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February 25, 2019

Matrix Announces the Successful Sale of Tri-State Utilities Company

RICHMOND, VA – February 25, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of Chesapeake, VA-based Tri-State Utilities Company (the “Company” or “Tri-State”) to Hoffman Southwest Corp. (“HSW”), a portfolio company of ORIX Capital Partners LLC (“ORIX”). Founded in 1990 by Steve McSweeney, Tri-State is a leading, award-winning, regional provider of trenchless repair, rehabilitation, inspection, and other maintenance services to the municipal utility market. After nearly two decades of successfully providing technical services to support the maintenance needs of its customer base, Mr. McSweeney passed leadership of the Company’s operations to his two sons, Andy McSweeney and Joe McSweeney, in 2007. The change in leadership coincided with a period of rapid expansion for Tri-State, as the McSweeney brothers invested heavily in fleet and human capital in order to establish the Company as a market leader in trenchless utility rehabilitation throughout the Mid-Atlantic and Southeast. As a result of those investments, Tri-State maintains long-term sewer and stormwater contracts with an enviable list of blue-chip customers. Additionally, the Company has received recognition from its customers, vendors, and the broader industry for its exceptional safety credentials, technical expertise, increasingly diverse suite of services, and expanding geographic reach. Andy McSweeney, President of Tri-State commented, “We are thrilled to be partnering with the HSW team to expand the breadth of services we’re able to offer our valued customer base. When Joe and I began contemplating a possible ownership transition, it was critical that we find a group that shared our Company’s values and commitment to growth. We feel confident that the HSW and ORIX teams are precisely the partners that share this vision.” Joe McSweeney, Chief Executive Officer of Tri-State added, “I have no doubt that HSW will help us build on the tremendous foundation that our father established and Andy and I were fortunate enough to continue. As shareholders in the combined entity, we are looking forward to personally maintaining the level of service and responsiveness that our customers and vendors have come to expect from Tri-State.” HSW provides underground pipe inspection, trenchless pipe repair, excavation and cleaning services for municipal and utility customers. Matrix served as exclusive financial advisor to Tri-State, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the  transaction. The transaction was led by David Shoulders, Managing Director and Head of Matrix’s Consumer & Industrial Products Group, and William O’Flaherty, Vice President. Robbie Nickle, Associate, and John Mosser, Analyst, also advised on the transaction. Regarding Matrix’s services, Andy McSweeney noted, “In the face of what could have been an exhausting and emotional process for Joe and I, the Matrix team was an unwavering source of support, providing professional and thoughtful guidance throughout the engagement. We can’t imagine getting this transaction done without their assistance, and we feel fortunate that we selected Matrix as our advisor.” Mr. Shoulders added, “The McSweeney family has built an impressive business that is poised for exceptional growth as it continues to address the needs of aging underground infrastructure. We are pleased to have assisted them in identifying a partner that brings a strategic commitment […]

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January 23, 2019 Matrix Announces Promotions, Expansion of Marketing Group and Industry Team Addition

