Matrix Capital Markets Group Announces the Successful Sale of the Corner Mart Chain
RICHMOND, VA, July 27, 2006 – Matrix Capital Markets Group, Inc. announced today the successful closing on the Corner Mart chain of convenience stores, owned by Bagwell Oil Company.
The ten (10) store chain, located on the Eastern Shore of Virginia, was acquired by Petroleum Marketing Group, Inc., a Maryland-based oil company jobber operating and supplying fuels to over 150 petroleum marketing and convenience stores.
Matrix served as the exclusive financial advisor to the seller and Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix, managed the transaction. “We are very proud to have been selected by Bill Bagwell [Owner & President of Bagwell Oil Company] to manage this transaction and very much enjoyed working with him and his team”, said Kelso. “We are confident that, because of the competition created by the Matrix process, Mr. Bagwell received the very highest value for his stores available in the marketplace today.”
Bill Bagwell remarked, “Matrix did an excellent job in packaging the offering and marketing the stores. Their ability to negotiate a sale of the stores under the terms and conditions we wanted made for a smooth transaction. We are very pleased with the outcome.”
Bagwell Oil Company, a leading supplier of heating fuels for the Eastern Shore of Virginia, introduced the first self-service gasoline station to the area in the 1960’s. Bagwell was also instrumental in building the convenience store business for the area, and in 1991, the Company launched the Corner Mart chain and gradually grew it to ten locations. The stores sell convenience merchandise and Chevron branded motor fuels. In 2005, the stores averaged over 800,000 fuel gallons sold and approximately $600,000 of merchandise sales per store.