RICHMOND, VA – June 1, 2011 – Matrix Capital Markets Group, Inc. announces the successful sale of twenty-nine (29) retail assets of Framingham, MA based Cumberland Farms, Inc. The retail assets have been sold to multiple buyers, including regional jobbers, individual store buyers, and individual store operators. Closings have occurred on twenty-three (23) of the stores and the remaining six (6) stores under contract should be closing over the next month. All of the locations were owned by Cumberland Farms and were operated by independent operators. Cumberland also supplied fuel to twenty-eight (28) of the stores.
The purpose of the sale was to allow Cumberland to redeploy capital to its remaining and new-to-industry company operated retail units, comprised of over five hundred high volume convenience stores located in highly populated areas across ten states in the Northeast and Florida. For over seventy years, Cumberland has been a leading convenience store operator in these markets and has provided customers with exemplary service and offerings.
Joe Petrowski, Chief Executive Officer of the Cumberland Gulf Group of Companies, commented on the transactions, “It was a pleasure to work with the professionals at Matrix on these transactions. The repositioning of capital within our market area is an important part of our strategy to acquire new sites, renovate existing sites, and own and operate sites consistent with our brand identity.”
Matrix provided merger and acquisition advisory services to Cumberland, which included valuation advisory, asset marketing through a customized, structured sale process, and negotiation of the transactions. The transactions were managed by Tom Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Group; Cedric Fortemps, Senior Vice President; Vance Saunders, Associate; and Sean Dooley, Senior Analyst. Mr. Kelso commented, “We are extremely pleased to have advised Cumberland on the monetization of a significant amount of non-core assets. We know that the proceeds derived from these transactions will be redeployed in a manner that provides a higher return on capital than they would have generated from continuing to own these assets. It was a pleasure working with the entire Cumberland team and we appreciate them engaging Matrix to maximize the value of these stores.”
About Cumberland Farms
Cumberland Farms makes life easier for busy people every day. Its network of convenience stores across 11 states reflects the values of three generations of providing customers with value, convenience and unparalleled service – whether you need a refreshing Chill Zone drink, a cup of Farmhouse Blend Coffee or a quick, satisfying meal. Family owned for over 70 years, Cumberland Farms also has a long heritage of giving back to the communities where it operates. For additional information, please visit www.cumberlandfarms.com.