Situation
Petr-All Petroleum Consulting Corporation d/b/a Express Mart (“Petr-All”, “Express Mart”, or the “Company”) was founded in 1975 in Dryden, NY by the late Francis (Frank) Borer. To better serve the end customer, the first Express Mart convenience store opened in 1989 to offer, in addition to gasoline, a full convenience merchandise product line-up.

Over the past three decades, under the management of Daniel Twombly (President of Finance) and Mike Askwith (President of Marketing, Planning & Store Operations), and with the support of over 900 Company employees, the Express Mart brand grew to 78 company-operated stores throughout the State of New York.

Frank’s wife, Patricia Brock Borer, and their four children remained active in the business over the years, and ultimately decided to exit the industry to focus on other businesses and diversify their 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 its convenience retailing assets.

Solution
Matrix provided merger and acquisition advisory services to Petr-All, 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 Speedway LLC, a wholly-owned subsidiary of Marathon Petroleum Corporation (NYSE:MPC), was ultimately selected as the acquirer.
Matrix assisted in the negotiation of the asset purchase agreement and coordinated the due diligence and closing process.

The transaction with Speedway closed in November 2018.