RICHMOND, VA – January 23, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank is pleased to announce several promotions, expansion of its Marketing Group, and the addition of a new industry team member. We would also like to take this opportunity to thank all of our clients for the privilege of working with them this past year, and sincerely appreciate the trust they placed in us as their advisor. Through the hard work and dedication of all of our team members, we successfully advised on 19 merger and acquisition transactions in 2018. Spencer P. Cavalier, CFA, ASA, Managing Director & Principal, and Cedric C. Fortemps, CFA, Managing Director & Principal, have been named Co-Heads of Matrix’s Downstream Energy & Convenience Retail Group. In their new positions, Mr. Cavalier and Mr. Fortemps will lead Matrix’s Downstream Energy & Convenience Retail Group. They will also be responsible for new client engagement and transaction management, and will provide leadership and support for the professional development of the Group. Thomas E. Kelso, Managing Director & Principal and President, and former Head of Matrix’s Downstream Energy & Convenience Retail Group, will continue in his role as President. In addition to managing the firm, he will focus on marketing, supporting group heads in expanding new client development, assisting in transaction management, and developing and implementing strategies for firm growth. R. H. “Tod” Butler is now a Senior Advisor. Mr. Butler has been a valued member of the Downstream Energy & Convenience Retail Group since 1999, and has over 45 years of professional experience in the industry. He will continue to be actively involved in marketing and new client development across all groups within the firm. John C. Duni, CFA, CPA is now a Senior Associate. Mr. Duni has helped advise on over ten successful engagements since joining Matrix’s Downstream Energy & Convenience Retail Group in 2015. He holds the Certified Public Accountant designation and is a CFA Charterholder and member of the CFA Institute. Matrix has expanded its Marketing Group and promoted Honor P. Carver to Director of Marketing & Communications. She is responsible for leading the strategic marketing efforts for the firm and has been with Matrix since 2005. She most recently served as Marketing Manager. Kelly A. Simons is now Assistant Director of Marketing & Communications. She will be responsible for supporting the marketing efforts for the firm. Mrs. Simons was previously Manager of Administrative Services for the Downstream Energy & Convenience Retail Group and first joined Matrix in 1998. Matrix is also pleased to welcome Nathan B. Wah, CPA, Analyst, to the firm as a member of the Downstream Energy & Convenience Retail Group. He was previously a Senior Audit Associate with KPMG US LLP. He received a B.S. in Business Administration with concentrations in both Finance and Accounting, and graduated cum laude from Villanova University. He holds the Certified Public Accountant designation. Mr. Kelso, President of Matrix, said, “We congratulate all of our team members and are […]

January 18, 2019 Matrix Announces the Successful Sale of Schmitt Sales, Inc.’s Convenience Retailing and Wholesale Fuel Assets

RICHMOND, VA – January 18, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Schmitt Sales, Inc.’s (“Schmitt Sales” or the “Company”) convenience retailing and wholesale fuel assets to Sunoco LP (NYSE: SUN). Schmitt Sales owned and operated Robo Mart convenience stores located in Buffalo, NY and distributed fuel to commission marketers and independent dealers located primarily throughout New York, Pennsylvania, Ohio, and West Virginia. Peter C. Schmitt Jr. founded Schmitt Sales in 1964 at the age of 24. Always the entrepreneur, he pioneered the concept of installing fuel equipment at independent grocery stores in exchange for the right to distribute motor fuels and share related fuel profits. This successful business model, of providing a no cost opportunity to add a fuel offering to grocers, was then expanded to independent convenience retailers and other retail outlets. After Mr. Schmitt’s passing in 2003, Peter Glor became the Company’s President and, along with Maureen Schmitt, CEO, Mike Marong, Director of Finance and a talented group of employees, grew the Company from a local fuel distributor to one of the largest fuel distributors on the East Coast. Mrs. Schmitt commented, “The team at Schmitt Sales has done a tremendous job as we expanded our footprint in the Northeast through the leadership of Peter Glor. As we all know, this business can be unpredictable and challenging. The friendships that we have created not only with our customers, but colleagues in the industry, have added to the success that we have enjoyed. I’d like to thank my dedicated team of employees for their hard work throughout the years. I’d also like to thank Matrix for their superior customer service and support through this entire process.” Matrix provided merger and acquisition services to Schmitt Sales, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Andrew LoPresti, Senior Associate; and Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy & Convenience Retail Group, also advised on the transaction. Mr. Cavalier added, “Schmitt Sales became one of the largest, most successful petroleum marketing and convenience retailing companies on the East Coast by consistently delivering unparalleled customer service. We are honored that the Schmitt family and the management team selected Matrix to advise them on the sale of the Company.” Paul Schulz and Elise Edwards from Lippes Mathias Wexler Friedman LLP served as legal counsel for Schmitt Sales.

