Situation
Double Quick, Inc. (“Double Quick” or the “Company”) directly operates 48 convenience retailing and petroleum marketing locations, five stand-alone QSR sites, and offers proprietary food service or branded QSR concepts at 34 of its convenience stores.

Double Quick opened its first convenience store in Greenville, MS, in 1983 and soon after opened two additional stores.  The following year, Double Quick acquired 16 former “Mr. Quick” stores. The acquisition established Double Quick as a notable player in the Mississippi Delta convenience store market.

Under the leadership of Tom Gresham, President & Partner and Bill McPherson, Partner, the Company established its own proprietary hot food offerings in 1984 which eventually became known as Hot N’ Crispy Chicken & Seafood. Double Quick saw an opportunity in the early 1990s to bring branded fast food to its marketing platform and entered into a partnership with Church’s Chicken.  As the partnership with Church’s grew, Double Quick looked for other opportunities to expand its food offerings by also partnering with Krystal restaurants in 1995.

Headquartered in Indianola, Mississippi, Double Quick is the premier convenience retailer and petroleum marketer, as well as a substantial QSR-operator, across its footprint in the Mississippi Delta and Eastern Arkansas.

The shareholders decided it was time to exit the industry to focus on other businesses and diversify family wealth.

Objective
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of Double Quick.

Solution
Matrix provided merger and acquisition advisory services to Double Quick, which included valuation advisory, marketing of the business through a confidential, structured sale process, and negotiation of the transaction.

Multiple competitive offers were received, and FR Refuel, LLC d/b/a Refuel, a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy, was ultimately selected as the acquirer.

Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.

The transaction with Refuel closed in April 2020.