Downstream Energy & Convenience Retail Investment Banking


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

Recent Transactions

Tom Kelso, Managing Director & Principal, serves as Head of the Downstream Energy & Convenience Retail Group.  Our financial advisors have extensive experience in all areas of investment banking related to convenience retailing and petroleum marketing & distribution, including structuring and managing the transaction process, client advisory, business valuation and site evaluation, real estate and petroleum marketing law, buyer/seller identification, contract negotiation, debt restructurings, and the Bankruptcy Code.

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

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

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

 NPGA-Logo2    nasm       sigma   TMA-Logo

What our Clients Are saying

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

    Brad Calkins, Owner
    Bradley Petroleum, Inc. and Sav-O-Mat, Inc.
  • “Matrix has done a phenomenal job of guiding us in this process.  From the very beginning Matrix has demonstrated a professional approach and incredible tenacity to bring their impressive market awareness expertise to bear on our behalf.   It has been an incredible journey.    I would encourage anyone contemplating such a move to contact Matrix Capital Markets.”

    Edward Hough, President
    Leonard E. Belcher, Inc.
  • “Spencer Cavalier and the team from Matrix did an outstanding job of representing us in the sale of our Home Heat and Commercial Fuels Division. The process that they employed to move us through this carve out was very effective. We enjoyed working with their team and thank them all for their hard work.”

    Brian Burrow, President
    Campbell Oil Company
  • “I have been the ‘shepherd’ of the F.L. Roberts’ company assets for over forty years and have been fortunate to lead Roberts with the help of a talented executive and advisory team adding very successful ventures in other related business spaces.  Many of these ventures have become consumer favorites in our region.  Selling was the most difficult challenge I have ever had to face.  Matrix quickly grasped the meaningfulness of our asset mix and how to capitalize on the significant value our team had created.  This was a challenge they crafted into a successful sale strategy.  I am very indebted to their talented team.”

    Steven Roberts, CFO
    F.L. Roberts and Company, Inc.
  • “We greatly appreciate the advice and expertise that Matrix provided in the sale of the Company.”

    Peter and Bill Anest, Owners
    State Oil Company

Downstream Energy Press Releases

  • February 14, 2017 -
    Matrix Announces the Successful Sale of Bradley Petroleum, Inc. and Sav-O-Mat, Inc.

    RICHMOND, VA – February 14, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Bradley Petroleum, Inc. and Sav-O-Mat, Inc. (collectively the “Company”) to Stinker Stores, Inc. (“Stinker”).  Headquartered in Denver, Colorado, the Company’s operating history spans over a century in the […]

  • February 1, 2017 -
    Matrix Announces the Successful Sale of Leonard E. Belcher, Inc.’s Terminals and Commercial Fuels and Wholesale Distillate Businesses

    RICHMOND, VA – February 1, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful sale of Leonard E. Belcher, Inc.’s (“L.E. Belcher” or the “Company”) distillate terminal assets and commercial fuels and wholesale distillate businesses to Sprague Operating Resources LLC, a subsidiary of Sprague Resources LP (“Sprague”) […]

  • December 27, 2016 -
    Matrix Announces the Successful Sale of Campbell Oil Company’s Heating Oil & Commercial Fuels Business to Lykins Energy Solutions

    RICHMOND, VA – December 27, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of Campbell Oil Company’s (the “Company” or “Campbell Oil”) residential heating oil and commercial fuels business to Lykins Energy Solutions. Campbell’s heating oil and commercial fuels business is one of the leading wholesale distributors of fuel oil, gasoline, and […]

  • December 1, 2016 -
    Matrix Announces the Successful Sale of 7-Eleven’s Wyoming Stores

    RICHMOND, VA – December 1, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of two truck stops and one convenience store owned by 7-Eleven, Inc. (the “Company”) to Parkland Fuel Corporation (“Parkland”). 7 Eleven acquired the three facilities (the “Stores”), two of which are located in Cheyenne, Wyoming […]

  • November 1, 2016 -
    Robbie Radant Joins Matrix’s Downstream Energy & Retail Group in New Dallas Office

