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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 260 engagements with a total transaction value of more than $13 billion.

Spencer Cavalier and Cedric Fortemps recently had the honor of presenting at the 2021 SIGMA Spring Conference:
Mergers & Acquisitions, Tax Law, and the Politics That May Affect Your Business, and Discussion with Douglas Kantor of Steptoe & Johnson

Recent Transactions

Spencer Cavalier and Cedric Fortemps serve as Co-Heads of the Downstream Energy & Convenience Retail Group.  Mr. Cavalier works in our Baltimore, MD office and Mr. Fortemps works in our Richmond, VA headquarters.  Our M&A advisory group has extensive experience in all areas of investment banking related to convenience store retailing and petroleum marketing & distribution, including structuring and managing the transaction process, client advisory, business valuation and site evaluation, real estate and petroleum marketing law, buyer/seller identification, contract negotiation, debt restructurings, and the Bankruptcy Code.  Our downstream energy investment banking professionals are located in Richmond, VA, Baltimore, MD and Chicago, IL.

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

We are members of the following associations:  ACG Global, Below the Line Club, BPAMA, CTPMA, KPMA, MAPDA, MPAMACS, NACS, NACS Hunter Club, NASM, NATSO, NECESMANPGA, PEI, SCCPMA, SIGMA and VPCMA.

What our Clients Are saying

  • “We made a great decision when we selected Matrix to be our sell-side advisor for this transaction.  This was an emotional transaction for our entire team and Matrix was by our side guiding us the entire way.  Cedric, David and the whole Matrix team are second to none for their professionalism, industry knowledge, attention to detail and their tireless work ethic.  We have to also commend Matrix for connecting us with Monfort Companies, who is a great fit for all of our outstanding transferring team members and will be a great steward to carry on the legacy of the Jack’s brand as they continue to expand.”

     

    Tyler Wolfe, Co-Operating Partner
    Penta Operating, LLC d/b/a Jack’s Convenience Stores
  • “It was a difficult decision to sell the business. I am very thankful for the talented people that helped us build the Company over the years. I enjoyed working with Cedric and his team at Matrix. They managed the sale from valuation to closing with an organized and professional process and I am very pleased with the outcome. In addition, Otto Konrad and his legal team at Williams Mullen were excellent to work with and helped make this transaction a success.”

    Todd Blevins, President
    Haywood Oil Company, Inc. d/b/a Peak Energy
  • “Having been through a few previous acquisitions and dispositions, we selected Matrix based on their structured approach to the sale of our company.  Although it was a tough decision to sell, we believe it was the right time for us to exit the industry.  Matrix was very professional and executed on an efficient process to achieve our goals and maximize the value of our assets.  It was a pleasure working with Vance, John, and Kyle.”

    Brian Baker and Keith Baker, Co-CEOs
    Slidell Oil Company, LLC
  • “Deciding to work with Matrix was one of the best decisions we made when we decided to move forward with the sale of our business.  Their expertise, experience, professionalism, and industry knowledge were invaluable to us throughout a very complex process.  They provided thoughtful advice as we made some of the most difficult decisions of our life.  We greatly enjoyed working with the entire team at Matrix.”

    Colleen McGlinn, CEO
    Tri-State Petroleum Corporation
  • “After much deliberation, the Board of Diversified Energy made the difficult decision to divest itself of its propane company assets in favor of its electric cooperative owners. Over the years our management team has done a remarkable job in bringing value to Diversified Energy’s owners. We are also extremely grateful to our team at Matrix who worked diligently to bring this deal to a very beneficial conclusion.”

