BALTIMORE, MD – April 21, 2011 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of twenty (20) retail assets of Hanover, MD based High’s of Baltimore, Inc., t/a High’s Dairy Stores (“High’s” or “Company”). The retail assets have been sold to multiple buyers, including national consolidators, regional jobbers, and individual store operators. High’s directly operated all of the units. Fee simple real estate interests in three (3) units and leasehold interests in seventeen (17) units were conveyed to the buyers.
The purpose of the sale was to allow High’s to redeploy capital to its remaining and new-to-industry retail units, comprised of forty-six (46) high volume convenience stores located in highly populated areas of the Baltimore-Washington, D.C. corridor. For over sixty years, High’s has been a leading petroleum marketing and convenience store operator in the region. The Company is highly regarded for providing value to customers through friendly service, quality product offerings, and ultimate convenience due to highly accessible, superior locations. The Company’s stores offer Shell and CITGO branded fuels, a wide assortment of convenience merchandise, and freshly prepared coffee and food.
Brian Darnell, Principal and VP of Real Estate for High’s, commented on the transactions, “The justification of locations and reallocation of capital to maximize potential return is a process that chains should periodically perform. It has also allowed us to refocus on our core assets.”
Matrix provided merger and acquisition advisory services to High’s, which included valuation advisory, asset marketing through a customized structured sale process, and negotiation of the transactions. The transaction was managed by Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group; Spencer Cavalier, Director; Matt Murphy, Senior Associate; and Sean Dooley, Senior Analyst. Mr. Cavalier commented, “Matrix has been providing valuation guidance to High’s shareholders since 2003, which allowed High’s to time the marketing of these properties in order to achieve maximum value. We believe High’s consistent focus on the assessment and proper allocation of capital is a primary reason the retail chain has continued to grow and thrive. We have enjoyed working with High’s over the years and greatly appreciate the opportunity to structure and execute these transactions.”
Jay Ghingher and Jacqueline Allen of Saul Ewing, LLP served as legal counsel for High’s.