenience store retailer
  • Transaction Description: Advised on the sale of Tidewater Convenience, Inc.’s 14 company-operated petroleum marketing and convenience retail stores and one company-owned commission marketer location
  • TYPE: Company Sale
  • Client Location: Virginia Beach, VA
  • DATE: September 2022
  • CLIENT: Quarles Petroleum, Inc.
  • Client Description: Fleet fueling, wholesale fuels, and lubricants distribution
  • Transaction Description: Advised on the sale of Quarles Petroleum’s fleet fueling assets, consisting of 120 Quarles-branded cardlocks and over 60 private cardlock sites; the Company’s wholesale fuels distribution business to approximately 50 consignment and wholesale dealer accounts; and the Company’s lubricants distribution assets
  • TYPE: Company Sale
  • Client Location: Fredericksburg, VA
  • DATE: July 2022
  • CLIENT: Tri Gas & Oil Co., Inc.
  • Client Description: A leading propane, heating oil, and other refined fuels distributor and HVAC services provider
  • Transaction Description: Advised on the acquisition of Pep-Up, Inc., a leading propane, refined fuels and HVAC services company based on the Delmarva Peninsula.
  • TYPE: Buy-Side Advisory
  • Client Location: Federalsburg, MD
  • DATE: June 2022
  • CLIENT: Penn Tank Lines, Inc.
  • Client Description: A bulk petroleum and flatbed transportation company
  • Transaction Description: Advised on the acquisition of Jet Star, Inc.
  • TYPE: Management Buyout
  • Client Location: Chester Springs, PA
  • DATE: June 2022
  • CLIENT: Haywood Oil Company, Inc. d/b/a Peak Energy
  • Client Description: A leading convenience retailer and fuels distributor
  • Transaction Description: Advised on the sale of the heating oil and commercial fuels businesses to Colonial Oil Industries, Inc.
  • TYPE: Company Sale
  • Client Location: Waynesville, NC
  • DATE: June 2022
  • CLIENT: Fikes Wholesale, Inc. d/b/a CEFCO Convenience Stores
  • Client Description: Petroleum marketer and convenience store retailer
  • Transaction Description: Advised on the divestment of 50 company-operated petroleum marketing and convenience retail stores
  • TYPE: Corporate Carve Out
  • Client Location: Temple, TX
  • DATE: June 2022
  • CLIENT: Quarles Petroleum, Inc.
  • Client Description: One of the largest propane and refined fuels distribution companies in the U.S., serving over 80,000 residential and commercial customers, and one of the largest cardlock operators in the U.S.
  • Transaction Description: Advised on the sale of the Company’s delivered fuels business to Superior Plus Energy Services, Inc., a subsidiary of Superior Plus Corp.
  • TYPE: Company Sale
  • Client Location: Fredericksburg, VA
  • DATE: June 2022
  • CLIENT: Miller Oil Company, Inc. d/b/a Millers Energy
  • Client Description: A leading petroleum marketer, convenience store retailer, fuels distributor, heating oil distributor and HVAC service business
  • Transaction Description: Advised on the sale of the Company’s 21 company-operated petroleum marketing and convenience retail stores, two company-owned dealer-operated stores, and over 70 wholesale dealer accounts located in Virginia, North Carolina, and Florida
  • TYPE: Company Sale
  • Client Location: Norfolk, VA
  • DATE: February 2022
  • CLIENT: Global Partners LP (NYSE:GLP)
  • Client Description: One of the Northeast’s largest independent owners, suppliers and operators of gasoline stations and convenience stores
  • Transaction Description: Advised on the sale of select fuel and convenience retail outlets to an Affiliate of Petroleum Marketing Group, Inc.
  • TYPE: Company Sale
  • Client Location: Waltham, MA
  • DATE: January 2022
  • CLIENT: Melvin L. Davis Oil Company, Inc. d/b/a Davis Travel Centers
  • Client Description: A petroleum marketer, convenience store retailer and operator of full-service highway travel centers and quick-service restaurants
  • Transaction Description: Advised on the sale of the Company to an affiliate of Petroleum Marketing Group, Inc.
  • TYPE: Company Sale
  • Client Location: Stony Creek, VA
  • DATE: December 2021
  • CLIENT: Penta Operating, LLC d/b/a Jack’s Convenience Stores
  • Client Description: Retail convenience stores with fuel
  • Transaction Description: Advised on the sale of eight petroleum marketing and convenience retail stores and one Jack’s Lube & Wash oil change and car wash location to an affiliate of Monfort Companies
  • TYPE: Company Sale
  • Client Location: Midland, TX
  • DATE: December 2021
  • CLIENT: Haywood Oil Company, Inc. d/b/a Peak Energy
  • Client Description: A leading convenience retailer and fuels distributor
  • Transaction Description: Advised on the sale of the convenience retail, petroleum marketing, and wholesale fuels business to Majors Management, LLC
  • TYPE: Company Sale
  • Client Location: Waynesville, NC
  • DATE: December 2021
  • CLIENT: Slidell Oil Company, LLC
  • Client Description: A petroleum marketer with 17 company owned locations and a wholesale dealer network in Alabama, Mississippi, and Louisiana
  • Transaction Description: Advised on the sale to Circle K Stores Inc.
  • TYPE: Company Sale
  • Client Location: Slidell, LA
  • DATE: December 2021
  • CLIENT: Tri-State Petroleum Corporation and its affiliates
  • Client Description: A petroleum marketer and convenience store retailer
  • Transaction Description: Advised on the sale of 25 company-operated petroleum marketing and convenience retail stores, eight wholesale dealer accounts, and two commercial fuels bulk plants
  • TYPE: Company Sale
  • Client Location: Wheeling, WV
  • DATE: December 2021
  • CLIENT: Diversified Energy, LLC
  • Client Description: One of the largest propane retailers serving customers in NC, SC, VA and parts of PA
  • Transaction Description: Advised on the sale of the propane distribution business to Sharp Energy, Inc., a wholly owned subsidiary of Chesapeake Utilities Corporation (NYSE: CPK)
  • TYPE: Company Sale
  • Client Location: Boone, NC
  • DATE: December 2021

