Situation
Headquartered in Holly Pond, Alabama, Jet-Pep, Inc. (“Jet-Pep”) was founded by Robert Norris who built his first gas station in 1973.

Jet-Pep grew over subsequent decades into a portfolio of 120 petroleum marketing retail assets, selling in excess of 140 million gallons of motor fuel annually throughout Central and Northern Alabama.

Due to the significant growth of the retail portfolio, Robert Norris acquired a legacy fuel terminal in Birmingham from Motiva in 2011 and significantly renovated and expanded the terminal to a capacity of 270,000 shell barrels; the proprietary terminal reopened in 2013.

Matrix performed a valuation of Jet-Pep and Bama Terminaling and Trading, LLC (“BTT”) and advised on a potential sale process.  After undertaking various gift and estate tax planning measures, the shareholders of Jet-Pep and BTT decided it was time to exit the industry and diversify their family wealth.

Objective
To customize, execute and complete a confidential sales process that would allow Jet-Pep’s shareholders to realize maximum after-tax value for the entirety of the Company.

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

Competing offers were received, individually for the petroleum marketing retail assets and the terminal, as well as offers for the entire enterprise.  After further negotiations with various potential buyers, Alimentation Couche-Tard (in connection with CrossAmerica Partners LP) was selected as the acquirer.

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

The transaction closed in November of 2017.