We're Known By The Work We Do.
| Print | Follow us
| Join our email list

Press Releases

Download PDF »

Matrix Announces the Successful Sale of Thoroughbred Energy, LLC

RICHMOND, VA – August 27, 2015 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the sale of Thoroughbred Energy, LLC’s and its related entities’ (“Thoroughbred” or the “Company”) petroleum marketing and convenience store assets to an undisclosed buyer.  The buyer has closed on 21 of the stores and the wholesale business, and closings on the Company’s additional 13 stores, mainly leased sites, are expected to occur over the next few weeks upon the satisfaction of certain closing conditions.

Thoroughbred is based in Lexington, Kentucky with operations clustered around the greater Lexington area and in southern Kentucky along Interstate 75. The portfolio of assets includes thirty-two (32) company operated convenience stores, two (2) dealer operated convenience stores and their related fuel supply contracts, and wholesale fuel supply contracts for another eleven (11) dealer locations.  Seventeen (17) of the convenience stores are owned fee simple, and the remaining seventeen (17) convenience stores are leased or ground leased. Thoroughbred’s high quality convenience stores averaged 3,000 square feet and offered a wide variety of convenience merchandise and motor fuels at all of the locations. All of the stores are Shell branded.

Thoroughbred is a first generation, privately owned company founded in 1986 by Mr. Dudley Webb, a commercial real estate developer, along with Paul Koshgerian, a college roommate whose background was in motor fuels distribution. At the time, Lexington was a direct supply market for Shell. Mr. Jay Hall, an experienced restaurant chain operator, joined the Company in 1987 and has managed the operations of the Company for the last 28 years. In 1996, the Company entered into a joint venture with Shell whereby the parties contributed their real estate holdings in the Lexington market to the joint venture and Thoroughbred became the Lexington area jobber for Shell. The Company expanded rapidly over the next eight years, and in 2004, Thoroughbred bought out Shell’s ownership in the joint venture. Thoroughbred has since continued their expansion through site acquisitions and building new-to-industry sites.

Matrix provided merger and acquisition advisory services to Thoroughbred, 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 Cedric Fortemps, Managing Director and Vance Saunders, Director. Tom Kelso, Managing Director and Head of Matrix’s Downstream Energy & Retail Group, also advised on the Transaction.

Mr. Jay Hall, President & CEO of Thoroughbred said, “The decision to exit the industry was a tough one for the Thoroughbred team. The founders, our fourth partner and attorney Mr. Ronald Tritschler, and all our great employees poured their lives into this company for nearly three decades. The relationships found and fostered will remain. This transition was certainly made easier with the help of Matrix, whose advice and guidance was essential to achieving a successful outcome. “

Mr. Fortemps commented, “We were honored to advise Thoroughbred’s owners on this sale and greatly enjoyed working closely with Mr. Hall and the rest of the Thoroughbred team. The buyer has acquired a tremendous chain of stores in a very attractive and improving Lexington market with this acquisition.”  Thomas Kelso, Managing Director & Head of Matrix’s Downstream Energy and Retail Group added, “Dudley Webb, together with Mr. Hall, built an exceptional company and we congratulate them on their successful exit from the industry.”

Bryce Jewett, Ryan Messier and Scott Weber of McGuireWoods LLP served as legal counsel for Thoroughbred.