    Stephen Hamlin, Chairman of the Board
    Diversified Energy, LLC

Downstream Energy Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • 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
  • CLIENT: Southern Counties Oil Co., L.P. d/b/a SC Fuels
  • Client Description: A cardlock location operator and distributor of branded and unbranded gasoline, diesel, alternative fuels, lubricants and other petroleum products
  • Transaction Description: Advised on the sale of the company to Pilot Company
  • TYPE: Company Sale
  • Client Location: Orange, CA
  • DATE: November 2021
  • CLIENT: Rusher Oil Company and Rushco Food Stores, Inc.
  • Client Description: A petroleum marketing and convenience store retailer
  • Transaction Description: Advised on the sale of twenty (20) petroleum marketing and convenience retail stores to Sampson-Bladen Oil Co., Inc. and its affiliates
  • TYPE: Company Sale
  • Client Location: Salisbury, North Carolina
  • DATE: November 2021
  • CLIENT: E.J. Pope & Son, Inc. d/b/a Handy Mart
  • Client Description: A petroleum marketing and convenience store retailer
  • Transaction Description: Advised on the sale of thirty-six (36) petroleum marketing and convenience retail stores to GPM Investments, LLC, a wholly owned subsidiary of ARKO Corp. (Nasdaq: ARKO)
  • TYPE: Company Sale
  • Client Location: Mount Olive, NC
  • DATE: November 2021
  • CLIENT: Jacksons Food Stores, Inc.
  • Client Description: A leading vertically-integrated operator of convenience stores, petroleum marketer, fuels distributor, and full-line grocery and supplies distributor in the Western U.S.
  • Transaction Description: Advised on the acquisition of sixty-two (62) convenience stores with fuels from Speedway LLC and 7-Eleven, Inc.
  • TYPE: Buy-Side Advisory
  • Client Location: Meridian, ID
  • DATE: October 2021
  • CLIENT: Lykins Companies, Inc.
  • Client Description: A highly respected, leading distributor of diversified energy solutions across the Midwest, Mid-Atlantic, and Southeast regions of the U.S.
  • Transaction Description: Advised on the sale of the company’s commercial fuels, heating oil & propane, wholesale fuels, and electricity divisions
  • TYPE: Company Sale
  • Client Location: Milford, OH
  • DATE: October 2021
  • CLIENT: Mercury Fuel Service, Inc.
  • Client Description: A leading petroleum marketer, convenience retailer and fuels distributor operating primarily in CT as well as MA and NY
  • Transaction Description: Advised on the sale of twelve (12) petroleum marketing and convenience retail stores and the fuels wholesale business to CCO, LLC d/b/a Sam’s Food Stores
  • TYPE: Company Sale
  • Client Location: Waterbury, CT
  • DATE: September 2021
  • CLIENT: Sherman V. Allen, Inc.
  • Client Description: A convenience store retailer
  • Transaction Description: Advised on the sale of the company to Global Partners LP (NYSE: GLP)
  • TYPE: Company Sale
  • Client Location: Rutland, VT
  • DATE: August 2021
  • CLIENT: Circle K Stores Inc.
  • Client Description: A petroleum marketer and convenience store retailer
  • Transaction Description: Advised on the sale of Circle K’s 48 Oklahoma City area stores to Casey’s General Stores, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Oklahoma City, OK
  • DATE: June 2021
  • CLIENT: Freeman Gas and Electric Co., Inc.
  • Client Description: One of the largest independent propane retailers in the U.S., serving nearly 70,000 customers in Georgia, North Carolina, South Carolina, Tennessee, and Virginia
  • Transaction Description: Advised on the sale of the company to Superior Plus Energy Services, Inc., a subsidiary of Superior Plus Corp. (TSX:SPB)
  • TYPE: Company Sale
  • Client Location: Spartanburg, SC
  • DATE: June 2021
  • CLIENT: Mercury Fuel Service, Inc.
  • Client Description: A leading petroleum marketer, convenience retailer and fuels distributor operating primarily in CT as well as MA and NY
  • Transaction Description: Advised on the sale of eight (8) petroleum marketing and convenience retail stores to EG Group
  • TYPE: Company Sale
  • Client Location: Waterbury, CT
  • DATE: June 2021
  • CLIENT: Toms Sierra Company, Inc.
  • Client Description: A petroleum marketer and convenience store retailer
  • Transaction Description: Advised on the sale of the company to an undisclosed buyer
  • TYPE: Company Sale
  • Client Location: Roseville, CA
  • DATE: May 2021
  • CLIENT: Van Unen/Miersma Propane, Inc.
  • Client Description: A large propane retailer in California
  • Transaction Description: Advised on the sale of the company to Energy Distribution Partners, LLC
  • TYPE: Company Sale
  • Client Location: Ripon, CA
  • DATE: May 2021
  • CLIENT: R.M. Parks, Inc.
  • Client Description: A leading wholesale petroleum distributor
  • Transaction Description: Advised on the sale of the company’s U.S. wholesale petroleum distribution assets to PacWest Energy, LLC, a joint venture between Jackson Energy and Shell Oil Products US
  • TYPE: Corporate Carve Out
  • Client Location: Porterville, CA
  • DATE: January 2021
  • CLIENT: Pester Marketing Company
  • Client Description: A leading petroleum marketer and convenience retailer d/b/a Alta Convenience
  • Transaction Description: Advised on the sale of the company in a joint venture entity between Fortress Investment Group LLC and a subsidiary of Phillips 66 Company (NYSE: PSX)
  • TYPE: Company Sale
  • Client Location: Denver, CO
  • DATE: January 2021
  • CLIENT: Penn Tank Lines, Inc.
  • Client Description: A bulk petroleum and flatbed transportation company
  • Transaction Description: Advised on the acquisition of Stardust Transportation, LLC
  • TYPE: Buy-Side Advisory
  • Client Location: Chester Springs, PA
  • DATE: December 2020

