Matrix Announces the Successful Sale of the Assets of Jump Oil Company, Inc.
BALTIMORE, MD – September 9, 2013 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of the assets of Jump Oil Company, Inc., a Debtor-in-Possession, Case #13-41130, U.S. Bankruptcy Court for the Eastern District of Missouri (referred to herein as “Jump” or “Company”). Jump was a motor fuels distributor that supplied fuels to forty-eight (48) dealer locations throughout Missouri. Jump owned or controlled all of the locations either through ownership of the real estate or through third party leases. The Company’s assets were purchased by Lion Petroleum, Inc. (32 sites), Casey’s General Stores, Inc. (4 sites), and the twelve remaining stores were purchased by other buyers pursuant to an Order of the United States Bankruptcy Court having jurisdiction over this matter dated July 3, 2013.
Matrix provided merger and acquisition advisory services to Jump, which included valuation advisory, transaction structuring, marketing, and negotiation of all the offers. Matrix designed and implemented a sale process that had one hundred twenty (120) parties execute non-disclosure agreements and resulted in approximately forty (40) offers for various combinations of the assets. The transaction was managed by Thomas Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Group and Cedric Fortemps, Director. Vance Saunders, Vice President and Stephen Lynch, Senior Analyst assisted with the transaction. Mr. Fortemps commented, “Given the quality and condition of the assets, this was a very robust sale process yielding substantial benefit to the parties-in-interest to this bankruptcy case.” Mr. Kelso added, “We appreciate the opportunity to have worked with all of the parties and professionals involved in this case. The positive outcome truly reflects the high quality of the work performed by everyone who participated in the transaction.”
The Debtor was represented by Norman W. Pressman and Benjamin K. Westbrook of Goldstein & Pressman, P.C. Timothy T. Sigmund of Mariea, Sigmund & Browning, LLC served as Special Counsel to the Debtor. GE Capital Commercial Finance, Inc., the largest senior lender in the case, was represented by Susan G. Boswell of Quarles & Brady LLP.