Matrix’s Energy & Multi-Site Retail Group Announces the Successful Sale of MAPCO’s East Coast Branded Convenience Store
RICHMOND, VA – May 15, 2009 – Matrix Capital Markets Group, Inc. today announced the successful sale of certain convenience store assets on behalf of MAPCO Express, Inc., a subsidiary of Delek US Holdings. As of Mar. 31, 2009, 24 of MAPCO’s East Coast branded convenience stores had been sold.
All of the East Coast branded stores, which MAPCO acquired in 2001, are company operated and located in Central and Eastern Virginia. Matrix was engaged to structure and manage a confidential, competitive, sale process. The marketing process resulted in the sale of ten (10) stores to one large regional convenience store chain. The remaining stores were sold to various other parties.
Tom Kelso, Managing Director and Head of the Energy & Multi-Site Retail Team at Matrix Capital stated, “We are very pleased to have advised MAPCO on this transaction which resulted in the successful sale of most of their Virginia-based retail locations.”
Cedric Fortemps, a Vice President at Matrix, continued: “As the leading convenience store M&A advisor in the country, we were able to leverage our breadth of knowledge and contacts to facilitate the sale in a timely and efficient manner.”
About MAPCO Express
MAPCO Express, Inc., is a division of DELEK US Holdings, Inc. With headquarters in Brentwood, Tenn., DELEK US operates more than 450 convenience stores under the MAPCO Express®, MAPCO Mart®, East Coast®, Discount Food Mart™, Fast Food and Fuel™, and Favorite Markets® brand names. Stores are located primarily in and around Memphis, Chattanooga and Nashville, Tennessee, northern Georgia and northern Alabama.
Matrix’s Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the 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.