Matrix Announces the Successful Sale of Jet-Pep, Inc. and Bama Terminaling and Trading, LLC
RICHMOND, VA – December 11, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful closing on the sale of Jet-Pep, Inc. and Bama Terminaling and Trading, LLC (collectively “Jet-Pep” or the “Company”) to CrossAmerica Partners LP (NYSE: CAPL) and Circle K Stores, Inc., a wholly-owned subsidiary of Alimentation Couche-Tard Inc. (TSX: ATD.A and ATD.B). The transaction closed on November 28.
The acquired assets consist of 119 petroleum marketing and convenience stores located throughout Alabama, and a 270,000-barrel motor fuels terminal, which is located in Birmingham and directly connected to the Colonial and Plantation pipelines.
Headquartered in Holly Pond, Alabama, Jet-Pep was founded by Robert Norris, 100% owner and president, in 1973. For over 40 years in the industry, Mr. Norris and his executive team have grown the Company’s proprietary “Jet-Pep” brand by building new-to-industry sites and acquiring and improving locations. The Jet-Pep brand has grown to be one of the most well-recognized and trusted independent fuel brands in Alabama.
Mr. Norris commented, “I appreciate Matrix and their assistance with the marketing of my business. Spencer Cavalier and his team were instrumental in the sale with their excellent knowledge of the industry, contacts and asset evaluations. Matrix’s dedication, compassion and tenaciousness helped complete the sale.”
Matrix provided merger and acquisition advisory services to Jet-Pep, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Spencer Cavalier, Managing Director and Thomas Kelso, Managing Director and Head of the Downstream Energy & Convenience Retail Group. Sean Dooley, Vice President; Tod Butler, Vice President of Business Development; and, Andrew LoPresti, Senior Associate, also advised on the transaction.
Mr. Cavalier added, “While we have advised many extremely successful entrepreneurs, not many have achieved the success of Mr. Norris, who started the Company from scratch approximately 44 years ago and grew it to become one of the largest, privately-held convenience store chains in the U.S. He has an exceptional skill for investing in high return retail locations, engineering and constructing sites, and hiring and retaining very talented management personnel. We wish him continued success in his future business endeavors.”
Roy Williams of Jackson & Williams and Roy Crawford of Cabaniss, Johnston, Gardner, Dumas & O’Neal LLP served as legal counsel for Jet-Pep.