    RICHMOND, VA – November 1, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce Robbie L. Radant has joined the firm as a Director in its Downstream Energy & Retail Group (“Group”). Mr. Radant will head Matrix’s new Dallas office, originate new client assignments, and execute transactions, including mergers and acquisitions, capital […]

  • October 18, 2016 -
    Matrix Announces the Successful Sale of F.L. Roberts’ Convenience Store, Car Wash & Jiffy Lube Businesses

    RICHMOND, VA – October 18, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of F.L. Roberts and Company, Inc.’s (the “Company”) convenience store, car wash, and Jiffy Lube businesses. The convenience store and car wash businesses were acquired by affiliated companies of Nouria Energy Corporation, and the Jiffy Lube […]

Downstream Energy Transactions

  • CLIENT
  • Client Description
  • Transaction Description
  • TYPE
  • Client Location
  • DATE
  • CLIENT: Bradley Petroleum, Inc. and Sav-O-Mat
  • Client Description: A leading petroleum marketer and convenience retailer
  • Transaction Description: Advised on the sale to Stinker Stores, Inc.
  • TYPE: Company Sale
  • Client Location: Centennial, CO
  • DATE: February 2017
  • CLIENT: Leonard E. Belcher, Inc.
  • Client Description: A leading retail, commercial and wholesale fuels distributor in the Northeast
  • Transaction Description: Advised on the sale of the distillate terminal assets, commercial fuels and wholesale distillate businesses to Sprague Operating Resources LLC
  • TYPE: Corporate Carve Out
  • Client Location: Springfield, MA
  • DATE: February 2017
  • CLIENT: Campbell Oil Company
  • Client Description: A leading petroleum marketing and convenience retailer under the BellStores® brand, as well as a distributor of heating oil and other commercial fuels
  • Transaction Description: Advised on the sale of the heating oil and commercial fuels business to Lykins Energy Solutions
  • TYPE: Corporate Carve Out
  • Client Location: Masillon, OH
  • DATE: December 2016
  • CLIENT: 7-Eleven, Inc.
  • Client Description: Operates, franchises and/or licenses more than 60,000 convenience stores in 17 countries, including 10,700 in North America
  • Transaction Description: Advised on the sale of two truck stops and one convenience store located in Wyoming to Parkland Fuel Corporation
  • TYPE: Corporate Carve Out
  • Client Location: Irving, TX
  • DATE: December 2016
  • CLIENT: F.L. Roberts and Company, Inc.
  • Client Description: Owner/operator of 26 convenience stores and retail fuel outlets, 22 Golden Nozzle car washes, and 9 Jiffy Lube quick lube facilities in the greater Springfield, MA, Hartford, CT & northern and western MA. Also operates a wholesale motor fuels distribution business & a fuels transportation business
  • Transaction Description: Advised on the sale of the Jiffy Lube business to Atlantic Coast Enterprises, LLC
  • TYPE: Company Sale
  • Client Location: Springfield, MA
  • DATE: October 2016
  • CLIENT: F.L. Roberts and Company, Inc.
  • Client Description: Owner/operator of 26 convenience stores and retail fuel outlets, 22 Golden Nozzle car washes, and 9 Jiffy Lube quick lube facilities in the greater Springfield, MA, Hartford, CT & northern and western MA. Also operates a wholesale motor fuels distribution business & a fuels transportation business
  • Transaction Description: Advised on the sale of the convenience store and car wash businesses to affiliated companies of Nouria Energy Corporation
  • TYPE: Company Sale
  • Client Location: Springfield, MA
  • DATE: October 2016
  • CLIENT: State Oil Company
  • Client Description: A petroleum marketer and fuels distributor in the greater Chicago metropolitan area
  • Transaction Description: Advised on the sale of the retail assets and wholesale fuels distribution business to CrossAmerica Partners LP (NYSE:CAPL)
  • TYPE: Company Sale
  • Client Location: Libertyville, IL
  • DATE: September 2016
  • CLIENT: Mutual Oil Co., Inc.
  • Client Description: A wholesale distributor of unbranded refined fuels to high volume retailers, resellers, commercial entities, governments and municipalities, and marinas
  • Transaction Description: Advised on the sale to Truman Arnold Companies
  • TYPE: Corporate Carve Out
  • Client Location: Brockton, MA
  • DATE: June 2016
  • CLIENT: District Petroleum Products, Inc.
  • Client Description: A leading petroleum marketer and convenience retailer (d/b/a Hy-Miler Convenience), fuels distributor and fuel transporter throughout Ohio
  • Transaction Description: Advised on the sale to Dunne Manning, Inc.
  • TYPE: Company Sale
  • Client Location: Huron, OH
  • DATE: May 2016
  • CLIENT: Harbor Petroleum of New England, Inc.
  • Client Description: Owners and operators of convenience stores and supplier of fuels throughout Connecticut
  • Transaction Description: Advised on the sale of the contract dealer assets to 7-Eleven, Inc., and its wholly owned subsidiary SEI Fuels
