Matrix Announces the Successful Sale of Little Sue Convenience Stores
RICHMOND, VA – January 23, 2008 – Matrix Capital Markets Group, Inc. announced today the successful closing on certain assets of Neighborhood Convenience, Inc., an Eastern Virginia based convenience store chain trading as Little Sue. The stores are all located in the Gloucester and Middlesex counties of Virginia and sell Exxon branded motor fuels.
Founded in 1972, Little Sue has built significant customer recognition and loyalty in its market. Since 1996, the chain has been owned by John Steele. Last summer, Mr. Steele decided to engage Matrix to structure and manage a confidential sale process in order to maximize shareholder value.
Matrix was able to execute on a completely confidential, competitive sale process that resulted in a sale of the stores to 7-Eleven, Inc. The transaction closed on January 18th, 2008. John Steele commented on the sale, “The Matrix Team did an exceptional job and I could not be more pleased. They came highly recommended and lived up to their reputation.”
Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix managed the transaction and added, “It was a pleasure working with John to advise him on maximizing the value of the business he has successfully owned and operated for more than a decade.” Cedric Fortemps, Vice President with Matrix, who co-managed the transaction also commented, “The strength of the Little Sue brand, the chain’s customer loyalty, and its exceptional management and store personnel made the business a very attractive opportunity for a buyer and were all key factors in the amount of competition that resulted for the assets.”