Matrix Announces the Successful Sale of Schmitt Sales, Inc.’s Convenience Retailing and Wholesale Fuel Assets
RICHMOND, VA – January 18, 2019 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of Schmitt Sales, Inc.’s (“Schmitt Sales” or the “Company”) convenience retailing and wholesale fuel assets to Sunoco LP (NYSE: SUN). Schmitt Sales owned and operated Robo Mart convenience stores located in Buffalo, NY and distributed fuel to commission marketers and independent dealers located primarily throughout New York, Pennsylvania, Ohio, and West Virginia.
Peter C. Schmitt Jr. founded Schmitt Sales in 1964 at the age of 24. Always the entrepreneur, he pioneered the concept of installing fuel equipment at independent grocery stores in exchange for the right to distribute motor fuels and share related fuel profits. This successful business model, of providing a no cost opportunity to add a fuel offering to grocers, was then expanded to independent convenience retailers and other retail outlets. After Mr. Schmitt’s passing in 2003, Peter Glor became the Company’s President and, along with Maureen Schmitt, CEO, Mike Marong, Director of Finance and a talented group of employees, grew the Company from a local fuel distributor to one of the largest fuel distributors on the East Coast.
Mrs. Schmitt commented, “The team at Schmitt Sales has done a tremendous job as we expanded our footprint in the Northeast through the leadership of Peter Glor. As we all know, this business can be unpredictable and challenging. The friendships that we have created not only with our customers, but colleagues in the industry, have added to the success that we have enjoyed. I’d like to thank my dedicated team of employees for their hard work throughout the years. I’d also like to thank Matrix for their superior customer service and support through this entire process.”
Matrix provided merger and acquisition services to Schmitt Sales, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Andrew LoPresti, Senior Associate; and Kyle Tipping, Analyst. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy & Convenience Retail Group, also advised on the transaction.
Mr. Cavalier added, “Schmitt Sales became one of the largest, most successful petroleum marketing and convenience retailing companies on the East Coast by consistently delivering unparalleled customer service. We are honored that the Schmitt family and the management team selected Matrix to advise them on the sale of the Company.”
Paul Schulz and Elise Edwards from Lippes Mathias Wexler Friedman LLP served as legal counsel for Schmitt Sales.