Matrix Advises on the Sale of Atlantic States Lubricants Corp. to Moove
December 19, 2024 – Matrix Capital Markets Group, Inc. announces the successful sale of certain assets of Atlantic States Lubricants Corp. (“ASL”) to Moove, formerly known as PetroChoice.
Atlantic States Lubricants, based in Farmingdale, New York, is an authorized distributor of Mobil-branded lubricants and related products and also offers customers its proprietary SYSTM7 and Centurian-branded lubricants products. The Company distributes lubricants, diesel exhaust fluid, and ancillary products to a broad range of commercial, industrial, and municipal customers throughout the New York City metropolitan area, as well as parts of New Jersey and Connecticut. ASL was founded in 1992 and over the years under the leadership of co-owners Frank Rooney (President) and Cindy Tadler (COO), has grown both organically and through multiple acquisitions.
Matrix provided merger and acquisition advisory services to Atlantic States Lubricants, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by David Corbett, CFA, Director; Matthew Paniccia, Associate; and Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group.
Frank Rooney, President of Atlantic States Lubricants, commented, “We want to thank the team at Matrix for simplifying what was otherwise an elaborate undertaking. Their team functioned with both efficiency and professionalism and managed the process from start to finish with an exceptional level of detail.”
Mr. Corbett of Matrix added, “Frank and Cindy have led Atlantic States Lubricants for more than 30 years and developed it into one of the leading Mobil lubricants distributors in the Northeast by providing industry-leading customer service and developing long-term relationships with their customer base. We appreciate the trust that they have placed in Matrix to serve as their advisor in the sale of ASL and wish them all the best in their future endeavors.”
About Moove - A Global Lubricants Solutions Company
Moove produces, sells, and distributes lubricant solutions for industrial, consumer, and commercial segments through efficient, high-performance services and products that keep people, industries, and businesses continuously moving and growing.
Moove is a multinational company operating in 10 countries across South America (Brazil, Argentina, Bolivia, Uruguay, and Paraguay), North America (United States), and Europe (United Kingdom, Spain, France, and Portugal). Our global footprint includes six production plants and over 100 distribution centers, providing us with a scalable manufacturing base and an optimized distribution network to access and serve our customers effectively. To learn more, visit: www.moovelub.com.
Matrix Advises Jolley Stores and S.B. Collins on its Sale to Stewart’s Shops
December 16, 2024 – Matrix Capital Markets Group, Inc. announces that it has advised Jolley Associates, LLC and S.B. Collins, Inc. (collectively, “SBC”) on the sale of its convenience retail, wholesale dealer, and residential heating oil (d/b/a as Clarence Brown) businesses to Stewart’s Shops Corp.
Founded in the early 1920s by St. Albans businessman, Stephen Brooks Collins, S.B. Collins, Inc. is a local, family-owned petroleum distributor that has been serving the local community and surrounding area in Vermont for over 100 years. In 1963, Emanuel (Pete) Jolley purchased SBC from Stephen Collins and continued to grow its operations. In 1976, Pete’s sons, Bob and Bruce, expanded the family business by converting company-owned, full-service locations into convenience stores. They established a new partnership, Jolley Associates, to operate the stores under the c-store brand name “Short Stop” and in 2001, the company underwent a store-wide branding initiative that incorporated the “Jolley” logo. In 2011, SBC diversified their portfolio even further and purchased Clarence Brown, Inc., the oldest family-owned heating oil delivery business in the region, which was headquartered in St. Albans, VT.
The late Robert (Bob) Jolley and his wife Mary Ellen were instrumental in growing the retail side of the business, and over the last decade-plus, under the leadership of Bruce Jolley (President), Samantha Peake (CFO), Shawn Bartlett (General Manager, Jolley Associates, LLC) and Steve Smith (General Manager, S.B. Collins, Inc.), SBC has flourished and maintained a premier status in all markets and customer segments from which it operates.
Matrix provided merger and acquisition advisory services to SBC, which included valuation advisory, marketing the enterprise through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Sean Dooley, CFA, Managing Director; and John Mickelinc, CFA, Senior Associate.
Bruce Jolley, President of SBC, and Mary Ellen Jolley, Vice President, stated, “Matrix has been an invaluable resource for many years, and we knew they were the right advisor when it came time to sell our business. Their deep industry knowledge and advisory expertise were instrumental in bringing us to a successful closing, and we feel we’ve found a great partner in Stewart’s.”
Mr. Cavalier added, “Our relationship with Bruce, Mary Ellen, and Sam began over 10 years ago, and we’ve watched the company grow into one of the premier, independent petroleum marketing and convenience retailers in New England. We are grateful for this long-term relationship, and we are honored to have advised the shareholders on this very meaningful transaction.”
Otto Konrad and Kaitlin Cottle of Williams Mullen and Diane McCarthy of Sheehey Furlong & Behm P.C. served as legal counsel for SBC.
Matrix Advises on the Sale of Dana Safety Supply, Inc. to AEA Investors
October 16, 2024 – Matrix Capital Markets Group, Inc., a leading independent investment bank, is pleased to announce the sale of Dana Safety Supply, Inc. (DSS) to AEA Investors. Prior to the sale, DSS was a wholly-owned subsidiary of Scott McRae Automotive Group, LLLP (SMAG).