Downstream Energy Press Releases

  • December 22, 2021 -
    Matrix Announces the Successful Sale of Jack’s Convenience Stores

    RICHMOND, VA / BALTIMORE, MD – December 22, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Penta Operating, LLC d/b/a Jack’s Convenience Stores (“Jack’s” or the “Company”) on the sale of eight petroleum marketing and convenience retail stores and one […]

  • December 17, 2021 -
    Matrix Announces the Successful Sale of Slidell Oil Company, LLC

    RICHMOND, VA / BALTIMORE, MD – December 17, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of the assets of Slidell Oil Company, LLC (“Slidell” or the “Company”) to Circle K Stores Inc. Slidell owned a chain of […]

  • December 16, 2021 -
    Matrix Announces the Successful Sale of Tri-State Petroleum Corporation

    RICHMOND, VA / BALTIMORE, MD – December 16, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Tri-State Petroleum Corporation and its affiliates (“Tri-State” or the “Company”) on the sale of the Company’s 25 company-operated petroleum marketing and convenience retail stores, […]

  • December 15, 2021 -
    Matrix Announces the Successful Sale of Diversified Energy, LLC

    RICHMOND, VA / BALTIMORE, MD – December 15, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Diversified Energy, LLC (“Diversified Energy” or the “Company”) on the sale of its propane distribution business to Sharp Energy, Inc., a wholly owned subsidiary […]

  • December 10, 2021 -
    Matrix Announces the Successful Sale of Southern Counties Oil Co., L.P. d/b/a SC Fuels

    RICHMOND, VA / BALTIMORE, MD – December 10, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Southern Counties Oil Co., L.P. d/b/a SC Fuels (“SC Fuels” or the “Company”) on its sale to Pilot Company (“Pilot”).  In addition to operating […]

  • November 22, 2021 -
    Matrix Announces the Successful Sale of Rusher Oil Company and Rushco Food Stores, Inc.

    RICHMOND, VA/BALTIMORE, MD – November 22, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the s­ale of the assets of Rusher Oil Company and Rushco Food Stores, Inc. to Sampson-Bladen Oil Co., Inc. and its affiliates. Rusher Oil Company distributed […]

Downstream Energy Team@

Thomas E. Kelso

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

Tom serves as the President of Matrix Capital Markets Group, Inc. and is a member of the firm’s Downstream Energy & Convenience Retail Investment Banking Group. He joined Matrix and created the downstream energy group in 1997 to provide financial advisory services to companies engaged in the petroleum marketing and convenience store industries. He also manages the firm’s Special Situations practice. Prior to joining Matrix in 1997, he was a principal at Kennilworth Holdings, Inc., where he consulted with clients on mergers and acquisitions, corporate restructurings and private placement of debt and equity. During that time, Tom worked primarily with companies engaged in the distribution of motor fuels and heating fuels, and in convenience store retailing.  Tom was the co-founder, 50% stockholder and CFO of Ocean Petroleum Company, an independent petroleum marketer and branded distributor for Exxon USA, Sunoco and BP in Maryland, Delaware, Pennsylvania and Virginia. Prior to founding Ocean, he was employed as the Business Manager of the Evening College and Summer Session, one of the six divisions of Johns Hopkins University, and was the CFO and a Director of the Johns Hopkins Federal Credit Union. He was educated at the University of Baltimore and Johns Hopkins University. Tom has advised many of the leading companies in the petroleum marketing and convenience retail industries and he has been employed as a professional in thirteen Chapter 11 bankruptcy cases. He has authored and contributed to a number of articles on the topics of mergers and acquisitions, access to capital, strategic planning and valuations for petroleum marketers and convenience store companies and he is a frequent speaker on these topics. Tom is a member of the Society of Independent Gasoline Marketers of America (SIGMA), the National Association of Convenience Stores (NACS), the NACS Hunter Club and the Turnaround Management Association (TMA). Tom currently serves as Chairman of the Maryland Stadium Authority, and as Chairman of Change Maryland and An America United, 501(c) 4’s created to advance the message of Governor Larry Hogan of Maryland. Previously he was Chairman of the Hogan for Governor Reelection Committee (2018) and Chairman of the Hogan Rutherford Inaugural Committees in both 2014 and 2018. In addition, he is a former Vice Chair & Director of the Foundation for the Preservation of Government House of Maryland, Inc., past Chair and Trustee Emeritus of the Maryland Public Policy Institute and a past Chairman of the Board and Trustee Emeritus of The John Carroll School where he is the 2019 winner of the Charles K. Riepe Award. Tom is qualified as a FINRA General Securities Principal (Series 24), Uniform Securities Agent (Series 63), Investment Banking Representative (Series 79) and Operations Professional (Series 99).

