Situation
Land O’Sun Management Corporation d/b/a Fast Track (the “Company”) was founded in 1996 when local businessmen Alan Fogg, Richard Rentz and Stephen Fogg purchased a chain of gas stations in Northern Florida. At the time, the stores were underperforming due to operational and financial issues of the previous owner.

Over time, the owners successfully turned around a number of the stores, divested of some of the locations and purchased a number of additional stores, including some with QSR operations.

The owners grew the business to be one of the leading petroleum marketers, convenience retailers and QSR operators in Northern Florida, with 17 Fast Track branded convenience stores and 12 QSRs. The QSRs consisted of Arby’s, Wendy’s, Subway and Dairy Queens, with two of the QSRs being stand-alone Arby’s locations and the remaining operating within or adjacent to their convenience stores.

In the spring of 2016, Matrix was engaged to perform a valuation of the Company. After the meeting to review the valuation and some recommendations on ways to improve the value of the business, the shareholders decided to continue to operate the business in order to continue growing it.

In the Fall of 2023, the shareholders reengaged Matrix to perform an updated valuation of the Company. After reviewing the updated valuation and recommended sale process, the shareholders decided to engage Matrix to manage a sale process so they could exit the industry, diversify their wealth and focus on other ventures.

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

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

Multiple competitive offers were received and Anabi Real Estate Development, LLC, an affiliate of Anabi Oil, 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 Anabi Oil closed in June 2024.