RICHMOND, VA – August 21, 2009 – Matrix Capital Markets Group, Inc. (“Matrix”) is pleased to announce that it has successfully advised the Official Committee of Unsecured Creditors (the Committee”) of Crescent Oil Company, Inc., et al. (“Crescent”) in Crescent’s Chapter 11 Bankruptcy Case in the Kansas City Division of the District of Kansas’ U.S. Bankruptcy Court (the “Court”).
Matrix was engaged by the Committee to ensure that the highest and best price would be obtained through the sale process being executed by the Debtor. As a leading expert on the sale of retail and wholesale gasoline distributors and convenience store chains in the United States, from having advised on over 50 transactions in the industry, Matrix consulted with the Committee on matters relating to valuation, prospective buyers, sale process, contract negotiations, auction process, and the selection of the winning bidder.
In 2008, Crescent sold over 237 million gallons of motor fuels through wholesale and consignment fuels supply contracts with dealers and sold over 47 million gallons of motor fuels and $15 million of merchandise through its retail stores. Crescent operates retail stores and distributes fuels in Kansas, Oklahoma, and Missouri. An auction for Crescent’s assets was held on August 13th, 2009 in Kansas City, Missouri which resulted in multiple rounds of competitive bidding. On August 14th, 2009, the Court approved the sale of substantially all of the Debtor’s assets through an offer submitted by Florida Sunshine Investments I, Inc. and Jeff Greene. The transaction is expected to close on or before September 4, 2009.
Tom Kelso, a Managing Director and Principal at Matrix, said “We are extremely pleased our efforts in this Case significantly helped the Debtor in obtaining an offer that, when it closes, will result in excellent value for its assets.” Other professionals representing the Official Committee of Unsecured Creditors in the Case include Francis Lawall, Pepper Hamilton LLP, counsel to the Committee, and Monty Kehl, Mesirow Financial Consulting LLC, financial advisors to the Committee.
About Matrix’s Energy & Multi-Site Retail Group
Matrix Capital Markets Group, Inc.’s Energy & Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuation and long term planning engagements. These sectors include companies such as convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains.
About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.
Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.