DSS is the premiere provider of emergency vehicle equipment, installations, tactical gear and related accessories to the emergency services market. With 40 locations nationwide, they have grown into the go-to source for vehicle upfitting and tactical gear services for local, city, state, and federal departments, as well as fleet managers, dealerships, and non-department fleet operators. Founded in 2005 and acquired by SMAG in 2010 with just six locations, the company has grown to its present scale through both organic (greenfield) and acquisitive expansion. Leading the charge since the time of the acquisition has been David Russo, Chief Executive Officer of DSS. Mr. Russo is one of the most experienced and respected professionals in the emergency services marketplace and has guided the company to its current position as the largest vehicle upfitter in the industry, with over 500 valued employees supporting operations.
Regarding the transaction, Mr. Russo commented, “DSS has been growing steadily over the past 15 years, and as we continue on our path of future growth in all areas of the country, finding the right partner is crucial to our success. We were very fortunate to have many options in this regard, and after a long evaluation process, it was clear that AEA was the right partner for DSS. AEA’s pristine reputation, financial resources, and 50-plus-year track record of success are some of the many reasons we chose AEA as our partner.” He added, “We have been unbelievably fortunate to have been part of SMAG and its 100-year history of remarkable stability and success. We are forever grateful to SMAG and will continue to operate on the principles that have made SMAG and DSS successful - transparency, accountability, first-rate facilities and people. Those attributes, combined with a burning desire to serve first responders and the public safety community, will guide our team into the future.”
Matrix provided merger and acquisition advisory services to DSS and SMAG, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by William O’Flaherty, Managing Director, Matt Oldhouser, CPA, Vice President, and David Shoulders, Managing Director.
Regarding Matrix’s services, Jeff Curry, Chief Executive Officer of SMAG, noted, “Matrix exceeded our expectations in every respect during this transaction. Their tactical expertise created a tremendous amount of value and I am thankful we chose them to guide us through this process.” He added, “We are very proud of the team at DSS and the company that they have built over the last 15 years. We will always consider them part of the SMAG family and look forward to watching them take the company to the next level!”
“We were honored to represent SMAG and DSS in this important transaction,” Mr. O’Flaherty noted. “The company’s passion for providing outstanding service to the public safety market is commendable and we are pleased to have found a partner that shares the same enthusiasm for that industry and commitment to excellence.”
Smith Hulsey & Busey served as legal counsel for DSS and SMAG. CohnReznick LLP provided accounting advisory services to the company.
Matrix Advises on the Successful Sale of WTG Fuels, LLC’s Delivered Fuels Business
September 19, 2024 – Matrix Capital Markets Group, Inc. announces the successful sale of the propane, commercial motor fuels, and lubricants business of WTG Fuels, LLC to ThompsonGas, LLC. WTG Fuels is a subsidiary of West Texas Gas, a leading provider of natural gas distribution services throughout Texas and Oklahoma.
WTG Fuels, based in Midland, Texas, distributes propane, refined products, and lubricants to residential, commercial, and oilfield customers throughout West Texas and extending into the Texas panhandle, central, and south Texas.
Erik Peterson, CEO of ThompsonGas, said “We are thrilled to welcome the more than 200 employees of WTG Fuels and look forward to making them feel right at home as they join the ThompsonGas family! This new area will operate as TG Fuels, based in Midland, Texas, under the continued local leadership of Casey King and Lane Worthington.” Mr. Peterson continued, “With the addition of this business in Texas and New Mexico, ThompsonGas now provides peace of mind for customers in 25 states.”
Matrix provided merger and acquisition advisory services to WTG Fuels, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, CPA, Managing Director; Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, CFA, CPA, Vice President; and Michael Tucker, CFA, Senior Associate.
John Steen, CEO of West Texas Gas, commented “Matrix has been a true partner to WTG over the last several years through the sale of multiple business lines in the WTG Fuels division. We are grateful for their sound advice and execution.” WTG Fuels formerly owned and operated the Uncle’s branded convenience store chain and the Gascard fleet fueling network which were divested in a separate transaction managed by Matrix.
Mr. Saunders of Matrix commented “We’ve had the pleasure of working with the WTG Fuels team since late 2021 when we began reviewing strategic alternatives for each of their businesses. We’ve really enjoyed working with them these last three years and wish them all the best in their future endeavors.”
Larry Parker of Williams Mullen served as lead legal counsel for WTG Fuels.
Matrix Advises Singer Energy Group, Inc. d/b/a Robison on its Sale to an Affiliate of Star Group, L.P.
RICHMOND, VA / BALTIMORE, MD – September 5, 2024 – Matrix Capital Markets Group, Inc., a leading, independent investment bank, has advised Singer Energy Group, Inc. and its affiliates d/b/a Robison (“Robison” or the “Company”) on the sale of its integrated heating oil distribution and HVAC services business to an affiliate of Star Group, L.P. (NYSE: SGU). Headquartered in Port Chester, New York, Robison is a leading distributor of heating oil and provider of home comfort solutions in and around Westchester and Putnam Counties, New York.
The Company’s history dates back to the 1920s when members of the Singer and Robison families founded and began operating separate heating oil and petroleum marketing companies. The two companies remained separate until 1984 when Saul Singer and other members of the Singer family purchased Robison from Mobil Oil, which had gained control of Robison during the oil crisis of the 1970s. During the next several years, the Singer family continued to expand the Company by acquiring over 15 heating oil distributors in and around the greater New York City metropolitan area.
Daniel Singer, Robison’s current President and CEO, joined the Company in 1996 when it was still focused exclusively on residential heating oil distribution. In subsequent years and through a series of organic and inorganic growth initiatives, Robison also began distributing heating oil to commercial accounts and marketing HVAC and other related home services to customers throughout its marketing territory. Under Daniel Singer’s leadership, Robison has transformed into a diversified and sophisticated home comfort solutions provider whose services range from supporting traditional oil-burning and bio-heat mechanical systems to servicing and installing air-sourced heat pumps, complex geothermal heating and cooling systems, standby generators, and other modern home comfort systems.