December 20, 2018 Matrix Announces the Successful Sale of Revere Gas, Inc.’s Propane Distribution and Rail Terminal Assets

RICHMOND, VA – December 20, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Revere Gas, Inc.’s (“Revere” or the “Company”) propane distribution and rail terminal business to Quarles Petroleum, a Virginia based provider of residential and commercial fuel. Over its 75 years in business, Revere has grown to become one of the largest, family owned propane distributors in the U.S. Founded in 1942 by H.L. Revere, the Company is a third-generation propane gas distributor headquartered in Hartfield, Virginia. Under the leadership of the late Charles Revere and his sons, Carlton Revere, President and CEO; and Craig Revere, Executive Vice President; the Company significantly expanded its marketing presence across eastern and central Virginia, operating eight branch offices, plus a rail terminal. Known for its exemplary customer service, unrivaled technical expertise, and active community involvement, Revere Gas serves over 26,000 residential, commercial, agricultural, industrial, and governmental customers in 32 counties. “Lots of emotions were involved in making our decision to divest. While those emotions are important, there are business interests that need to be organized. Any family business considering to make such a change must have professionals that advise them well in advance of the ultimate sale. I could not dream of attempting a deal alone. The Matrix team are well versed in the intricacies of our industry and gave us good counsel as we navigated the transaction. Additionally, we are happy to call the team friends,” stated Carlton Revere. Matrix provided merger and acquisition advisory services to Revere, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Vance Saunders, Managing Director; and John Duni, Associate. Mr. Cavalier added, “Over the last few years we have been very fortunate to advise the Revere shareholders on two acquisitions and, ultimately, the sale of the Company. It has been an exceptional experience to work with one of the propane industry’s largest and most respected private companies. We thank the Revere family for giving us the opportunity to work with them so closely as they grew their business, and we wish them continued success as they capitalize on the shareholder value they have created to focus on other family business ventures.” Scott Seymour, Dustin DeVore, Greg Davis, Jacob Glasser and Alex Powell of Kaufman & Canoles served as legal counsel for Revere.

December 4, 2018 Matrix Advises Giant Eagle, Inc. on the Successful Acquisition of Ricker Oil Company, Inc.

RICHMOND, VA – December 4, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful acquisition of Ricker Oil Company, Inc. (“Ricker Oil”) by Giant Eagle, Inc. (“Giant Eagle” or the “Company”). Ricker Oil owns and operates 56 Ricker’s convenience stores located in the Indianapolis and Fort Wayne metro areas and throughout central Indiana. The acquisition also includes Ricker Oil’s wholesale fuels distribution business of approximately 80 branded supply accounts located in Indiana, Illinois and Kentucky. Ricker’s has provided high-quality fuels, clean convenience stores and wholesale fuel services to companies and consumers throughout Indiana since 1979. A strong commitment to its community, a sense of pride to its customers, and a long history of corporate trust is the foundation on which the company was built. Like Ricker’s, Giant Eagle is a proud family-owned and values-driven company. Founded by five families nearly 90 years ago, representatives of each Giant Eagle family still serve the Company today, including fourth-generation family member Laura Karet, Giant Eagle’s President and CEO. The Company is a leading multi-format food, fuel and pharmacy retailer with 400-plus stores across western Pennsylvania, Ohio, West Virginia, Maryland and Indiana. The Ricker’s acquisition provides Giant Eagle with additional scale in the Indiana market as well as opportunities to leverage the strength of both the GetGo and Ricker’s brands. Polly Flinn, Giant Eagle’s Executive Vice President & General Manager of GetGo said, “We’re very grateful for the guidance and insight Matrix provided to help Giant Eagle secure this growth opportunity. At GetGo, our positioning of taking the ‘cons out of convenience’ means we offer the highest quality fresh foods, products and services to our customers. Our acquisition of the Ricker’s chain supports this strategy, and we look forward to bringing together the best of both businesses in Indiana.” Matrix provided merger and acquisition advisory services to Giant Eagle, which included valuation advisory, transaction structuring and negotiation of the transaction. The transaction was managed by John Underwood, Managing Director; Robbie Radant, Director; Stephen Lynch, Vice President; and Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy & Convenience Retail Group, also advised on the transaction. “It has been exciting to help Giant Eagle accelerate its growth plans with the acquisition of Ricker Oil Company,” said Underwood. “This expansion will significantly increase GetGo’s market share in central Indiana. Laura and her team have been a pleasure to work with, and we sincerely appreciate the trust that they put in Matrix.” Ramona Nee, Noah Beck, Vadim Brusser and Daniel Tavakoli led the Weil team which served as legal counsel for Giant Eagle. About Giant Eagle, Inc. Giant Eagle, Inc., ranked among the top 40 largest private companies according to Forbes magazine, is one of the nation’s largest multi-format food, fuel and pharmacy retailers with $8.9 billion in annual sales. Founded in 1931, the company operates stores throughout western Pennsylvania, Ohio, northern West Virginia, Maryland and Indiana.

