RICHMOND, VA – January 29, 2007 – Matrix Capital Markets Group, Inc. announced today the successful closing of twenty-four (24) convenience stores owned by The Hartley Company (Hartley), a Cambridge, Ohio based owner and operator of retail petroleum marketing outlets and convenience stores throughout Ohio as part of Hartley’s plan to monetize certain assets and reposition the Company for growth.
In September of 2006, Matrix began marketing the stores through a structured sale process. Hartley directly operated fourteen (14) of the stores, while ten (10) were operated by commissioned dealers. Fee simple real estate interest in all 24 units was conveyed to the buyers. Twenty-two (22) of the stores were purchased by Premium Petroleum, while two (2) of the units were purchased by the existing commissioned dealers. Premium Petroleum also entered into a motor fuels supply agreement with Hartley.
Tom Hartley, President of The Hartley Company, commented on the sale process, “Matrix has been a wonderful firm to work with. Their hard work and professionalism really paid off for us. They were able to present several different options in order to get the deal that worked best for us. We chose to deal with Premium Petroleum which could not have worked out better. The Hartley Company cannot say enough good things about Matrix and its entire staff. ”
Tom Kelso, Managing Director and head of the Matrix’s Energy and Multi-Site Retail Group, along with Spencer Cavalier, Vice President managed the transaction. Mr. Kelso added, “We are very pleased to have been selected to manage this sale and have enjoyed working with Tom Hartley and his team. The outcome we achieved for the Hartley Company was the result of a customized, well designed and executed process that created competition for the assets amongst various types of potential buyers.”