Downstream Energy Press Releases

  • January 26, 2023 -
    Matrix Announces the Successful Sale of Alpena Oil, Inc.

    RICHMOND, VA / BALTIMORE, MD – January 26, 2023 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Alpena Oil Company, Inc. (“Alpena Oil” or the “Company”) on its sale to Blarney Castle Oil Co.  Alpena is a leading, northern Michigan grocery […]

  • December 14, 2022 -
    Matrix Advises Tri Gas & Oil on the Successful Acquisition of Pep-Up, Inc. and Capital Placement

    RICHMOND, VA / BALTIMORE, MD – December 14, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces that Tri Gas & Oil Co., Inc. (“Tri Gas & Oil”) and its affiliate Comfort Plus Services, LLC have acquired Pep-Up, Inc. (“Pep-Up”), a leading Delmarva Peninsula based […]

  • November 10, 2022 -
    Matrix Announces the Successful Sale of Community Service Stations, Inc.

    RICHMOND, VA / BALTIMORE, MD – November 10, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Community Service Stations, Inc. (“CSS” or the “Company”) on its sale to CrossAmerica Partners LP (NYSE: CAPL). CSS is a leading New England based […]

  • November 9, 2022 -
    Matrix Announces the Successful Sale of Holt Oil Company, Inc.

    RICHMOND, VA / BALTIMORE, MD – November 9, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Holt Oil Company, Inc. (“Holt” or the “Company”) on the sale of its 19 petroleum marketing and convenience retail stores and wholesale dealer business […]

  • September 21, 2022 -
    Matrix Announces the Successful Sale of Tidewater Convenience, Inc.

    RICHMOND, VA / BALTIMORE, MD – September 21, 2022 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Tidewater Convenience, Inc., d/b/a Tidewater Convenience, and its affiliates (collectively, “Tidewater” or the “Company”) on the sale of the Company’s 14 company-operated petroleum marketing […]

  • July 25, 2022 -
    Matrix Announces the Successful Sale of Quarles Petroleum, Incorporated’s Fleet Fueling and Dealer Supply Businesses

    RICHMOND, VA / BALTIMORE, MD – July 25, 2022 –Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of the fleet fueling and dealer supply businesses of Quarles Petroleum, Incorporated (“Quarles” or the “Company”) to GPM Investments, LLC, a subsidiary of […]