November 5, 2018 Matrix Announces the Successful Sale of Petr-All’s (d/b/a Express Mart) Petroleum Marketing and Convenience Retailing Assets

RICHMOND, VA – November 5, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Petr-All Petroleum Consulting Corporation’s, d/b/a Express Mart (“Petr-All”, “Express Mart”, or the “Company”), 78 convenience retailing and petroleum marketing assets to Speedway LLC, a wholly owned subsidiary of Marathon Petroleum Corporation (NYSE: MPC). Petr-All 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 last three decades, and under the more recent management of Daniel Twombly (President of Finance) and Mike Askwith (President of Marketing, Planning & Store Operations), the Express Mart brand has grown to 78 company-operated stores throughout the State of New York. Frank’s wife, Patricia (Patti) Brock Borer, and their four children have remained active in the Company to this day. The Borer family commented, “The decision to sell our family business was a hard one. The compassion, professionalism and attention to detail that Matrix brought to the project made the decision easier. They worked with us and on our behalf from beginning to end. We are thrilled with the outcome.” Matrix provided merger and acquisition advisory services to Petr-All, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Sean Dooley, Vice President; Christian Klawunder, Senior Associate; and, Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, and Robbie Radant, Director, also advised on the transaction. Mr. Cavalier added, “We have been very fortunate to have a long-term relationship with the Borer family and their exceptional management team, led by Dann Twombly and Mike Askwith. Over the years we watched them grow and manage a best-in-class convenience retailing company, and it has been an honor for us to advise them on this successful transaction.” Roderick McDonald, Dennis Brown, and Martin Schwab of Bond, Schoeneck & King PLLC served as legal counsel for Petr-All.

October 1, 2018 Matrix Announces the Successful Sale of Engineered Metals and Composites, Inc.

