Matrix Announces the Successful Sale of Double Quick, Inc.
RICHMOND, VA / BALTIMORE, MD – April 23, 2020 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Double Quick, Inc. (“Double Quick”) on the sale of its convenience retailing, petroleum marketing, and quick service restaurant (“QSR”) assets to Charleston, SC based FR Refuel, LLC d/b/a Refuel, a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy. Double Quick directly operates 48 convenience retailing and petroleum marketing locations, five stand-alone QSR sites, and offers proprietary food service or branded QSR concepts at 34 of its convenience stores.
In 1983, Double Quick opened its first convenience store in Greenville, MS, and soon after opened two additional locations. The following year, Double Quick acquired 16 former “Mr. Quick” stores. The acquisition established Double Quick as a notable player in the Mississippi Delta convenience store market. Under the leadership of Tom Gresham, President & Partner and Bill McPherson, Partner, Double Quick established its own proprietary hot food offerings in 1984 which eventually became known as Hot N’ Crispy Chicken & Seafood. Double Quick saw an opportunity in the early 1990s to bring branded fast food to its marketing platform and entered into a partnership with Church’s Chicken. As the partnership with Church’s grew, Double Quick looked for other opportunities to expand its food offerings by also partnering with Krystal restaurants in 1995.
Matrix provided merger and acquisition advisory services to Double Quick, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Spencer Cavalier, Co-Head of Matrix’s Downstream Energy & Convenience Retail Group; Sean Dooley, Director; Andrew LoPresti, Vice President; and Martin McElroy, Associate.
Tom Gresham stated, “Bill and I would first like to thank the awesome Double Quick team members who, over the last 36 plus years, adopted our core values of ‘Learn, Be Honest, Work Smart Together and Have Fun’, making Double Quick what it is today.” Bill McPherson added, “Tom and I want to thank our CFO Barry Schuster, for her support and guidance, Matrix for their financial advisory and transactional expertise, and the Bradley law firm for their legal guidance and professionalism throughout this entire process.”
Mr. Cavalier commented, “We are honored to have advised the Gresham and McPherson families on the sale of Double Quick. Tom and Bill were very progressive in the early years in establishing a reputable food service offering, which greatly increased customer trips and brand loyalty. They have built one of the most successful convenience retailing and restaurant companies we have advised to date, and it was a pleasure working with them on this transaction.”
Michael Noble, David Roth and David Rutter of Bradley Arant Boult Cummings LLP served as legal counsel for Double Quick.