Matrix Capital Markets Group’s Energy & Multi-Site Retail Team Closes Five (5) Transactions in First Quarter of 2008
RICHMOND, VA – April 29, 2008 – Matrix Capital Markets Group’s Energy & Multi-Site Retail Team, led by Managing Director, Tom Kelso, successfully completed five advisory assignments in the first quarter of 2008. “Due to the hard work and dedication of our team, we had an amazing first quarter. We look forward to continuing that success throughout 2008,” said Kelso.
– C.R. Quesenberry, Inc., a leading petroleum marketing and convenience store company, headquartered in Abingdon, Virginia with stores throughout Southwest Virginia and Eastern Tennessee. Matrix executed a 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 to a strategic buyer that asked to remain anonymous. “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,” said Richard Quesenberry, President of C.R. Quesenberry, Inc.
– Rennie Petroleum Corporation, a Virginia-based operator of convenience stores and a motor fuels distributor. Matrix served as the exclusive financial advisor for the Debtor, Rennie Petroleum, in its Chapter 11 Bankruptcy Case. Matrix developed and executed a formal marketing and competitive sale process that led to a sale of the assets to Zota Petroleums, which closed in January, 2008.
– Neighborhood Convenience, Inc., an Eastern Virginia based convenience store chain trading as Little Sue. Matrix was able to execute a completely confidential, competitive sale process that resulted in a sale of the stores to 7-Eleven, Inc. The transaction closed on January 18, 2008. Former owner, John Steele commented on the sale, “The Matrix Team did an exceptional job and I could not be more pleased. They came highly recommended and lived up to their reputation.”
– Huffman Oil Company, Inc., a Burlington, North Carolina based motor fuels distributor and convenience store chain trading as Huff’s Neighborhood Store. Matrix represented Huffman Oil in the sale of 28 of its retail convenience stores and petroleum marketing outlets. Matrix developed and executed on a formal marketing process that allowed potential buyers to purchase individual stores or groups of stores. The process resulted in the sale of 16 stores to Quality Oil Company and the other 12 to various strategic and individual buyers. The majority of the closings occurred in February and March. “After considerable research, we settled on Matrix to represent us and feel we could not have made a better selection. They did a great job of keeping the process moving in a positive direction and we were extremely pleased with the outcome,” said James Barnwell, President of Huffman Oil Company.
– Zoots Corporation, a national dry cleaning chain headquartered in Massachusetts with over 70 stores and 90 home delivery routes in 12 states operating under the Zoots and Widmer’s trade names. Matrix developed and executed on a sale process that allowed potential buyers to submit offers on Zoots in its entirety or on single or multiple geographic networks of the chain. The process resulted in a sale of the Portsmouth, VA network to U.S. Drycleaning Corp. and the other four networks to various strategic buyers and management.
About Matrix Capital Markets Group
Matrix Capital Markets Group is a leading middle market investment bank headquartered in Richmond, Virginia. Since 1988, Matrix has focused on providing merger & acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, Staged Liquidity Transactions®, management buyouts, and debt & equity placements. For additional information, please visit www.matrixcapitalmarkets.com.