RICHMOND, VA – October 1, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, is pleased to announce the sale of West Columbia, South Carolina-based Engineered Metals and Composites, Inc. (“EMC” or the “Company”) to Patrick Industries, Inc. (NASDAQ: PATK) (“Patrick”), a publicly-traded manufacturer of component products and distributor of building products and materials for the recreational vehicle, manufactured housing, marine, and various other industrial markets.  The transaction closed on September 28. Founded in 1998, EMC is a leading designer and manufacturer of custom marine towers, frames, and other fabricated component products for OEMs in the marine industry.  The Company is strategically positioned in a region that is home to some of the largest saltwater boat manufacturers in North America.  Under the leadership of Founder and Chief Executive Officer Ed Forbes and President Chris Wainscott, the Company has expanded its design and engineering capabilities, as well as its manufacturing footprint, to support the growing needs of its impressive customer base. “EMC’s technical expertise and innovative product offerings complement our marine product portfolio, and provide us with an excellent opportunity to further penetrate the marine market, increase our content per unit, and leverage our existing capabilities within our marine-centric brands,” said Todd Cleveland, Chairman and Chief Executive Officer of Patrick.  “This acquisition is aligned with our strategic initiatives and capital allocation strategy and we look forward to working with the EMC team to help further drive brand value.” “We believe the marine industry is well-positioned for continued growth and we are excited to partner with Ed Forbes, Chris Wainscott, and the EMC team to further expand our presence as a key component supplier in this space through high-quality, innovative custom product solutions and excellent customer service,” said Andy Nemeth, President of Patrick.  “EMC’s industry reputation for metallurgical expertise, highly engineered processes and products, and continuous innovation and product quality, as well as its longstanding relationships with leading marine OEM customers, has been instrumental in expanding its customer base within the recreational boating market. Consistent with previous acquisitions, we will support EMC with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been so important to its success.” Ed Forbes added, “After more than 35 years in the marine industry, I am excited to partner with Patrick to further drive and support the EMC team and our plans for continued growth.  Patrick’s strategic resources and marine industry presence, capabilities, and vision align with our goal of providing the highest quality innovative solutions to our customers.” Matrix served as exclusive financial advisor to EMC.  The transaction was led by David Shoulders, Managing Director, and William O’Flaherty, Vice President.  Robbie Nickle, Associate, and John Mosser, Analyst, also advised on the transaction.  Regarding Matrix’s services, Mr. Forbes commented, “Chris and I have been overwhelmed by the level of service that the Matrix team has provided us and our business.  Throughout a complex process for us, we always felt […]

September 28, 2018 Matrix Announces the Successful Sale of Croix Oil Company’s Convenience Retailing & Wholesale Motor Fuel Assets

RICHMOND, VA – September 28, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Croix Oil Company’s (“Croix” or the “Company”) convenience retailing assets to Northern Tier Retail, LLC (d/b/a SuperAmerica® and Tesoro), a subsidiary of Andeavor and its wholesale fuel assets to D & M Oil, LLC, a wholly owned subsidiary of Molo Petroleum, LLC. The convenience retailing assets consist of all thirteen of Croix’s company-operated locations. The wholesale motor fuel assets acquired by D & M Oil, LLC consist of five dealer and three commissioned sites and approximately 70 supply contracts. Headquartered in Stillwater, Minnesota, Croix is a leading Minnesota and western Wisconsin petroleum marketer with operations primarily in the Minneapolis and St. Paul metropolitan area. Croix is a fuel distributor for BP, ExxonMobil, and Marathon and is a SuperAmerica® and Circle K® franchisee. Croix’s roots date back to the John J. Kilty Company that began operations in the late 1800s as a coal company. In 1964, John Ogren purchased the company and renamed it the Kilty-Ogren Petroleum Company. In the 1960s, their primary business consisted of bulk fuel and heating oil sales and operated a single service station. In 1972, the company changed its name to Croix Oil Company and expanded into various related businesses, including trucking, commercial and industrial fuels, lubricants, branded and unbranded retail fuels supply, convenience store operations, and real estate (focusing primarily on petroleum retail properties). In 1995, John’s son, Mark Ogren, became President of the Company and over the last twenty years, Croix Oil Company has refocused its business on the retail and wholesale distribution of motor fuels. Croix has grown rapidly since the early 2000s through single site acquisitions, new-to-industry builds, and the acquisition of approximately one third of BP’s stations in the Twin Cities when BP divested its assets in 2006. Mr. Mark Ogren commented, “We are confident that our dedicated employees and loyal customers will be well taken care of by Molo Petroleum, LLC and Andeavor. Matrix did a fantastic job for us and I am very thankful for their professionalism throughout the entire process. Their thoroughness and attention to detail was extremely impressive.” Matrix provided merger and acquisition advisory services to Croix, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by John Underwood, Managing Director and Andrew LoPresti, Senior Associate. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, also advised on the transaction. Mr. Underwood added, “It has been a pleasure working with Mark and his team, and we sincerely appreciate the trust that he put in Matrix. We are pleased that the two transactions had a successful outcome and achieved the goals that Mark had envisioned at the beginning of the sale process.” Tammera R. Diehm and James W. Dierking of Winthrop & Weinstine, P.A. served as legal counsel for Croix.

