Situation
Sherman V. Allen, Inc. (Sherman V. Allen or the “Company”) was founded in 1979 when Sherman “Mac” V Allen, Jr. opened a single store in Fair Haven, Vermont.

In the early 1980s, Mac purchased a local fuel business and started his own distribution company. Over the course of the next decade, Mac purchased other small fuel businesses, and quickly expanded operations into New York, New Hampshire, and Massachusetts.

The Company also diversified by opening a chain of specialty grocery stores throughout Vermont, leveraging the Mac’s Market tradename.

Matrix was engaged to perform a valuation of the Company and advise on a sale process. Jennifer Allen ultimately decided to divest the Company’s convenience stores to diversify family wealth and focus on grocery operations and other real estate opportunities.

Objective
To customize, execute, and complete a confidential sale process that would allow the Allen Family to realize maximum after-tax value upon the sale of their petroleum marketing and convenience retailing business.

Solution
Matrix provided merger and acquisition advisory services to Sherman V. Allen, 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 Global Partners, LP (NYSE: GLP) 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 Global Partners, LP closed in August 2021