Matrix provided merger and acquisition advisory services to Robison, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Stephen Lynch, CPA, CFA, Managing Director; Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; James Mickelinc, CPA, Associate; and Reilly Erhardt, CPA, Senior Analyst.
Mr. Singer, President and CEO of Robison, commented, “The anticipated anxiety of selecting the right stewards to help guide us through this turning point in our family and company’s history was immediately relieved once I met Spencer, Stephen, and the rest of the Matrix team. Matrix brought precisely the right balance of a true investment bank with deep knowledge and contacts within the financial markets, along with unsurpassed industry insights and personal attention that allowed us to reach all of our desired transaction goals. As I and the rest of the Robison leadership team turn our collective attention to our next chapter, we could not be happier with the warm welcome and experienced leadership we have all encountered with Star Group’s team of professionals.”
Mr. Lynch added, “We are grateful to have worked with Robison to honor the rich legacy created by both the Robison and Singer families. The Company’s commitment to its customers in Westchester and Putnam counties is unwavering, and we fully believe that Star Group will continue to build upon what the Company has already accomplished. We are very thankful to have been given the opportunity to serve as the advisor to Robison on this transaction.”
Joel Lever, Joel Goldschmidt, Caroline Keegan, and Jillian Anzalone of Kurzman, Eisenberg, Corbin, & Lever, LLP served as legal counsel for Robison.
Matrix Advises Watershed Car Wash on the Successful Recapitalization of the Company
RICHMOND, VA / BALTIMORE, MD – August 8, 2024 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading independent investment bank, announces that it served as lead advisor on the recapitalization of Watershed Car Wash’s (“Watershed” or the “Company”) portfolio comprised of 30 express tunnel car wash sites.
The McDowell Family built their first express tunnel wash in 2009 under the Clean Freak brand. The management team continued to scale the platform in the Arizona market which was ultimately sold to True Blue Car Wash. After selling the portfolio in 2020, the McDowell’s embarked on building the Watershed platform in both Texas and subsequently Oklahoma, where the Watershed portfolio has a significant presence.
Trevor McDowell, President & CEO commented, “The Matrix team offered unparalleled support and deep insights during the entire process, from the initial valuation project to the execution of the recapitalization mandate. Their unwavering dedication and adaptability, along with their efficient execution, resulted in a positive outcome for all stakeholders. Their comprehensive expertise and experience, in both valuation assignments and capital advisory mandates, played a crucial role in us selecting Matrix and ensuring success in a complex recapitalization.”
In its role as sole intermediary, Matrix provided valuation and capital advisory services to Watershed including ASA valuations, financial modeling and sensitivity analysis, capital structure assessment, negotiation with counterparties, and placement of debt capital. The capital advisory assignment was managed by John Whalen, Head of Matrix’s Capital Advisory Investment Banking Group; Ryan Weir, Director and Garrett Novotny, CFA, CPA, Senior Analyst. The valuation assignment was managed by Sean Dooley, CFA, ASA, Managing Director, Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Stephen Lynch, CFA, CPA, Managing Director and Nate Wah, CPA, Senior Associate.
Mr. Weir and Mr. Dooley added, “We very much appreciate the trust that Watershed placed in us to advise them on the valuation process and recapitalization. Watershed is a great operator and the recapitalization represents a transformational moment for the Company as it further scales its platform. Matrix was privileged to work with the Watershed Team.”
Matrix Advises Pump N’ Pantry, Inc. on its Sale to United Refining Company
RICHMOND, VA / BALTIMORE, MD – July 15, 2024 – Matrix Capital Markets Group, Inc., a leading, independent investment bank, has advised Pump N’ Pantry, Inc. and its affiliates (collectively, “Pump N’ Pantry” or the “Company”) on the sale of its convenience retail assets to United Refining Company. Headquartered in Montrose, Pennsylvania, Pump N’ Pantry is a leading, regional convenience retailer, operating 14 convenience stores throughout central Pennsylvania.
Pump N’ Pantry dates back to 1975 when Tom Quigg, after a successful career at Esso, purchased Seddon Lathrop Oil Company. At that time, the Company was focused on residential heating oil distribution and had just two retail fuel locations. In 1988, the legacy heating oil business was sold, and the Company rebranded as Pump N’ Pantry to strategically shift toward retail operations. Scott Quigg, Tom’s son, joined the Company in 1993 after having begun his career at Cumberland Farms. The pair invested in the Company throughout the 1990s, acquired additional stores, and introduced a proprietary foodservice offering in 1997. With an emphasis on pizza and deli items, Tom and Scott pushed the Company toward its current strategic focus of providing a comprehensive in-store offering. Scott purchased the Company from his father in 2001 and immediately expanded Pump N’ Pantry further by acquiring six additional stores in north-central Pennsylvania. With a commitment to premium offerings, excellent service, and modernization, the Quigg family has built one of the premier convenience retail companies in Pennsylvania.
Matrix provided merger and acquisition advisory services to Pump N’ Pantry, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Andrew LoPresti, CFA, CPA, Vice President; Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Mickelinc, CFA, Senior Associate; and Josiah Kitching, Analyst.
Scott Quigg, CEO of Pump N’ Pantry, commented, “Pump N’ Pantry first engaged Matrix in 2019 for planning and valuation services. Five years later when we began the sale process, Matrix offered guidance, structure, and market knowledge while being attentive to the needs and ideas of Pump N’ Pantry as a client. With the support of our team members, our communities, and our suppliers, my father and I worked to grow and evolve Pump N’ Pantry for 49 years. With the help of Matrix, we have now successfully completed the job.”