Downstream Energy Team@

Spencer P. Cavalier, CFA, ASA

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

Spencer serves as President of Matrix and Co-Head of the Downstream Energy & Convenience Retail Investment Banking Group (DER).  As Co-Head of DER, he is responsible for new client development and managing all aspects of client transactions. He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, special situations, valuations, strategic planning, and assisting clients with acquisitions of target companies. Since joining Matrix in 1998, Spencer has advised numerous companies of various sizes, with the majority of those being downstream energy companies involved in petroleum marketing and convenience retailing, quick service restaurants, wholesale fuels distribution, propane and heating oil distribution, lubricants distribution, and refined fuels and propane terminaling.  Examples include: Carroll Independent Fuel Co.; CrossAmerica Partners, LP; Revere Gas, Inc.; Quarles Petroleum, Inc.; Dixie Gas & Oil; Freeman Gas; Global Partners, LP; SC Fuels; Pester Marketing Company; E.J. Pope and Sons, Inc.; Ports Petroleum Company, Inc. & Ports Investments, LLC; Tedeschi Food Shops, Inc.; and The Wills Group. In addition to advising many leading companies in the downstream energy & convenience retail industry, Spencer has authored and contributed to several 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). 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 corporate lender with NationsBank (now Bank of America). As a holder of the Chartered Financial Analyst designation, he is a member of the CFA Institute and is also recognized as an Accredited Senior Appraiser by the American Society of Appraisers. Spencer holds a B.S. degree (with honors) from West Virginia University and an M.B.A. from Baylor University. He is a member of the Board of Directors for the West Virginia University Foundation; Chesapeake Employers’ Insurance Company and its wholly owned corporate venture subsidiary, iCubed Ventures, LLC.  He also serves on the Board of Advisors for PCI II, L.P., an SBIC that makes mezzanine and minority equity investments.  Spencer 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), Investment Banking Representative (Series 79) and Operations Professional (Series 99).

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Cedric C. Fortemps, CFA

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

Cedric is Co-Head of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions. He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Cedric joined Matrix in 1998 and has advised on over 100 client engagements, with the majority of those engagements involving petroleum marketers, fuels distributors, and convenience store chains; including Warren Equities, Inc. (Xtra Mart), 7-Eleven, Inc., Alimentation Couche-Tard, Inc. (Circle K), Cumberland Farms, Inc., Victory Petroleum, Inc., CHS Inc., Apache Oil and F.L Roberts and Company, Inc. Cedric has also advised real estate investment trusts, municipalities, specialty retail, and hospitality companies, including Getty Realty, Inc., eatZi’s Market & Bakery, Inc., ZOOTS, and Connecticut’s Department of Transportation. He has also been employed as a professional in over a dozen Chapter 11 bankruptcy cases, including DB Companies, Inc., Acme Petroleum & Fuel Co. Inc., and Fas Mart, and has provided expert testimony in court on behalf of some of those clients. In addition, Cedric has successfully advised clients in financial distress on transactions outside of bankruptcy. Cedric received a B.S.B.A. with a concentration in Finance and graduated cum laude from the University of Richmond. He is a CFA Charterholder and member of the CFA Institute. He is qualified as a FINRA General Securities Representative (Series 7), General Securities Principal (Series 24), Introducing Broker-Dealer Financial and Operations Principal (Series 28), Uniform Securities Agent (Series 63), Investment Banking Representative (Series 79) and Operations Professional (Series 99). 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 vsaunders@matrixcmg.com (804) 591-2037

Vance is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  He joined Matrix in 2006 and has extensive experience advising petroleum marketers, fuels distributors, and convenience store chains on various transactions.  He has also advised municipalities and specialty retail chains and has advised financially distressed companies both inside and outside of bankruptcy proceedings.  Prior to joining Matrix, Vance worked in the Business Assurance and Advisory Services Group for the public accounting firm of Keiter, Stephens, Hurst, Gary & Shreaves in Glen Allen, Virginia, where his experience included a variety of assurance engagements.  Vance also held a senior associate position in the Treasury group of Capital One Financial Corporation. Vance received a B.S.B.A. with concentrations in Finance and Accounting from Longwood University and an M.B.A. from Virginia Commonwealth University.  He holds the Certified Public Accountant designation. He is also qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  He previously served on the Alumni Advisory Board for the Longwood University College of Business & Economics.