September 17, 2018 Matrix Expands Service Offering, Establishes New Downstream Energy Consulting and Strategic Advisory Group

RICHMOND, VA – September 17, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent, investment bank, is pleased to announce the formation of a new in-house business consulting group, Matrix Consulting Services Group (“MCS”), and welcomes Melvin L. Strine as Director of the new endeavor. This specialized group will exclusively serve clients within the Downstream Energy and Convenience Retail industry. The new group will focus on helping businesses perform better within the highly competitive Downstream Energy and Convenience Retail industry. In addition to individual consulting with business owners and industry executives, the MCS Group will also provide an opportunity to participate in an innovative and experiential program, The Principal Imperative. This proprietary, comprehensive business management system teaches business owners how to create and implement a business strategy that ultimately generates company growth and drives financial returns. The system also helps guide closely-held businesses with ownership and management succession challenges. Additional information is available at: www.matrixcmg.com/services/consulting. Mr. Strine has over four decades of petroleum marketing and convenience retailing experience. Over the years, he has held multiple strategy, operations, real estate, talent development and executive leadership roles. His career began with Exxon Company, USA where he served in various major oil marketing staff and leadership positions. Most recently, Mr. Strine spent nearly 18 years leading the retail marketing group for the Wills Group, based in La Plata, MD. While at the Wills Group, Mr. Strine was President and CEO of four major retail subsidiaries, Dash In convenience stores, SMO dealer stores, Splash In car washes, and PEH, LLC, a former joint venture with Shell Oil. Mr. Strine commented on the development of the new group, “I am delighted to join Matrix and offer this new opportunity to help marketers improve their business operations. We are excited about our Principal Imperative offering. I look forward to leveraging our collective talents to help enhance overall company and personnel performance, and develop better bottom line results for our clients. Our work within the MCS Group will be aligned with the overall efforts of Matrix in maximizing value for their clients, which is reflected in their work and the highly ethical way they serve their clients.” Tom Kelso, President of Matrix and Head of Matrix’s Downstream Energy & Convenience Retail Group, added, “We are very excited to welcome a leader in the industry with Mel’s experience and stature to Matrix. Not only does his expertise complement our Downstream Energy & Convenience Retail Group, but he also brings many years of executive leadership, direct petroleum marketing and convenience retailing knowledge that will benefit all of our clients. We believe the addition of Mel and the new Matrix Consulting Services Group reflects our continued, long term commitment to provide the absolute best transaction, valuation and advisory services to our clients.”

September 9, 2018 Matrix Announces the Successful Sale of Tevis Oil, Inc.’s Convenience Retailing & Wholesale Motor Fuel Assets