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Spencer P. Cavalier, CFA, ASA

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

Spencer is Co-Head of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for new client development and managing all aspects of client transactions. He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, special situations, valuations, strategic planning, and assisting clients with acquisitions of target companies. Since joining Matrix in 1998, Spencer has advised numerous companies on various transactions, with the majority of those being downstream energy companies involved in petroleum marketing and convenience retailing, wholesale fuels distribution, propane and heating oil distribution, lubricants distribution, and fuels terminaling and blending; including Carroll Independent Fuel Co., CrossAmerica Partners, LP, Global Partners, LP, Getty Realty, Inc., Pester Marketing Company, Ports Petroleum Company, Inc. & Ports Investments, LLC, Tedeschi Food Shops, Inc., and The Wills Group. Spencer has advised many of the leading companies in the downstream energy industry. He has authored and contributed to a number of articles on the topics of mergers and acquisitions, access to capital, strategic planning and valuations. He is a member of the Society of Independent Gasoline Marketers of America (SIGMA), the National Association of Convenience Stores (NACS), and the National Propane Gas Association (NPGA) and a former member of the investment committee for the Fuel Fund of Maryland, Inc. Prior to joining Matrix, Spencer was a senior business valuation consultant with Ellin & Tucker, Chartered, a nationally recognized business valuation, consulting and accounting firm, and a commercial lender with NationsBank (now Bank of America). As a holder of the Chartered Financial Analyst designation, he is a member of the CFA Institute and is also recognized as an Accredited Senior Appraiser by the American Society of Appraisers. Spencer holds a B.S. degree (with honors) from West Virginia University and an M.B.A. from Baylor University. He is a member of the WVU Foundation Board of Directors, serves on the Board of Directors for Chesapeake Employers’ Insurance Company, is actively involved with The Bennett Institute’s Physically Challenged Sports Program at Kennedy Krieger and previously served on the Board of Visitors for University of Maryland’s Hospital for Children and the Board of Directors for The CollegeBound Foundation. He is also qualified as a FINRA General Securities Representative (Series 7), General Securities Principal (Series 24), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Cedric C. Fortemps, CFA

Co-Head of Downstream Energy & Convenience Retail Investment Banking, Managing Director & Principal 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) 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 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 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 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).

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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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Martin C. P. McElroy, Jr., CFA

Senior Associate mmcelroy@matrixcmg.com (804) 591-2035

Martin is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, he was an Equity Research Associate Analyst with Stifel Nicolaus in the Industrials group. Martin graduated from the University of Richmond where he received a B.S. in Business Administration with a major in Accounting and a concentration in Finance. Additionally, he is a CFA Charterholder and member of the CFA Institute. He is qualified as a FINRA General Securities Representative (Series 7), Uniform Securities Agent (Series 63) and Investment Banking Representative (Series 79).

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Kyle B. Tipping, CFA

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 1 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

Senior Analyst 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

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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Alex B. Harper

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

Alex is a member of the Downstream Energy & Convenience Retail Investment Banking Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda. Prior to joining Matrix, Alex graduated from Washington & Lee University in 2021 and received a B.S. in Accounting. He 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.

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Capital Markets Perspective Newsletter

Capital Markets Perspective

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

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

We hope you find this publication interesting and informative!

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Associations

Associations