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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 Investment Banking Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  He brings over 30 years of major integrated oil company experience to the Matrix team.  Prior to joining Matrix in 2011, John was the Retail Portfolio Manager for BP and was responsible for managing BP’s retail station divestment program in the United States east of the Rockies.  He oversaw over 50 transactions, comprising in excess of $1 billion of transaction value, during a six year period and managed the transition of BP’s retail assets from direct-supply to jobber-supply.  John has worked in virtually all facets of retail marketing, and has substantial experience in product distribution, logistics, product supply and supply planning.  In addition to his U.S. experience, he has worked in overseas downstream operations in Romania, Poland and England. John received a B.S. degree in Accounting from Indiana University, and an M.B.A. from the University of Colorado and holds the Certified Public Accountant designation.  He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

Read Full Bio »

Sean P. Dooley, CFA, ASA

Managing Director sdooley@matrixcmg.com (667) 217-3322

Sean is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Prior to joining Matrix in 2010, Sean was an associate in the Forensic and Valuation Services Group for the public accounting firm of Ellin & Tucker, Chartered in Baltimore, Maryland, where his experience included a variety of valuation engagements.  He also held an analyst position in the Federal Systems Group of Unisys Corporation. Sean received a B.S.B.A. with a concentration in Finance from East Carolina University.  He is a CFA Charterholder and member of the CFA Institute, and is also recognized as an Accredited Senior Appraiser in Business Valuation by the American Society of Appraisers.  He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  

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David L. Corbett, CFA

Director dcorbett@matrixcmg.com (804) 591-2048

David is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. He joined Matrix in 2021 and has more than 15 years of experience advising petroleum marketers, fuels distributors, and convenience store companies on a range of transactions. Prior to joining Matrix, David was an investment banker at Raymond James & Associates and Morgan Keegan & Company focused on the downstream energy sector. David also previously worked as a Senior Commercial Credit Analyst at Comerica Bank, based in Detroit, MI. David received a B.A. in Journalism with a concentration in Public Relations from The University of Georgia and an M.B.A. from Georgia State University. He is a CFA Charterholder and a member of the CFA Institute and the CFA Society Atlanta. He is also qualified as a FINRA General Securities Representative (Series 7) and Uniform Securities Agent (Series 63).

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Stephen C. Lynch, CFA, CPA

Director slynch@matrixcmg.com (804) 591-2033

Stephen is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Prior to joining Matrix in 2011, Stephen was a member of Deloitte & Touche LLP’s audit practice, where he gained substantial experience performing financial statement audits and internal control attestations across a broad range of companies.  In addition, he has experience with limited partner investments in private equity and venture capital funds. Stephen received both a B.S. in Finance and a B.S. in Accounting & Information Systems from Virginia Tech.  He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute.  He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  

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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 Investment Banking Group and is responsible for all aspects of new client and business development and assisting in transaction management. Prior to joining Matrix in 2001, Tod served as an acquisition advisor with Petroleum Realty Investment Partners, L.P., and as the Mid-Continent Regional Director of Real Estate for Getty Realty Corp. (NYSE: GTY).  Previously, he was a shareholder in Mid-States Petroleum, Inc., a large mid-western distributor of wholesale petroleum products, where he served as president and CEO.  His career spans over 45 years of petroleum marketing and transaction experience. Tod is a past president and former chairman of the executive committee for the Society of Independent Gasoline Marketers of America and a member of the prestigious 25 Year Club of The Petroleum Industry.  He received a B.S. in Accounting from Ferris State University.  He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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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 Investment Banking Group and is involved in all aspects of transaction execution, the creation and delivery of valuation presentations, and is responsible for the development, training, and mentoring of analysts.  Prior to joining Matrix in 2012, Andrew was an Audit Associate with Deloitte & Touche, LLP and Clifton Gunderson, LLP, a Senior Analyst at Greystone Advisory Group, LLC and an Analyst for the Office of the Special Inspector General for the Troubled Asset Relief Program (“TARP”) at the U.S. Department of the Treasury. Andrew received a B.B.A with a concentration in Accounting and a minor in Biology from Loyola University Maryland. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute.  He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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John C. Duni, CFA, CPA