  • TYPE: Corporate Carve Out
  • Client Location: Naugatuck, CT
  • DATE: May 2016
  • CLIENT: Alta East, Inc.
  • Client Description: A leading petroleum marketer and fuels distributor, supplying approximately 57 million gallons of Mobil, Sunoco, Valero, and unbranded motor fuels annually, with operations from the greater New York City metropolitan area to just north of Lake George, New York
  • Transaction Description: Advised on the sale of Alta East, Inc. and certain related entities’ fuels distribution and transportation business to a wholly owned subsidiary of Sunoco LP (NYSE: SUN)
  • TYPE: Company Sale
  • Client Location: Middletown, NY
  • DATE: December 2015
  • CLIENT: Biscayne Petroleum, LLC & Everglades Petroleum, LLC
  • Client Description: Owners and operators of convenience stores and fuels distributors throughout Miami, Dade, Palm Beach and Broward Florida
  • Transaction Description: Advised on the sale of 102 high-volume company operated, commission marketer, lessee dealer and supply only stores to 7-Eleven, Inc. and its wholly owned subsidiary, SEI Fuel Services, Inc.
  • TYPE: Company Sale
  • Client Location: Miami, FL
  • DATE: November 2015
  • CLIENT: CrossAmerica Partners LP (formerly operated by wholly owned subsidiary, Petroleum Marketers, Inc.)
  • Client Description: A wholesale distributor of petroleum products, including fuels transportation, residential heating oil and tank wagon commercial fuels businesses throughout the Commonwealth of Virginia
  • Transaction Description: Advised on the sale of the residential heating oil and tank wagon commercial fuels businesses of Petroleum Marketers, Inc. to Quarles Petroleum, Inc., Davenport Energy, Inc. and Woodfin Heating, Inc.
  • TYPE: Corporate Carve Out
  • Client Location: Roanoke, VA
  • DATE: November 2015
  • CLIENT: CrossAmerica Partners LP (formerly operated by wholly owned subsidiary, Petroleum Marketers, Inc.)
  • Client Description: A wholesale distributor of petroleum products, including fuels transportation, residential heating oil and tank wagon commercial fuels businesses throughout the Commonwealth of Virginia
  • Transaction Description: Advised on the sale of the fuels transportation business of Petroleum Marketers, Inc. to Reliable Tank Line, LLC, a division of Quality Oil Company, LLC
  • TYPE: Corporate Carve Out
  • Client Location: Roanoke, VA
  • DATE: November 2015
  • CLIENT: Pester Marketing Company and Subsidiaries
  • Client Description: A leading petroleum marketer and convenience retailer, blender of motor fuels and components through its terminals, and distributor of motor fuels and lubricants to wholesale, commercial and agricultural customers
  • Transaction Description: Advised on the sale of one hundred percent of the equity securities of Pester Marketing Company and its wholly owned subsidiaries, Alta Fuels, LLC and Alta Transportation, LLC to World Fuel Services, Inc. (NYSE:INT)
  • TYPE: Company Sale
  • Client Location: Denver, CO
  • DATE: October 2015
  • CLIENT: Stop-a-Sec, Inc. and Seck Enterprises Inc.
  • Client Description: An operator of eight, Holiday franchised stores in Western Wisconsin, offering high quality fuel and a full range of convenience store items
  • Transaction Description: Advised on the sale to TravelCenters of America LLC (NYSE: TA)
  • TYPE: Company Sale
  • Client Location: Luck, WI
  • DATE: October 2015
  • CLIENT: Kocolene Marketing, LLC
  • Client Description: A petroleum marketer and operator of conveniences stores and discount tobacco outlets in Indiana and Kentucky
  • Transaction Description: Advised on the sale of 13 convenience stores with gasoline offerings to Mac’s Convenience Stores, LLC (a wholly owned subsidiary of Alimentation Couche-Tard, Inc.) (TSX: ATD.A, ATD.B)
  • TYPE: Corporate Carve Out
  • Client Location: Seymour, IN
  • DATE: September 2015
  • CLIENT: Savings Oil Company
  • Client Description: A leading petroleum marketer and convenience store chain, d/b/a Dodge’s, in the Southeast
  • Transaction Description: Advised on the sale to various individual buyers
  • TYPE: Corporate Carve Out
  • Client Location: Tupelo, MS
  • DATE: September 2015
  • CLIENT: Thoroughbred Energy, LLC and Related Entities
  • Client Description: A petroleum marketing and convenience store companies with 34 stores and 11 supply accounts in the greater Lexington, Kentucky market
  • Transaction Description: Advised on the sale to TravelCenters of America, LLC (NYSE:TA)
  • TYPE: Company Sale
  • Client Location: Lexington, KY
  • DATE: August 2015
  • CLIENT: Tedeschi Food Shops, Inc. and Related Real Estate Entities
  • Client Description: A leading convenience retailing and foodservice company, which directly operates 104 corporate stores and is a franchisor of 77 stores located in the New England area
  • Transaction Description: Advised on the sale to 7-Eleven, Inc.
  • TYPE: Company Sale
  • Client Location: Rockland, MA
  • DATE: August 2015