RICHMOND, VA – September 10, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Tevis Oil, Inc.’s (collectively “Tevis” or the “Company”) convenience retailing and wholesale motor fuel assets to SMO, Incorporated (d/b/a SMO Motor Fuels and Dash In®), a subsidiary of The Wills Group, Inc. The acquired assets consist of all of Tevis’ company-operated locations (d/b/a Jiffy Mart) as well as its commission agent and lessee dealer sites. Tevis will continue to operate and is actively looking to grow its home comfort solutions, commercial fuels, and HVAC businesses, consisting of: Tevis Energy (heating oil, diesel, and gasoline sales to residential and commercial customers); Tevis Propane (propane sales to residential and commercial customers); and, Modern Comfort Systems (HVAC installation, repair & maintenance). Headquartered in Westminster, Maryland, Tevis is a premier motor fuel distributor and total energy solutions provider in the Mid-Atlantic. The Company, originally known as S.H. Tevis & Son, was founded in 1932 by Stanley H. Tevis Sr. as a local fuels distributor in Westminster, Maryland. The Company started as a Gulf Oil commissioned agent selling gasoline, diesel, and heating oil to businesses, farms, and residences in the Carroll County Maryland area. In 1981, the Company opened its first convenience store originally called Tevco, which was primarily a self-service truck stop featuring less expensive, unbranded gasoline, along with hot food, drinks, and a variety of convenience items. The store’s location on Baltimore Boulevard in Finksburg, Maryland proved to be the perfect spot, and the business flourished. After the success of the first store, Tevis continued to open new stores over the years, with each new store offering more and more selection. In 1987, the Jiffy Mart brand was born, and by 2001 all of the Company’s Tevco stores had been rebranded Jiffy Mart. The Company is currently led by Mr. Jack Tevis, who represents the third generation of the Tevis family. Mr. Jack Tevis commented, “It has been a pleasure to work with Sean Dooley and Spencer Cavalier and the entire Matrix team over the last few months to successfully undertake and conclude this project. Their professionalism and expertise has exceeded any expectations that I might have had on how this endeavor might go. And I want to compliment the folks at SMO and The Wills Group as well for their outstanding cooperation to diligently consummate this project. Finally, I want to express my deepest appreciation to the employees of Jiffy Mart and Tevis Oil for their wonderful efforts to create and sustain a wonderful group of stores in our community over the past thirty years.” Matrix provided merger and acquisition advisory services to Tevis, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Sean Dooley, Vice President; and Christian Klawunder, Senior Associate. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, also […]

August 13, 2018 Matrix Announces the Successful Sale of Carolina Convenience Corporation’s Petroleum Marketing Assets

RICHMOND, VA – August 13, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces that it has advised Carolina Convenience Corporation (“Carolina Convenience” or the “Company”) on the sale of seven of its S-Mart branded convenience stores and its wholesale fuels distribution business in South Carolina to an affiliate of Dublin, Ireland based Applegreen plc and Petrogas Global Ltd. Headquartered in Lexington, SC, Carolina Convenience operated eight S-Mart convenience stores in Columbia and supplied numerous dealers primarily in the Columbia market with a handful of dealers in eastern South Carolina. The Company was a jobber for BP, ExxonMobil, and Sunoco and also supplied unbranded motor fuels to a few of its dealers. The S-Mart stores offer BP and Exxon branded motor fuels as well as a full array of convenience merchandise, and one of the stores is cobranded with a Hardee’s restaurant. The Company will continue to operate the Hardee’s business post-closing as well as one convenience store at a separate location. Carolina Convenience is a second generation, family owned company founded in 1981 by Madhu and Sulochana Shrivastava, and today the Company is managed by Madhu Shrivastava, Chairman & CEO, and Seema Shrivastava-Patel, President. In addition to its petroleum marketing and convenience store business, the Company also operates several Hardee’s restaurants in the Columbia market which were not included in the sale to Applegreen. After nearly 37 years of operation, the Company is divesting substantially all of their convenience store and petroleum marketing business to focus on the operation of its Hardee’s restaurants and other business ventures. As part of the transaction, Applegreen retained the Company’s convenience store employees at the acquired stores. Matrix provided merger and acquisition advisory services to Carolina Convenience, 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, Managing Director, and John Duni, Associate. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, also advised on the transaction. Mr. Shrivastava, Chairman & CEO, commented, “Matrix has been a great advisor and partner throughout this entire journey. They conducted a thorough financial analysis and handled detailed contract negotiations which resulted in a successful conclusion. Matrix’s knowledge and experience in this area definitely helped us increase the value of our business. I would like to thank God for his blessings and support of all the employees and valued customers who made the business successful.” Ms. Shrivastava-Patel, President, added, “I would like to thank all of our employees who helped build our company over 37 years. Coming to the U.S. with only $100, my parents are the epitome of the American Dream. This was a very difficult process to go through, but having a team like Matrix made it much easier. They made sure that every detail was considered to ensure we were in the best possible situation. Our family is also thankful to our legal team led by Richard Few […]