Vice President jduni@matrixcmg.com (804) 591-2031

John is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2015, John was an Associate Equity Analyst with BB&T Capital Markets and Senior Associate – Assurance & Advisory Services with Keiter. John received a B.B.A. in Management from James Madison University.  He also received a Post-Baccalaureate Accounting Certificate from Virginia Commonwealth University. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute. He is also qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Kyle B. Tipping, CFA

Senior Associate ktipping@matrixcmg.com (804) 591-2047

Kyle is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2017, Kyle was a research analyst at JoycePayne Partners. Kyle received a B.A. in Mathematics and Economics from Washington & Lee University where he was a member of the varsity baseball team.  He is a CFA Charterholder and member of the CFA Institute.  He is also qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  

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John T. Mickelinc, CFA

Associate jmickelinc@matrixcmg.com (804) 591-2046

John is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.  Prior to joining Matrix, John was an associate with MuniCap, Inc., a tax increment financing consulting firm. John received a B.S. in both Finance and Marketing, and graduated summa cum laude from Le Moyne College.  He is a CFA Charterholder and member of the CFA Institute.  He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  

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Nathan B. Wah, CPA

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

Nate is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2018, Nate was a Senior Audit Associate with KPMG US LLP. Nate received a B.S. in Business Administration with concentrations in both Finance and Accounting, and graduated cum laude from Villanova University. He holds the Certified Public Accountant designation and has successfully completed the Level I CFA.  He is qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).  

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Michael J. Tucker, CFA

Associate mtucker@matrixcmg.com (804) 591-2044

Mike is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda. Prior to joining Matrix in 2020, he was an Associate Portfolio Manager at KMG Wealth Management. Mike graduated from Virginia Tech where he received a B.S. in Accounting and Finance. Additionally, he is a CFA Charterholder and member of the CFA Institute. He is currently qualified as a FINRA General Securities Representative (Series 7), a Uniform Combined Representative (Series 66) and Investment Banking Representative (Series 79).      

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James P. Mickelinc, CPA

Senior Analyst jamesm@matrixcmg.com (804) 591-2043

James is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, James was an assurance senior associate with PricewaterhouseCoopers, LLP in their alternative investments group. James received a B.S. in both Finance and Accounting, and graduated summa cum laude from Le Moyne College. He also received an M.S. in Accounting from Loyola University Maryland. He holds the Certified Public Accountant designation. He is currently qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Alexander H. Rakos

Analyst arakos@matrixcmg.com (804) 591-2066

Alexander is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, he was a Finance and Accounting Analyst at Ballast Consulting Group, LLC. Alexander graduated from the University of Richmond where he received a B.S. in Business Administration with concentrations in Finance and Accounting. He is currently qualified as a FINRA Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Jared de Perio

Analyst jdeperio@matrixcmg.com (667) 217-3326

Jared is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, Jared was an Analyst with CFRA Research in their forensic equity research group and an Analyst with Maximus as part of their Finance Rotational Program. Jared received a B.S.B.A in both Business with a concentration in Finance and P.P.E.L (Philosophy, Politics, Economics and Law) with a concentration in Political Science, and graduated from University of Richmond. He has successfully completed the Level I CFA and is currently qualified as a FINRA Investment Banking Representative (Series 79).

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G. Reilly Erhardt, CPA

Analyst rerhardt@matrixcmg.com (667) 238-3872

Reilly is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, Reilly was an assurance senior associate with PricewaterhouseCoopers, LLP in their Asset and Wealth Management practice. Reilly received a B.S. in both Finance and Accounting from the Robert H. Smith School of Business. While at the University of Maryland, Reilly was a Distinguished Academic All-Big Ten Honoree on the Varsity Golf Team, as well as Team Captain. He holds the Certified Public Accountant designation and currently qualified as a FINRA Investment Banking Representative (Series 79).

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Richard W. Muench

Analyst rmuench@matrixcmg.com (804) 775-6855

Richard is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, he was an FP&A Analyst at Allianz Partners. Richard graduated magna cum laude from Christopher Newport University in 2019, where he received a degree in Applied Mathematics and Economics. He has successfully passed the Level III CFA and is awaiting official charter status.

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Associations

Associations