Matrix Announces the Successful Sale of 12 Convenience Stores for Wooten Oil Company
RICHMOND, VA – August 14, 2007 – Matrix Capital Markets Group, Inc. announced today the successful closing on the sale of twelve (12) convenience stores owned by Wooten Oil Company, a Goldsboro, North Carolina based owner and operator of retail petroleum marketing outlets and convenience stores branded as Kwik Mart throughout eastern North Carolina. Wooten Oil Company is exiting the petroleum marketing and convenience store industry to focus on its expanding commercial real estate business.
In March of 2007, Matrix began marketing the stores through a structured sale process. Wooten Oil directly operated all twelve (12) units. Fee simple real estate interests in eleven (11) units and a leasehold interest in one (1) unit were conveyed to the buyers. Nine (9) of the stores were purchased by WilcoHess, LLC and three (3) of the units were purchased by Sampson-Bladen Oil Company. Both WilcoHess and Sampson-Bladen are North Carolina based petroleum marketing and convenience store companies.
Wooten Oil Company has now completed 80 years as a family owned petroleum marketer in eastern North Carolina. Over the course of those 80 years, Wooten Oil Company operated as an oil jobber selling to consumers, end users, homeowners and service stations and through a sister company, Coastal Transport, operated as a common carrier petroleum hauler for many years. After a transition from full service stations to self service stations during the 1970’s, the company opened its first full size Kwik Mart store on January 1, 1980 and has continued to market through convenience stores for the last 27 years. The Company is now managed by family members, Dillon Wooten, President and Rick Sumner, Vice President.
Dillon Wooten commented on the transaction, “The Matrix process was very positive and included a detailed analysis of the value of assets to be sold and how the process would be achieved on an optimum and orderly basis. Goals and expectations were achieved with the final sale and closing being concluded on August 9, 2007. The majority of our fine associates were able to find employment with WilcoHess and Sampson-Bladen. The transition went smoothly and we believe that both WilcoHess and Sampson-Bladen will be very pleased with their new acquisitions which are all productive stores.”
Tom Kelso, Managing Director and head of the Matrix’s Energy and Multi-Site Retail Group, along with Spencer Cavalier, Vice President managed the transaction. Mr. Kelso added, “We are very pleased to have been selected to manage this sale and have enjoyed working with Dillon Wooten, Rick Sumner and the rest of their team. The outcome we achieved for Wooten Oil was the result of a customized, well designed and executed process that created competition for the assets from among various types of potential buyers.