Matrix Announces the Successful Sale of Strasburger Enterprises Inc.’s Retail Convenience Stores
RICHMOND, VA – June 14, 2012 – Matrix Capital Markets Group, Inc. announced today the successful closing on the sale of most retail assets of Strasburger Enterprises, Inc. (“Strasburger” or “Company”), a Shell, Mobil, Chevron and Citgo branded petroleum distributor and convenience store operator in Texas. The Company is family owned and is also involved in various other businesses including convenience store design, travel, agribusiness, and banking. The company has recently focused on managing convenience stores for lending institutions with troubled assets, venture capital firms and major oil companies.
The Company’s retail division produced approximately $100 million in annual sales in 2011. Their retail stores are primarily owned in fee, Shell branded, and located in high traffic areas along the Interstate-35 corridor between Dallas and San Antonio.
In 2011, Strasburger decided to engage Matrix to structure and manage a confidential sale process in order to achieve maximum value in the divestiture of the Company’s retail assets and redeploying that capital into its other businesses. The competitive sale process involved only approximately twenty (20) potential buyers to ensure that the shareholders’ desire to monetize their retail assets was only known by the most likely interested parties and kept strictly confidential. The sale process that Matrix designed and executed resulted in a sale of twenty-three (23) stores to 7-Eleven, Inc. The closings occurred over an eight-day period, with the final closings and transitions occurring on Monday, June 11th, 2012.
According to H.T. “Tommy” Strasburger, CEO and President of the Company, “We adjusted our focus several years ago. We recognized a real opportunity to operate sites owned by others when the major oil companies began divesting their retail assets and bankers began taking back retail properties because of loan delinquencies.” Roy Strasburger, Vice-President commented on the sale, “The majors dismantled their retail infrastructure and sometimes found themselves with properties that had no operators; we simply offered our services on an interim basis, and it has been a winning proposition for all involved. The sale allows us to focus on the provision of our convenience management services to property owners.”
Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix added, “It has been an honor to work with the Strasburger family as they changed their convenience store strategy and primary business model.” Cedric Fortemps, Senior Vice President with Matrix, who managed the transaction added, “The stores owned by the Strasburgers presented a strategic acquirer with an exceptional opportunity as they controlled some very valuable properties along I-35 for a convenience retailer. We really enjoyed advising and working with the Strasburger family to help them achieve their goals.”