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Matrix Announces the Successful Sale of 33 Cenex® Zip Trip Retail Locations in Washington and Idaho

RICHMOND, VA – March 23, 2018 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces that it has advised CHS Inc. (“CHS” or the “Company”) on the sale of its 33 Cenex Zip Trip convenience stores in eastern Washington and northwestern Idaho to a subsidiary of Par Pacific Holdings, Inc. (NYSE: PARR) (“Par Pacific”) for approximately $70 million plus the value of inventory at closing.

As part of the sale, CHS and Par Pacific have entered into a branded petroleum marketing agreement for the continued supply of Cenex branded refined products to the 33 Cenex Zip Trip stores. Additionally, the parties have entered into a separate supply agreement under which an affiliate of Par Pacific will supply refined products to CHS within select markets.

CHS is a leading, global agribusiness owned by farmers, ranchers, and cooperatives across the United States. In addition to its agriculture, nitrogen production, and food business segments, the Company owns and operates two petroleum refineries and more than 2,500 miles of pipeline. Through its energy segment, CHS manufactures, markets, and distributes Cenex branded refined fuels, lubricants, propane, and renewable energy products through a network of more than 1,500 Cenex branded retail petroleum outlets in 19 states, including its Cenex Zip Trip chain of convenience stores. The sale did not include the 35 Cenex Zip Trip locations in Minnesota, Montana, North Dakota, South Dakota, and Wyoming, which will continue to be owned and operated by the Company.

Matrix provided merger and acquisition advisory services to CHS, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Cedric Fortemps, Managing Director, Robbie Radant, Director, and Stephen Lynch, Vice President. John Duni, Associate, and Kyle Tipping, Analyst, also advised on the transaction.

“We couldn’t be more pleased with Matrix for their proven industry expertise, transactional insights, and dedication to supporting CHS on this project from our initial conversation through closing,” said Nicholas Colbert, Director of Corporate Development for CHS. “Matrix delivered tenfold and our entire team enjoyed working with them.”

Mr. Fortemps added, “We greatly enjoyed working with the entire CHS team and appreciate their tireless efforts, which were necessary to close this transaction within the compressed timeline that was desired.  We’re extremely pleased that the transaction accomplishes the goals that CHS had set out from the start, including finding a partner that is excited about the future of these retail stores and their employees.”

Michael Kuhn of Ballard Spahr LLP served as legal counsel for CHS.