Transaction
Thoroughbred Energy, LLC and Related Entities
Transaction Details
Client:
Thoroughbred Energy, LLC and Related Entities
Location:
Industry:
Buyer:
Transaction Type:
M&A Advisory
Close Date:
Situation
After retaining Matrix to perform a valuation of Thoroughbred Energy, LLC and its related affiliates (“Thoroughbred” or the “Company”), the shareholders of Thoroughbred decided it was time to sell the Company after growing it for nearly three decades.
Thoroughbred, based in Lexington, Kentucky, had operations clustered around the greater Lexington area and in southern Kentucky along Interstate 75. The portfolio of assets included 32 company operated convenience stores, 2 dealer operated convenience stores and wholesale fuel supply contracts for another 11 dealer locations. Seventeen (17) of the convenience stores were owned fee simple, and the remaining 17 convenience stores were leased or ground leased from unrelated third parties. The Company’s convenience stores averaged 3,000 square feet, and all of the stores were Shell branded.
Objective
To customize, execute, and complete a 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 Thoroughbred, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction.
A number of competing offers were received, and after further negotiations with various potential buyers, TravelCenters of America LLC was selected as the purchaser.
Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.
The transaction closed in August 2015.