Matrix Announces the Successful Sale of Dickerson Petroleum, Inc. & Related Entities
BALTIMORE, MD – February 18, 2013 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of Belleville, IL based Dickerson Petroleum, Inc. & Related Entities (“Dickerson” or “Company”) t/a Gas Mart, to Alimentation Couche-Tard, Inc. (TSX: ATD.A, ATD.B), through its wholly-owned indirect subsidiary, Mac’s Convenience Stores, LLC (collectively “Couche-Tard”). Dickerson operates retail and wholesale assets in three states: Illinois, Missouri, and Oklahoma. The Company’s assets purchased by Couche-Tard include twenty-nine (29) company operated retail units and twenty-nine (29) wholesale assets. The wholesale assets are comprised of one (1) lessee dealer unit and twenty-eight (28) open dealer supply agreements.
Dickerson Petroleum, Inc. was founded by Tom Dickerson in 1971. The Company was originally a wholesale supplier of tires, batteries, accessories, and gasoline to a number of traditional service stations. The passing of an Illinois self-service law in 1977 spawned the beginning of the retail convenience store business. Since then, retail store growth and wholesale gasoline supply became the focus. Dickerson has been a family company since its inception.
Steve Dickerson, who has worked in the family business since 1971 and served as President since 2001, commented, “Selling the Company was a very difficult decision, overshadowed only by the task itself. I’m convinced I selected the best help with Tom Kelso, Spencer Cavalier and the Matrix Team. Their industry knowledge, diligence, and patience led to a best outcome.”
Matrix provided merger and acquisition advisory services to Dickerson, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was managed by Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group; Spencer Cavalier, Director; Sean Dooley, Associate; and, Andrew LoPresti, Senior Analyst. Mr. Cavalier commented, “Tom and his family built a very strong company over the last forty (40) years, and we were honored to advise the shareholders through a complex transaction that resulted in a highly successful sale and the monetization of significant family capital.”
Joseph Lehrer, Phillip Stanton, Alfred Henneboehle, Giles Walsh, and Kevin Vick of Greensfelder, Hemker & Gale, P.C. served as legal counsel for Dickerson.