RICHMOND, VA/BALTIMORE, MD – June 2, 2021 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Toms Sierra Company, Inc. (“Sierra” or the “Company”) on the sale of thirteen (13) of the Company’s sixteen (16) petroleum marketing and convenience retail stores to an undisclosed buyer (“Buyer”). The Company’s stores are located outside Sacramento, California, in the surrounding foothills of the Sierra Nevada mountain range, and operate under the Sierra Express brand name. The stores sell 76 branded and Sierra Energy branded fuels. As part of the transaction, an institutional real estate investment trust has acquired Sierra’s fee simple interest in seven (7) of the properties and entered into lease agreements with the Buyer.
Toms Sierra Company, Inc. was founded in 1959 in order to provide the highest level of petroleum-related products and services to its customers. Over the subsequent decades, prior to being acquired by the current majority owner in 1998, the Company grew to a nearly 30 store chain with additional wholesale fuels distribution, fuels transportation, and automotive services business segments. The Company divested its wholesale fuels distribution and fuels transportation businesses in 2008 and subsequently optimized its convenience store division by selling under-performing assets. Sierra’s stated mission is to be recognized as a leader and vital partner providing petroleum, automotive, and convenience related products and services to its customers, and the Company lives by its corporate slogan: “Clean, Fast, Fresh and Friendly.”
The Company is led by Brad Barnett, President. Mr. Barnett has worked for the Company for nearly 20 years and is supported by a talented management team. In regard to the transaction, Mr. Barnett commented, “It’s been a challenging and complex effort to sell the stores during a pandemic. We are grateful for the efforts of Cedric Fortemps and the Matrix team! I can’t imagine such an undertaking without their expertise and assistance. We look forward to watching the transition to the Buyer with our foothill locations.”
Matrix provided merger and acquisition advisory services to Sierra, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale and lease transactions. The transaction was managed by Cedric Fortemps, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Stephen Lynch, Director; and Kyle Tipping, Associate.
Mr. Fortemps added, “We sincerely appreciate Brad and the Company’s Board entrusting us as their advisor on this transaction. We greatly enjoyed working with Brad and his team and are pleased that the stores are being acquired by a reputable and experienced operator that will continue to provide exceptional service to Sierra’s loyal customer base.”
Mr. Fred Whitaker and Ms. Ashley Bolduc of Cummins & White, LLP served as legal counsel for Sierra.