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Matrix Announces the Successful Sale of Slidell Oil Company, LLC

RICHMOND, VA / BALTIMORE, MD – December 17, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces the successful closing on the sale of the assets of Slidell Oil Company, LLC (“Slidell” or the “Company”) to Circle K Stores Inc.

Slidell owned a chain of convenience stores operated by commissioned agents under the Company’s Purple Cow convenience store brand and provided wholesale motor fuels to a network of dealers. The Company’s assets were located in Alabama, Mississippi, and Louisiana, with a significant market presence in Montgomery, Alabama and Slidell, Louisiana. The Company marketed primarily Chevron and Shell branded motor fuels and supplied unbranded fuels to a few dealer locations.

Based in Slidell, Louisiana, the Company is a third-generation family-owned business founded in 1948 as a Shell jobber and acquired by Willis A. Baker in 1952. Willis’ son, W.A. Baker, Jr., joined the Company in 1973 and continued to grow the business and expand the Company’s marketing territory.  By 1998, Brian and Keith Baker, the Company’s current owners and Co-Chief Executive Officers, joined the family business. Under their leadership, Slidell continued to grow organically by building new sites and acquiring customers throughout their marketing area. They also acquired Interstate Oil Company in 2011, which gave them a significant presence in the Montgomery, Alabama market. In 2016, the Company sold its lubricants and commercial fuels divisions in order to focus on its retail and wholesale motor fuels businesses.

Matrix provided merger and acquisition advisory services to Slidell, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Vance Saunders, CPA, Managing Director; John Duni, CFA, CPA, Vice President; and Kyle Tipping, CFA, Associate.

Brian and Keith Baker commented, “Having been through a few previous acquisitions and dispositions, we selected Matrix based on their structured approach to the sale of our company.  Although it was a tough decision to sell, we believe it was the right time for us to exit the industry.  Matrix was very professional and executed on an efficient process to achieve our goals and maximize the value of our assets.  It was a pleasure working with Vance, John, and Kyle.”

Mr. Saunders added, “The Baker family built an extremely strong company comprised of high-quality assets. We are grateful to have been selected as their advisor to monetize the value created by three generations of their family over the past 70 years. It has been a pleasure working with Brian and Keith and we wish them all the best in their future endeavors.”

Brooks Milling and Chris Gill of Hand Arendall Harrison Sale and Paul Mayronne of Jones Fussell, L.L.P. served as legal counsel to Slidell.