Mr. Cavalier added, “We were honored to work with Scott, his wife Melinda, and their talented management team, whose thoughtful growth and diligent execution created a premier regional convenience retail company. United Refining Company will be a good steward of the enterprise. We are very thankful to have served as Pump N’ Pantry’s advisor on this transaction.”
Tammera Diehm, Noreen Sedgeman, Beth Harper, and Parth Deshmukh of Winthrop & Weinstine, P.A.; Anne Lavelle Powell of Powell & Appleton PC; and John Rodgers of Caverly, Shea, Phillips & Rodgers served as legal counsel for Pump N’ Pantry.
United Refining Company was represented by John Wagner, General Counsel, and its in-house legal team.
Matrix Advises Land O’Sun Management on its Sale to Anabi/Rebel
RICHMOND, VA / BALTIMORE, MD – June 13, 2024 – Matrix Capital Markets Group, Inc., a leading, independent investment bank, has advised Land O’Sun Management Corporation d/b/a Fast Track on the sale of its petroleum marketing, convenience retail and quick-service restaurant businesses to Anabi Real Estate Development, LLC and its affiliates d/b/a Anabi/Rebel. Headquartered in Gainesville, Florida, Fast Track is a leading petroleum marketing, convenience retail and QSR company, operating 17 convenience stores, 10 co-located QSRs, and two stand-alone QSRs in Northern Florida.
Land O’Sun Management was founded in 1996 when local businessmen Alan Fogg, Richard Rentz and Stephen Fogg purchased 38 gas stations in Northern Florida. After turning around their initial acquisition to become successful operating stores in just four years, the founders wanted to continue growing Land O’Sun and purchased 13 additional stores in 2000, which provided access to the QSR business. Over the next 23 years, Land O’Sun began integrating national QSR brands into their stores, including Arby’s, Wendy’s, Dairy Queen, and Subway. In 2022, Land O’Sun opened its latest state of the art new-to-industry Fast Track store in Gainesville, Florida, which includes a car wash, beer cave, and made-to-order deli. Over the last 28 years, through excellent leadership and execution, the original founders have built one of the premier petroleum marketing, convenience retail and QSR companies in Florida.
Matrix provided merger and acquisition advisory services to Land O’Sun Management Corporation, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Nathan Wah, CPA, Senior Associate; and Reilly Erhardt, CPA, Analyst.
Alan Fogg, President of Fast Track, commented, “As a family business, deciding to sell is both an economic and emotional decision. Our prior experience with Matrix, conducting periodic business evaluations of our company, gave us confidence that Matrix was the right partner for this transaction. The support they provided in presale planning and through the entire sale process proved our confidence was warranted.”
Mr. Fortemps added, “Our relationship with Richard, Alan and Steve began close to a decade ago and since then, they’ve done a tremendous job strategically growing their business to make it what it is today. We are honored to have advised them on the sale of the incredible company they’ve worked so hard to build.”
Charles Muller II and Michael Schwartz of Muller Lebensburger & Schwartz served as legal counsel for Land O’ Sun Management Corporation.
Fred Whitaker, Ashley Bolduc, and Wendy Hsu of Cummins & White, LLP served as legal counsel for Anabi Real Estate Development, LLC.
About Anabi/Rebel
Based in Upland, California, Anabi/Rebel was founded by Sam Anabi in 1991 with one gas station. Anabi/Rebel has been working with independent retailers to provide the best fuel and highest level of service to communities throughout California. Over the years, the company has grown by buying and selling stations, converting bays into convenience stores, adding car washes, partnering with fast food brands, and building ground up new to industry locations. This growth has provided Anabi/Rebel with experience from the perspective of a buyer, seller, lease dealer, open dealer, franchisee, owner, contract operator, and wholesale distributor. Today, Anabi/Rebel continues to operate as a dynamic family owned and operated business with over 600 locations across 16 states, including multiple QSR brands.
Matrix Leads Capital Raise for G&M Oil Co.
RICHMOND, VA / BALTIMORE, MD – May 15, 2024 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it served as lead advisor on G&M Oil Company’s (“G&M” or the “Company”) syndicated debt financing.
Established in 1969, G&M Oil is one of California’s largest independently owned fuel retailers with over 200 locations throughout Los Angeles, Orange, San Bernardino, Riverside, San Diego and Ventura Counties. The Company maintains successful partnerships with Chevron and ExtraMile and has been consistently lauded for its outstanding performance in their Retail Excellence programs.
Adam Sparks, General Manager of G&M commented, “We were fortunate to work with Matrix to structure and intermediate this important financing. Their experience, expertise, and objective approach were critical to securing capital on terms that were very attractive to the Company.”
Matrix provided capital advisory services to G&M, which included financial modeling, assessment of optimal financing strategy, selection of capital providers, and negotiation of the transaction. The financing was managed by John Whalen, Head of Matrix’s Capital Advisory Investment Banking Group; Ryan Weir, Director; and Garrett Novotny, CFA, CPA, Senior Analyst.
Scott Olson, Director of Strategy & Corporate Development of G&M stated, “The Matrix team delivered outstanding support and insight throughout the process. Their dedicated and adaptable approach, coupled with their robust execution, ensured a favorable result for all involved. Their expertise was critical to a successful outcome.”
Mr. Whalen added, “We deeply value the trust G&M placed in us to guide them through this capital raise. G&M is a best-in-class operator and this transaction is a testament to the Company’s strong profile. In addition to providing the Company with significant structural latitude, the new capital base will support G&M’s immediate and long-term growth initiatives. We couldn’t be more pleased to support G&M Oil – truly a privilege to work with them!”
