Matrix Announces the Successful Sale of Tedeschi Food Shops, Inc. and Related Real Estate Entities
RICHMOND, VA – August 25, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of Tedeschi Food Shops, Inc. and related real estate entities (collectively “Tedeschi” or “Company”) to 7-Eleven, Inc.
Headquartered in Rockland, Massachusetts, Tedeschi is a leading convenience retailing and foodservice company located in the New England area, with stores in Massachusetts and New Hampshire. The convenience store chain is comprised of 181 stores. Tedeschi directly operates 104 corporate stores and is a franchisor of 77 stores. The stores offer a full assortment of traditional convenience store merchandise, private label Tedeschi Select products, proprietary Tedeschi Fresh Foods made to order on-site and delivered from its own commissary, as well as beer, wine and liquor in select locations.
The Company traces its roots back to 1923, when Angelo Tedeschi opened a small store in Rockland, MA. Four generations of Tedeschi family members and dedicated employees have worked to ensure that the Tedeschi brand continues to be synonymous with high quality offerings, friendly service, and strong community support.
Tedeschi has always been recognized as a leading convenience retailer, and management’s ability to evolve its brand and convenience store offerings have enabled them to stay relevant with a broader consumer base, increase viability well in to the future, and support ancillary but complementary business models. The Company’s most recent growth and evolution have been led by Peter Tedeschi, who has served as President and CEO since 2009. Tedeschi’s commitment to change has earned the Company numerous accolades, including being selected as the “2012 Convenience Store Chain of the Year” by Convenience Store Decisions.
Matrix provided merger and acquisition advisory services to Tedeschi, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Group and Spencer Cavalier, Managing Director. Sean Dooley, Senior Associate and Andrew LoPresti, Associate also advised on the transaction.
Peter Tedeschi commented on the process, “The decision to sell a family owned business like ours is never easy, especially when employees and franchisees have become part of your extended family. Our decision to engage Matrix to assist us with this process was as easy as it was obvious. Through the years we have had a number of opportunities to work with Matrix, and they always conducted themselves in a way that is commensurate with the high standards that we established for ourselves at Tedeschi’s. Their work is top notch, and the guidance that they provided us from start to finish was invaluable.”
Mr. Cavalier added, “Matrix has been very fortunate to have enjoyed a long-term relationship with Tedeschi Food Shops and its shareholders. Tedeschi has been an iconic brand in New England for many years, and we are honored to have advised the family and employees, who have worked diligently to build this extremely successful and leading convenience retailer.”
Marianne Ajemian, Paul Eklund, Matthew Gaughan and Kathryn Conde of Nutter, McClennan and Fish LLP served as legal counsel for Tedeschi.