Matrix Capital Markets Group Announces the Successful Sale of C.R. Quesenberry, Inc.
RICHMOND, VA – January 15, 2008 – Matrix Capital Markets Group, Inc. announced today the successful closing on substantially all of the assets of C.R. Quesenberry, Inc., a leading petroleum marketing and convenience store company. The Company is headquartered in Abingdon, Virginia and has stores throughout Southwest Virginia and Eastern Tennessee.
C.R. Quesenberry, Inc. was originally founded in 1954 by Cliff Quesenberry, but for the last several decades has been managed by his sons, Richard and Greg Quesenberry. The Company supplied Chevron branded motor fuels to 25 petroleum retail outlets and convenience stores operated by third-party commissioned dealers; 19 of which were owned by Quesenberry, and 2 of which were leased by Quesenberry. The 25 stores sold approximately 30 million gallons of motor fuels per year.
After enjoying the petroleum business for more than 53 years, the Quesenberry family decided that it was time for them to exit the business, so that they could pursue other interests. Matrix was engaged to structure and manage a confidential sale process in order to maximize shareholder value. In addition, the shareholders wanted to ensure that the interests of the commissioned dealers with which the Company had long-term relationships would be protected in a sale.
Matrix was able to execute on a completely confidential competitive sale process that resulted in definitive offers from six different strategic bidders for all of the Company’s stores. The result was a successful closing on January 11, 2008 on a sale of C.R. Quesenberry, Inc.’s assets to a strategic buyer that has asked to remain anonymous. Matrix’s sale process resulted in a transaction that maximized the value received by the Quesenberry shareholders, while protecting their commissioned dealers’ interests in the sale.
Richard Quesenberry, President of C.R. Quesenberry, Inc. commented on the sale process, “Matrix helped us to achieve the maximum value for our assets, which we could not have realized without their involvement. Matrix’s process allowed us to show our assets to multiple strategic buyers, with the least amount of disruption to our business, in a relatively short period of time.”
Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix managed the transaction and added, “We are honored to have been selected to manage this sale and have enjoyed working with Richard and Greg Quesenberry as they exit the retail petroleum business.” Cedric Fortemps, Vice President, who co-managed the transaction also commented, “We are very excited for Richard and Greg concerning the successful sale of the Company their family has built and managed for more than half a century.”