Matrix Advises on the Sale of Andretti Petroleum Group to H&S Energy
RICHMOND, VA / BALTIMORE, MD – March 19, 2024 – Matrix Capital Markets Group, Inc. (Matrix), a leading, independent investment bank, has advised Andretti Petroleum Group (“Company”) on the sale of its convenience retail, fuels distribution, cardlock, fleet card, commercial fueling, car wash, lubricants and transportation businesses to H&S Energy, LLC and its affiliates (“H&S”). Andretti Petroleum Group is one of the largest convenience retail and fuels distribution businesses on the West Coast and Pacific Northwest, operating in northern California, Oregon and Washington.
Andretti Petroleum Group was founded in 1997 when racing icons Mario Andretti, Michael Andretti, long-time Andretti advisor John Caponigro, and Texaco executive M.J. Castelo launched a startup Texaco wholesale business in northern California. Mario Andretti had always been enamored with the fuels business after having worked at his uncle’s gas station with his twin brother Aldo just three days after moving from Italy to America at the age of 15. In 1998, the nascent business developed its flagship Texaco facility in downtown San Francisco, which featured an Andretti SpeedMart convenience store, an Andretti Winning Finish car wash, a Burger King, and the first Starbucks integrated into a convenience store.
Over the next 25 years, M.J. Castelo embodied the legendary Andretti competitive spirit and grew the Company to be one of the largest convenience retail and fuels distribution businesses in the West through organic growth and a series of acquisitions. The enterprise completed its first major acquisition in 2001, when it purchased a chain of convenience stores and dealer operations in Monterey County, California. In 2005, the Company expanded further north with the acquisition of Humboldt Petroleum’s 16 company-operated stores. Andretti’s most transformative acquisition occurred in 2017, when it purchased Colvin Oil Company of Grants Pass, Oregon. The Colvin transaction more than doubled the size of the Company and added retail, wholesale, transportation, commercial fuels, and lubricants operations. Over the past few years, the Company continued to expand via acquisition, most notably through the acquisitions of Sheldon Oil and Stein Oil, while also rolling out a comprehensive rebranding effort through its proprietary Pinnacle 365 store brand and proprietary loyalty program. Prior to the sale, Andretti Petroleum Group consisted of nearly 170 convenience retail and fuels distribution assets in California, Oregon, and Washington.
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 sale. The transaction was managed by Cedric Fortemps, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Andrew LoPresti, CPA, CFA, Vice President; John Mickelinc, CFA, Senior Associate; and James Mickelinc, CPA, Associate.
Mr. Castelo, CEO and Managing Member of Andretti Petroleum Group, commented, “We are delighted to transact with H&S Energy as the new steward of our enterprise. Our companies share similar stories, starting with single sites, then growing into formidable players in our industry. This transaction will be a win for all stakeholders. We especially appreciate the great work of Matrix in assisting us with finding the perfect buyer and perfect transaction.”
Sal Hassan, founder and CEO of H&S, stated, “We are honored to take on this great portfolio of retail sites, wholesale distributorship, cardlocks, lubricants, and transportation assets. We believe the people on both ends of this transaction, when put together, will bring great synergies and help take H&S to the next level. Working through this transaction with the help and professionalism of everyone involved made the process smooth and simple. We thank the entire group for their efforts.”
Mr. Fortemps added, “M.J. and the Andretti team have built an incredible business through thoughtful, strategic growth, meticulous execution, and unparalleled passion to be the best across the entire organization. We are honored to have been chosen to advise them on the sale of the exceptionally successful business that they built and know that their successes will continue in their future endeavors---both on and off the racetrack.”
John Caponigro, Hank Wineman, and Gabriella Tringali of Frasco, Caponigro, Wineman, Scheible, Hauser, and Luttmann and Otto Konrad and Kaitlin Cottle of Williams Mullen served as legal counsel for Andretti Petroleum Group.
Robert Sahyan, Michael Leake and Aaron Duffy of Sheppard Mullin, Jeffrey Reuben of Elkins Kalt, and Paula Bailey, General Counsel of H&S Energy served as legal counsel for H&S.
About H&S Energy, LLC
Based in Orange, California, H&S Energy was founded by Sal Hassan in 1996 with one gas station. Sal’s vision was to have larger footprint convenience stores that offered customers a variety of snacks, hot food, fresh coffee, and the cleanest restrooms on the street. His vision grew H&S to more than 160 convenience stores under the Chevron, Texaco, Shell, and 76 fuel brands. H&S operates its convenience stores under the ExtraMile banner and under its own proprietary brand, Power Market.
Matrix 2023 Year In Review
As we reflect back on 2023, we are filled with gratitude to have served so many outstanding clients who placed their trust in our guidance. We are also thankful for all the opportunities to advise on a dynamic range of M&A transactions, capital raises, and valuation mandates.
Despite a challenging M&A and capital markets backdrop, 2023 was one of Matrix’s most successful years as a Firm in both deal volume and transaction value. Our bankers completed transactions across most every major industry we cover. As always, our bankers are fiercely dedicated to achieving client goals, which requires an unwavering commitment to detailed execution, creativity, and independent advocacy.
We look forward to the upcoming year with great optimism and wish you a successful and prosperous 2024.