Downstream Energy Team

Thomas E. Kelso

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

Tom is Head of the Downstream Energy & Convenience Retail (DER) Group and serves as the President of Matrix.  He founded the DER Group to provide financial advisory services to companies engaged in the petroleum marketing and convenience store industries. In addition, he manages the firm’s Restructuring, Reorganization and Bankruptcy practice.  Prior to joining Matrix […]

Read Full Bio »

Spencer P. Cavalier, CFA, ASA

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

Spencer is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions. He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies. Since joining Matrix in […]

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Cedric C. Fortemps, CFA

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

Cedric is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and managing all aspects of client transactions.  He advises clients on company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Cedric joined Matrix in […]

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R. H. “Tod” Butler, Jr.

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

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

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John J. Underwood

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 has over 30 years of major […]

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M. Vance Saunders, CPA

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

Vance is a member of the Downstream Energy & Convenience Retail Group (DER) and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Vance joined Matrix in 2006 and has extensive […]

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Robbie L. Radant

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

Robbie is a member of the Downstream Energy & Convenience Retail Group (DER) and is responsible for new client development and managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Prior to joining Matrix in 2016, Robbie […]

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Sean P. Dooley, CFA, ASA

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

Sean is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Prior to joining Matrix in 2010, Sean was […]

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Stephen C. Lynch, CFA, CPA

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

Stephen is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for new client development and co-managing all aspects of client transactions including company sales, corporate carve outs, capital raises, recapitalizations, restructurings, valuations, strategic planning, and assisting clients with acquisitions of target companies.  Prior to joining Matrix in 2011, Stephen was […]

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Andrew A. LoPresti, CPA

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

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

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Christian P. Klawunder

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

Christian is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2014, Christian was an analyst with Ewing Bemiss & Co.  He also held intern positions […]

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John C. Duni, CPA

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

John is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2015, John was an Associate Equity Analyst with BB&T Capital Markets and Senior Associate – Assurance […]

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Kyle A. Profilet, CPA

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

Kyle is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financial models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2014, Kyle was an associate with RSM US LLP. Kyle received a B.S. in Business […]

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Carlton C. Zesch

Analyst czesch@matrixcmg.com 804-591-2046

Carlton is a member of the Downstream Energy & Convenience Retail (DER) Group and is responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.  Prior to joining Matrix in 2016, Carlton was a summer FP&A analyst at Axcess Financial. Carlton received a B.S. in […]

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Kelly A. Simons

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

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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