45 Sentry Food Mart Stores Sold
RICHMOND, VA – July 7, 2005 Matrix Capital Markets Group, Inc. announced today the successful sale of 45 Sentry Food Mart Stores located in the Tidewater and Western regions of Virginia. All of the stores were sold through a sale process managed by Matrix. Twenty-three (23) stores were sold to The Pantry, Inc. (NASD:PTRY), five (5) stores were sold to B&L Investments, and the remaining seventeen (17) stores were sold to twelve (12) other acquirers. Matrix served as the exclusive financial advisor to the seller, Angus I. Hines, Inc. Tom Kelso, Managing Director and Head of the Energy and Multi-Site Retail Group at Matrix, managed the transaction.
Angus Hines, President of Angus I. Hines, Inc. said, “We retained Matrix to sell our convenience stores based on recommendations from other firms who had used their services as well as Matrix’s excellent reputation in our industry. We were extremely pleased with the results. The high level of buyer participation and the number of offers we received were far above our projections. The Matrix team was very professional and easy to work with, thus making a rather stressful event run as smooth as possible.” A complete list of the buyers is available at www.matrixcapitalonline.com under the VA & NC Stores, Sale of Sentry Food Marts section. Matrix’s Energy & Multi-Site Retail Team is recognized as a national leader in providing transactional advisory services to companies in the energy and multi- site retail industries. Team members are dedicated to these industries and draw upon complementary experiences to complete sophisticated mergers, acquisitions, and corporate finance transactions.