Matrix Advises on the Sale of Hicks Oils’ Lubricants Business to Schaeffer Manufacturing Company
RICHMOND, VA / BALTIMORE, MD – February 7, 2024 – Matrix Capital Markets Group, Inc. (Matrix), a leading, independent investment bank, has advised Hicks Oils & Hicksgas, Incorporated (“Hicks” or the “Company”) on the sale of its Hicks Oils lubricants business to Schaeffer Manufacturing Company (“Schaeffer”). Hicks Oils is a premier independent lubricant blending and packaging business in southern Illinois that produces automotive and industrial lubricants. Schaeffer, founded in 1839 and based in St. Louis, produces and sells a broad range of synthetic motor oils, industrial lubricants, hydraulic fluids, and other related products.
Based in Du Quoin, Illinois, Hicks Oils was formed in 1978 by C. W. Hicks as a further expansion of his integrated petroleum operations, with the initial goal of providing products and services to the local coal mining industry. In 1989 upon the passing of Mr. Hicks, his grandsons Todd and Shawn Coady joined the Company and took over running the lubricants business and the family’s multiple other companies. Shawn Coady currently serves as President of the business and Todd as Vice President. Throughout the 1980’s and 1990’s as markets changed, the business evolved and expanded to include contract packaging, private label, and company branded products. Today, Hicks Oils blends and packages motor oil, hydraulic fluid, gear lubes, transmission fluids and various specialty lubricants for distributors, major oil companies, OEMs, and after-market providers.
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 sale. The transaction was managed by John Underwood, Managing Director; Vance Saunders, CPA, Managing Director; Andrew LoPresti, CPA, CFA, Vice President; Jared de Perio, Analyst.
Dr. Shawn Coady, President of Hicks said, “When I decided to sell the business, I had significant experience with Matrix from various propane market transactions and was confident they were the right company to handle the transaction. Hicks Oils is a unique business, and they did an exceptional job handling the sale. I am very pleased with Schaeffer as the buyer. I believe the strategic and cultural fit of the two companies will provide significant growth opportunities, as well as a great work environment for Hicks’ employees.”
Mr. Underwood added, “We have valued our relationship with Dr. Coady for many years and we were honored when he chose Matrix to sell the Hicks’ lubricants blending and packaging business. We very much appreciate the trust that Shawn placed in the Matrix team and the contributions from him and his operating team during the sales process.”
Bill Scott of Allen & Korkowski & Associates served as legal counsel for Hicks.
Matrix Advises on the Sale of Eastern Sierra Propane to Ferrellgas Partners, L.P.
RICHMOND, VA / BALTIMORE, MD – January 29, 2024 – Matrix Capital Markets Group, Inc. (Matrix), a leading, independent investment bank, has advised Eastern Sierra Propane (“Eastern Sierra” or the “Company”) on its sale to Ferrellgas Partners, L.P. (OTC: FGPR) (“Ferrellgas”). The Company is one of the premier propane retailers in the Eastern Sierra Nevada mountain range, serving both residential and commercial customers.
The Company was founded in 1993 in Bishop, CA by Tom Sigler and Rudy Forster. Initially, Eastern Sierra was run out of Tom Sigler’s house, and propane storage was obtained by using a 12,000-gallon tank at a customer's location in exchange for installing vapor meters on his gas dryers. It soon became very clear that the Company needed a much larger space and their own propane storage. As such, the Company leased a nearby property in Bishop, CA and installed their first 30,000-gallon propane tank.
Tom Sigler subsequently acquired Rudy Forster’s 50% ownership interest, and Tom along with his son, Jason Sigler who joined in 1998, have significantly grown the Company over the last two plus decades.
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 sale. The transaction was managed by Sean Dooley, CFA, Managing Director; Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group and Nate Wah, CPA, Senior Associate.
Tom Sigler, President and Shareholder of Eastern Sierra, said, “When I decided to sell my business I researched companies who had the best transaction closing results, and I found that Matrix Capital was the top firm. They were helpful by first providing me with a valuation of my business and then finding a buyer who was the best fit for my employees and customers. I am glad that I made the decision to choose Matrix for there were many challenges along the way and they were there to help. Sean Dooley and Nate Wah were more than helpful in walking me through those challenges. I would recommend Matrix to anyone who was considering selling their business.”
Mr. Dooley added, “We very much appreciate the trust that Tom placed in us to advise him on the sale of the Company that he and his family worked so hard to build. It was a pleasure working with him and the Ferrellgas team on this transaction, and we wish Tom and Jason all the best in their future endeavors.”
Stephen Kappos served as legal counsel for Eastern Sierra.
Matrix Advises on the Sale of Shape LLC
RICHMOND, VA / BALTIMORE, MD – January 26, 2024 – Matrix Capital Markets Group, Inc. (Matrix), a leading, independent investment bank, has advised the sale of Shape LLC (“Shape” or the “Company”) to discoverIE Group and its subsidiary Noratel. Prior to the sale, Shape was owned by funds managed by Gen Cap America, Inc. (“Gen Cap”), a private investment firm headquartered in Nashville, Tennessee.
For over half a century, Shape has operated as the premier manufacturer and designer of custom electrical transformer equipment, with its products utilized to regulate output current and ensure constant power across multiple end-uses. From its 40,000 square foot facility in Addison, Illinois, the Company supports the mission-critical needs of its international customer base. Shape’s engineers and management team possess over a century of collective experience and were the architects of the ferroresonant transformer, a power supply that uses nonlinear magnetic properties and a resonant circuit to provide a stable output. This technology is particularly applicable to airport lighting, semiconductors, power supplies, and ultraviolet curing. Shape has become an integral piece of its customers’ supply chains, as evidenced by numerous decades-long relationships. Following the transaction, all three of Shape’s management-owners, Greg Babecki (CEO), Doug Hickey (COO), and David Lanes (CFO), will retain all existing day-to-day responsibilities.
