BALTIMORE, MD – August 13, 2013 – Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce the successful sale of Kilmarnock, VA based Hurst Harvey Oil, Inc. (“Hurst Harvey”) to GPM Investments, Inc. (“GPM”), as well as the sale of Bagwell Oil Company, Inc. of Onancock, VA (“Bagwell”) to Pep-Up, Inc. (“Pep-Up”).
Hurst Harvey is a petroleum marketing and convenience store company. The company’s retail units trade as Get & Zip and are located on the Northern Neck and Upper Peninsula communities in Virginia. The Hurst Harvey stores offer BP branded motor fuels and a traditional set of convenience store merchandise, as well as freshly prepared foods in most units. Originally founded in 1950, the company was taken over by Raymond and Jean Lewis in 1973, and has been family owned and operated ever since. Hurst Harvey entered the convenience store business when it acquired its first store in 1985 from Frank Bradley, the original owner of Fas Mart.
Melinda Lewis commented on the sale, “As a family operated company for over 28 years, it was a very difficult decision to sell our retail units. We are confident we selected the best help with Spencer Cavalier, Sean Dooley and the Matrix team. Their professionalism, industry knowledge and patience led to a smooth acquisition.”
for over 28 years, it was a very difficult decision to sell our retail units. We are confident we selected the best help with Spencer Cavalier, Sean Dooley and the Matrix team. Their professionalism, industry knowledge and patience led to a smooth acquisition.”
Matrix provided merger and acquisition advisory services to Hurst Harvey, which included valuation advisory, transaction structuring, marketing and assistance in the negotiation of the purchase agreement. The transaction was managed by Spencer Cavalier, Director at Matrix who was assisted by Sean Dooley, Associate and Andrew LoPresti, Senior Analyst. Mr. Cavalier commented, “We feel very fortunate to have served as a trusted advisor to the Hurst Harvey shareholders since 2007, and we are honored to have structured and executed the successful sale of the company on behalf of the family.”
B.H.B. Hubbard, III, of Hubbard, Terry & Britt served as legal counsel for Hurst Harvey.
Bagwell and its affiliated companies have been engaged in multiple downstream fuels businesses including convenience store and motor fuels retailing for over 95 years. In 2006, Matrix first sold the company’s retail convenience store business. When it was time to exit the home heating and commercial fuels business, Bagwell again engaged Matrix to complete the transaction, and assist with their formal exit from the fuels industry. The company’s home heating business offered both heating oil and propane primarily to residential customers.
William Bagwell, IV, President, said, “We are very happy that all of our employees will remain with Pep-Up including General Manager Marty Kemp, and we expect a smooth transition for all of our customers. We are also extremely pleased with how Matrix handled the transaction. Their thorough preparation of the sale memorandum package facilitated a smooth due diligence process for all concerned.”
Matrix provided merger and acquisition advisory services to Bagwell, which included valuation advisory, transaction structuring, marketing and assistance in the negotiation of the purchase agreement. The transaction was managed by Spencer Cavalier, Director at Matrix who was assisted by Sean Dooley, Associate and Andrew LoPresti, Senior Analyst. Tom Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Team commented on the transaction, “We have had a long and mutually beneficial relationship with Mr. Bagwell, and we were honored to have been selected again to assist him in exiting his business.”
Bert Turner, of Turner and Turner, served as legal counsel for Bagwell.