Matrix Capital Markets Group Announces the Successful Sale of Sentry Food Mart Stores
RICHMOND, VA – December 9, 2005 – Matrix Capital Markets Group, Inc. announced today the successful closing on substantially all of the assets of Angus I. Hines, Inc. t/a Sentry Food Mart, located in the Tidewater and Western regions of the state of Virginia.
The overall transaction involved multiple closings on 45 locations. The Pantry, Inc. (NASD:PTRY) closed on the purchase of twenty-three (23) stores in August 2005, B&L Investments closed on the purchase of five (5) stores in September 2005, and various purchasers closed on seventeen (17) stores over the past three months.
Matrix served as the exclusive financial advisor to the seller, Angus I. Hines, Inc. and Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix, managed the transaction. “It was a great pleasure doing business with Mr. Hines and his team, and we feel extremely proud to have worked with them on this opportunity. We were able to maximize the value of their assets and conclude a highly successful transaction,” said Kelso.
Angus Hines, President of Angus I. Hines, Inc. remarked, “We retained Matrix to sell our convenience stores based on recommendations from other firms who had used their services as well as Matrix’s excellent reputation in our industry. We were extremely pleased with the results. The high level of buyer participation and the number of offers we received were far above our projections. The Matrix team was very professional and easy to work with, thus making a rather stressful event run as smooth as possible.”
Sentry Food Mart stores sell convenience merchandise and branded motor fuels, primarily Shell and Citgo. In 2004, the stores collectively sold approximately 80 million gallons of fuel. Merchandise sales averaged over $600,000 per store.