Regarding the transaction, Mr. Babecki commented, “We are excited to have found a partner that both appreciates and complements our Company’s unique offerings. We believe there are numerous benefits to this acquisition for our valued employees, customers, and vendors.” He added, “We are grateful for Gen Cap’s stewardship and partnership over the past nine years and are thrilled for what the next chapter alongside our new partners will bring us.”
Matrix provided merger and acquisition advisory services to Gen Cap and Shape, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by William O’Flaherty, Managing Director; David Shoulders, Managing Director; and Matt Oldhouser, CPA, Vice President.
Regarding Matrix’s services, Gen Cap Director, James Byrd added, “The Matrix team took a thoughtful and hands-on approach to all aspects of the transaction. At every juncture, they provided us with sound explanations underlying their advice. We believe we achieved the optimal outcome based on their experience and counsel.”
“It was a pleasure to represent Gen Cap on another divestiture from their portfolio. This is yet another example of a successful investment by their talented team,” Mr. O’Flaherty noted. “Shape is a fantastic business managed by exceptional people. I have no doubt that Greg, Doug, and Dave will find success alongside their new partners.”
Edward Burrell, Stuart Campbell, and Thomas Dozeman of Stites & Harbison, PLLC served as legal counsel for Shape. Mark Patterson and Chris Hight of KraftCPAs PLLC provided tax and accounting advisory services to the Company.
Matrix Advises on the Sale of Bobby Taylor Oil Company, Inc. & T&S Transport, Inc. to Parker Oil Company
RICHMOND, VA / BALTIMORE, MD – January 11, 2024 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Bobby Taylor Oil Company, Inc. and T&S Transport, Inc. (“BTOC” or the “Company”) to Parker Oil Company Incorporated. Based in Fayetteville, North Carolina, BTOC is a leading supplier of retail propane, commercial refined fuels, and racing gas to a diverse customer base of residential and commercial accounts throughout the state of North Carolina.
The Company was founded in August 1963 by Bobby Taylor, and at the time, operated out of Mr. Taylor’s home in Fayetteville, North Carolina. During its first years of business, the Company sold fuel oil, kerosene, and gasoline to its local customer base with just one tank wagon. Seeking to further diversify its business lines, BTOC added propane and racing fuels to its product mix and further expanded its customer base throughout central North Carolina. Following his father’s retirement in the early 2000’s, Johnny Taylor Jr. assumed the role of President of BTOC, and along with his brothers David and Mark, led the Company through several decades of continued success and growth.
Today, the Company operates two refined fuels and propane bulk plants in Fayetteville and Elizabethtown, NC and employs over 30 dedicated associates. For the past 60 years, Bobby Taylor Oil Company has been highly regarded as a best-in-class operation providing quality fuels and reliable service to the local communities.
Johnny Taylor Jr., the Company’s President commented, “Selling a business can be stressful; you will need experts in that field to help you navigate through the process. We were grateful to have Matrix handle this for us.”
Matrix provided merger and acquisition advisory services to BTOC, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by John Duni, CFA, CPA, Vice President; Spencer Cavalier, CFA, ASA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; and Jared de Perio, Analyst.
Mr. Cavalier added, “While Mr. Bobby Taylor laid the foundation, Johnny and his family built BTOC into one of the most reputable refined fuels and retail propane distributors in the industry, evidenced by their organic growth and customer retention rates. We were honored to serve as their advisor.”
R. Williford McCauley of Williford McCauley – Attorney at Law served as legal counsel to the Company.
Matrix Announces the Sale of Santmyer Companies, Inc.’s Convenience Retail and Branded Dealer Wholesale Businesses
RICHMOND, VA / BALTIMORE, MD – December 18, 2023 – Matrix Capital Markets Group, Inc. (Matrix), a leading, independent investment bank, has advised Santmyer Companies, Inc. (“Santmyer” or the “Company”) on the sale of its Red Rover convenience retail stores to Par Mar Oil Company and its branded dealer wholesale business to Countywide Petroleum Company (subsidiaries of Croton Holdings Co.). Santmyer is a leading privately-owned and family operated full-service distributor whose primary offerings include diesel, gasoline, propane, lubricants, diesel exhaust fluid and logistics services.
Santmyer was founded in 1952 when Myron Santmyer opened a Gulf service station in Dalton, OH, and became a Gulf distributor. In 1980, Terry Santmyer (Myron’s son) purchased the business, which at the time was comprised of just two tank wagons and four employees. Terry began building the Company into a leading full-service petroleum marketer that today employs more than 175 Ohioans. Santmyer purchased a Marathon jobbership in 1999, and in 2012, Zach Santmyer (Terry’s son) became president of the Company. Under Zach’s leadership, Santmyer expanded into propane, developed the Red Rover brand, became a Chevron-branded lubricants distributor, added the Sunoco and Exxon brands to offer customers a more comprehensive slate of fuels, and leveraged technology to modernize the Company.
In 2021, Zach engaged Matrix to perform a strategic review of the Company to assess capital allocation and the return on investment between business segments. With that analysis, the Company decided to focus on the distribution of propane, commercial fuels, and lubricants. In early 2023, Santmyer purchased the commercial fuels and propane assets of Cole Distributing and made the strategic decision to divest its convenience retail and branded wholesale businesses.
Matrix provided merger and acquisition advisory services to Santmyer, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Andrew LoPresti, CPA, CFA, Vice President; Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; and Kyle Tipping, CFA, Senior Associate.
