Matrix Announces the Successful Sale of Cumberland Farms’ Mid-Atlantic Retail Assets
RICHMOND, VA – April 29, 2014 – Matrix Capital Markets Group, Inc. announces the successful closing on the sale of twenty-seven (27) of Cumberland Farms, Inc.’s convenience stores to Petroleum Marketing Group (PMG). The convenience stores are located in New Jersey, Pennsylvania, and Delaware and include seventeen (17) stores that also offer motor fuels. Petroleum Marketing Group, based in Woodbridge, VA, will continue to operate the sites as convenience stores and expects all of the employees to stay on with the new ownership. In addition, Gulf Oil Limited Partnership, which is owned by Cumberland Farms, Inc., was able to secure a long-term fuel supply agreement with PMG for these stores as part of the transaction.
Matrix provided merger and acquisition advisory services to Cumberland, which included valuation advisory, asset marketing through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Tom Kelso, Managing Director and Head of the Energy & Multi-Site Retail Team and Cedric Fortemps, Managing Director. Stephen Lynch, Associate, also advised on the transaction.
Mr. Fortemps commented, “We are honored to have been selected by Cumberland Farms to advise them on the sale of their stores in the Mid-Atlantic. We really enjoyed working with their entire team to accomplish this successfully and on the timeline that we had set at the beginning of the process.”
Mr. Kelso added, “We are excited to have helped Cumberland achieve their goal of exiting this market. We are also pleased for the employees that will retain their positions, and for PMG, as they were able to acquire these high volume stores that will allow them to grow the Circle K and Gulf brands in these markets.”