Situation
K. E. Austin Corporation, based in Wilmington, NC, was founded in 1976 by Kit and Deborah Austin with 2 stores. Through its wholly owned subsidiary, GOGAS Corporation (“GOGAS” or the “Company), the company grew to operate a chain of 20 GOGAS branded gas stations in Southeastern North Carolina. The portfolio consisted of high volume fuel outlets with kiosk style buildings for fuel and cigarette sales, most of which featured drive through windows, and GOGAS was the market leader for quality, low priced fuel and discounted top-tier cigarettes.

After engaging Matrix to provide a valuation of GOGAS, Kit and Deborah Austin decided to exit the industry and retire.

Objective
To create, manage, and execute a confidential sale process that would allow the shareholders to realize maximum value for the assets of the Company.

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

Matrix executed a highly confidential sale process by contacting select national and regional strategic buyers who had the financial capacity to complete the transaction. Several competing offers were received, and Winston-Salem, NC based Quality Oil Company, LLC was selected as the purchaser.

Matrix advised GOGAS throughout the negotiation of the purchase agreement and coordinated the due diligence and closing process.

The transaction closed in August 2015.