Zach Santmyer, President of Santmyer, stated, “We are committed to evolving and growing our Company based on our core competencies, and we engaged Matrix years ago as an advisor in that planning and evaluation process. Based on our strategic goals, we decided to divest our convenience retail and branded dealer wholesale businesses to narrow our strategic focus on commercial fuels, propane, lubricants, automated cardlocks and car washes. This transaction puts Santmyer in a great position to pursue future growth opportunities that align with these segments going forward. The Matrix team ran a very structured process that yielded an outstanding result, and I would like to thank them for the expertise and dedication they provided throughout this transaction.”
Mr. Cavalier added, “We have had the honor of working with Santmyer’s talented management team for years. Zach and Nate have made a series of strategic decisions to grow the Company’s core distribution business. We are thankful to be their advisor.”
Christopher Pycraft and Easton Saltsman of Critchfield, Critchfield & Johnston served as legal counsel for Santmyer.
Matrix Announces the Successful Sale of Day Motor Sports, LLC
RICHMOND, VA/BALTIMORE, MD – November 14, 2023 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Day Motor Sports, LLC (“Day Motor Sports” or the “Company”) to Chief Executive Officer Dan Hamilton and Chief Financial Officer Stacy Hamilton. Prior to the sale, Day Motor Sports was owned by funds managed by Gen Cap America, Inc. (“Gen Cap”), a private investment firm headquartered in Nashville, Tennessee.
Since 1971, Day Motor Sports has been a leading bumper-to-bumper distributor of aftermarket parts and supplies for the enthusiast racing industry. Headquartered in Tyler, Texas, the Company is the preeminent supplier of dirt track racing parts in the Southern United States, with the ability to ship to all 50 states and internationally. The business stocks over 15,000 SKUs in its 46,000 square foot facility, earning the Company a reputation as the premier one-stop entity for its targeted markets. Despite its origins as a catalog distributor, Day Motor Sports has grown its sales approach through multiple channels, including e-commerce, broadening its reach to retail customers, as well as local parts distributors, manufacturers, and institutional vehicle builders.
Matrix provided merger and acquisition advisory services to Day Motor Sports, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by William O’Flaherty, Managing Director; David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Investment Banking Group; Matt Oldhouser, CPA, Vice President; Sahan Pandey, Senior Analyst; and Hampton Massie, Analyst.
Mr. O’Flaherty remarked, “This transaction continues Matrix’s excellent momentum in the automotive and enthusiast markets. We see excellent opportunities ahead in each of these industries and are glad we were able to utilize our relevant expertise in this transaction.”
Mr. Shoulders added, “We are grateful to have had the opportunity to represent Gen Cap in this transaction. Our relationship with Gen Cap spans decades and we are pleased to have achieved a successful outcome on this important assignment. We also congratulate Dan and Stacy and wish them continued success.”
Tyson Bickley at Holland & Knight LLP served as legal counsel for Day Motor Sports.
Matrix Announces the Successful Sale of Coborn’s, Inc.’s Holiday Franchised Fuel and Convenience Stores
RICHMOND, VA/BALTIMORE, MD – November 9, 2023 – Matrix Capital Markets Group, Inc. (Matrix), a leading, independent investment bank, has advised Coborn’s, Inc. (“Coborn’s” or the “Company”) on the sale of its 14 Holiday franchised fuel and convenience stores and one developmental site to Holiday Stationstores, LLC.
St. Cloud, Minnesota based Coborn’s is a 102-year-old, employee-owned grocery retailer with nearly 10,000 employees and 77 grocery stores across Minnesota, North Dakota, South Dakota, Wisconsin, Michigan and Illinois under the banners Coborn’s, Cash Wise Foods, Hornbacher’s, Tadych’s Marketplace Foods and Sullivan’s Foods. Coborn’s entered the convenience store business in 1986 with its Little Dukes branded convenience stores and converted 14 locations to Holiday franchised stores in 2006. Coborn’s operates several fuel, liquor and pharmacy locations as well. To support its 200 various retail business units, Coborn’s also operates its own central bakery, dry cleaning facility and grocery distribution center.
Coborn’s was founded in 1921 by Chester A. Coborn who opened a one-room produce store in Sauk Rapids, Minnesota. Chris Coborn, a fourth-generation family member, is the current CEO and Chairman of the Board and his daughter Emily Coborn Wright, Vice President of Retail Support Services, and his son Peter Coborn, Director of Liquor Operations, are fifth-generation family members in leaderships roles.
Matrix provided merger and acquisition advisory services to Coborn’s, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Underwood, Managing Director; Nate Wah, CPA, Senior Associate; and G. Reilly Erhardt, CPA, Analyst.
Chris Coborn, CEO of Coborn’s stated, “We are very pleased with the assistance Matrix provided in divesting our Holiday franchised fuel and convenience stores. This is part of Coborn’s overall strategy to focus our growth efforts on the grocery store market. Matrix’s efforts have led to the successful sale of our Holiday franchise stores to our long-term franchisor partner, Holiday. The transaction provides continuity to our store employees and customers, as the stores will remain Holiday branded and continue to accept the Coborn’s MORE Rewards program. Matrix did an excellent job at meeting our strategic objectives in the sale.”
Mr. Underwood added, “Chris and his team have done a tremendous job growing the Coborn’s family business. The family legacy is incredibly impressive with what they have achieved over the last century since the Company’s founding. I am very pleased that Matrix was able to contribute to Coborn’s future growth by selling the Holiday franchised stores to allow for more capital deployment for Coborn’s strategic growth initiatives.”
Robert A. Rosenbaum and Morgan A. Helme of Dorsey & Whitney LLP served as external legal counsel for Coborn’s, Inc.