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Matrix Downstream Energy 2021 Year in Review

We hope that you and your families continue to be healthy and safe.  We want to start by thanking all of our clients who made 2021 the most successful year in the history of Matrix, and in particular, our Downstream Energy & Convenience Retail (DER) Investment Banking Group.  We greatly appreciate that they entrusted us to advise them on their M&A transactions, capital raising needs and valuation mandates.

2021 was certainly an interesting year.  As a nation, we dealt with the challenges of COVID-19 on a personal level at home with family and friends, as well as professionally with our businesses.  At Matrix, like many of you, we have certainly felt the effects of both.  We are extremely proud of the way everyone at Matrix dealt with the on-going adversity and worked hard to meet the challenges we faced throughout the year to ensure that we continued to live up to the core of the Matrix Principle: to do great work for our clients.

The combination of potential tax hike concerns, rapid consolidation in the downstream energy and convenience retail industries, low interest rates and robust capital availability, drove M&A activity to record levels.  In 2021, we had the privilege of working with many exceptional clients and we are grateful to have advised on 23 successful transactions.  These included company sales, corporate carve outs, buy-side engagements, and capital raises. In addition, we also advised on 15 valuation engagements for the purposes of estate & gift planning, evaluation of strategic alternatives or exit planning.  Our completed engagements in 2021 included advisory work in every industry segment we serve: petroleum marketing and convenience retailing, refined fuels distribution, propane & heating oil distribution, lubricants distribution, cardlock site operators, quick-serve restaurant operators, car wash operators, and terminal operators.

In June, Matrix made the decision to drive additional growth for the Firm and value to our clients with the launch of our Capital Advisory Investment Banking Group.  Industry veteran, John Whalen joined Matrix as Head of the group, along with Ryan Weir, Vice President and Garrett Novotny, CPA, Analyst.  The addition of this new group has brought an even deeper level of experience and focus to all facets of capital advisory and transaction execution, as well as provided our clients with expertise on capital structure efficiency, liquidity, and go-to-market strategy.  For our DER clients raising, restructuring, or renewing any form of debt or equity capital, we are even better positioned today to advise on and optimize your capital structure.

In 2021 Matrix welcomed four new team members to our DER Investment Banking Group: David Corbett, CFA, Director; James Mickelinc, CPA, Analyst; Alex Harper, Analyst; and, Alex Rakos, Analyst. We would also like to recognize DER Group members Sean Dooley, CFA; Martin McElroy, CFA; Kyle Tipping, CFA; John Mickelinc, CFA; Nate Wah, CPA and Mike Tucker, CFA whose contributions to Matrix and our clients resulted in promotions.  Our goal has always been to provide our employees with opportunities to develop and grow their careers at Matrix, and we look forward to their continued achievements in the years to come.

In early November, Tod Butler, Senior Advisor, was the proud recipient of the Society of Independent Gasoline Marketers of America (SIGMA) 2021 Distinguished Statesman Award.  The award was presented to Mr. Butler as an individual whose deeds and efforts over the last 50 years have made a significant contribution to the welfare of the retail and wholesale fuels marketing industry.  He is one of only five individuals to be so honored in the history of the association.  In 2001, he joined Matrix as a Vice President in the Firm’s Downstream Energy & Convenience Retail Investment Banking Group, where he has focused on business development and client advisory, and he served in that capacity until he became a Senior Advisor in 2019.  Since joining Matrix, Mr. Butler has led the Firm’s partnership with SIGMA and continued to focus his efforts on the association’s growth in membership and as counsel to its leadership.

As the new year begins, we know that many challenges still linger from the pandemic, as well as continued uncertainty around taxes, the recovery of fuels volumes, and interest rates.  However, we remain optimistic about the coming year and hope that it will be a time of renewal and success for all.  For over 25 years, throughout all types of market conditions, Matrix’s Downstream Energy & Convenience Retail Group has been providing serious advice and sound transaction execution services to our clients.  Through our deep knowledge of the industry segments we serve, ability to execute highly complex customized transactions and negotiating experience, we guide each of our clients through their most difficult decisions and help them derive maximum value for their business.  This is why “We’re Known By The Work We Do.”

We wish you all the best in 2022.