Matrix Announces the Successful Sale of Bradley Petroleum, Inc. and Sav-O-Mat, Inc.
RICHMOND, VA – February 14, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Bradley Petroleum, Inc. and Sav-O-Mat, Inc. (collectively the “Company”) to Stinker Stores, Inc. (“Stinker”). Headquartered in Denver, Colorado, the Company’s operating history spans over a century in the petroleum marketing and convenience retailing industry, including owning and operating the first Denver-based gas station in 1912. Stinker is acquiring the Company’s 40 stores in Colorado and one in Wyoming.
The Bradley and Sav-O-Mat stores are well-known in the Colorado market, especially the Denver metropolitan region, as very high-volume fuel sites located in high traffic areas and configured to offer ease of ingress and egress for enhanced convenience and speed of refueling. The Company grew significantly under the leadership of George Calkins (deceased) and his son, Brad, both of whom are well-known as accomplished petroleum marketing and convenience retailers and real estate investors. Brad’s son, Buzz Calkins, has served as President of the Company for the last ten years and continued the Company’s legacy of strong profitability and growth.
Mr. Brad Calkins commented, “This is certainly a bittersweet moment. With my family having been in the petroleum business for four generations and me my entire life, it is certainly hard not to look back without some nostalgia. I am proud to reflect on everything we have been through in this industry, and how rewarding it’s been for me personally and my entire family. In saying that, this represented an ideal time for our family and where we want to go with our future endeavors. Matrix did a wonderful job in advising us with such a complicated transaction and was extremely patient while everything was put into place to make it happen. They couldn’t have been a better partner, and we couldn’t have done it without everyone at Matrix and all of their expertise.”
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 transaction. The transaction was managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Convenience Retail Group, and Spencer Cavalier, Managing Director. Tod Butler, Vice President of Business Development; Sean Dooley, Vice President; Andrew LoPresti, Associate; and Christian Klawunder, Associate, also advised on the transaction.
Mr. Cavalier commented, “We have been very fortunate to have known and worked with the Calkins family for many years. We have watched them build a very successful, market leading company whose longevity spans the work of several generations. We worked hand-in-hand with the family over the last decade to value the Company on several occasions and to advise on how to best position the Company to monetize the company assets for further diversification and tax-efficient estate planning. We thank the Calkins family for the opportunity to advise them.”
Jim Thomas and Carolyn Bishop of Minor & Brown PC served as legal counsel for the Company.