Matrix Announces the Successful Sale of Manchester Marketing Inc.’s Wholesale Fuels Distribution Business
RICHMOND, VA – December 26, 2013 – Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce the successful sale of Manchester Marketing Incorporated’s (“Manchester” or “Company”) wholesale fuels distribution business to Lehigh Gas Partners LP (NYSE: LGP) and affiliated entities. The Manchester distribution assets are primarily located in Central Virginia and carry the BP, Shell, Sunoco, CITGO, and Exxon brands.
Manchester is part of the Seibert’s Family of Companies (“Seibert’s”), a second-generation, family-owned business that was founded in 1976 by Mr. John Seibert and entered the convenience store and fuels distribution business in the 1980’s. Seibert’s is involved in various businesses including motor fuels distribution, convenience store operations, towing and roadside assistance, and the wholesaling and auctioning of used automobiles. Manchester expanded their wholesale fuels and convenience store business under the direction of current president Randy Seibert. The wholesale fuels distribution business includes a portfolio of fifty-one (51) customers. Subsequent to the closing of the transaction, Manchester will remain in the convenience store business with three (3) Bert’s Buck Stop convenience stores.
Matrix provided merger and acquisition advisory services to Manchester, which included valuation advisory, potential buyer identification, transaction structuring, marketing, negotiating the definitive asset purchase agreement, and navigating the closing process. Randy Seibert, President and CEO of Manchester, commented, “We made a strategic decision to divest this portion of our business based on certain trends occurring within our industry and our position within it. Matrix brought very good counsel and a highly disciplined process to the execution of our decision. Their efforts helped us transition smoothly and we are very pleased by the outcome.” The transaction was led and managed by Cedric Fortemps, a Managing Director in Matrix’s Energy and Multi-Site Retail Group (“EMR Group”). Mr. Fortemps commented, “We are extremely excited to have been able to advise the Seiberts, who we have had a close working relationship with for years, to successfully divest of this division.” Vance Saunders, Vice President with the EMR Group, who co-managed the transaction added, “We were delighted that we were able to help the Seiberts maximize value for all of their years of hard work building and developing this top-notch business.” Thomas Kelso, Managing Director and Head of Matrix’s EMR Group and Stephen Lynch, Associate, also advised on the transaction.
David Clarke of Eckert Seamans Cherin & Mellot, LLC served as legal counsel to Manchester on the transaction.