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	Acme Petroleum & Fuel Co., Inc. - Corporate Recovery Matrix was engaged to provide restructuring services to Acme Petroleum and Fuel Company, Inc. and Acme Properties LP. At the time of engagement Acme had less than a month to file for bankruptcy due to their cash burn rate. After quickly assessing the company’s situation, Matrix immediately negotiated a Debtor-in-Possession (DIP) facility in preparation for filing for Chapter 11 bankruptcy protection. ... More

	Angus I. Hines, Inc. - Exclusive Sale Angus I. Hines, Inc. operated a 48-store petroleum marketing and convenience store chain located primarily in the western and Tidewater regions of Virginia. The chain had sales of over $175 million in 2004. Through the sale of the Company’s retail stores, the owners were seeking to monetize their ownership in the Company and retire. Matrix was engaged as the investment banker after presenting a comprehensive ... More

	Bagwell Oil Company, Inc. - Exclusive Sale Faced with increasing competition from new-to-industry, new-prototype stores, Bill Bagwell, President of Bagwell Oil Company, Inc. approached Matrix with the desire to sell the company’s retail petroleum marketing and c-store assets. Matrix analyzed historical financial performance and reviewed property characteristics for each site. After visiting each store and evaluating the competition and the prospective ... More

	Briggs Hospitality The potential client, Briggs Hospitality and related real estate entities (Company), owned and operated three Richmond, VA-area hotels with significantly varied levels of service, quality, size, real estate ownership, and other characteristics. The owners of the Company were interested in selling all of their hotel assets to monetize their combined equity and in order to retire. Matrix advised that in order to maximize ... More

	C.R. Quesenberry, Inc. - Exclusive Sale The shareholders of C.R. Quesenberry, Inc. wanted to maximize the value of the business that they had started and managed for multiple generations. They approached Matrix to customize a sale strategy. The Company was in discussions with two potential acquirers. One of these parties submitted a verbal offer, but based on Matrix’s advice, C.R. Quesenberry decided to engage Matrix to run a competitive ... More

	Carroll Branded Fuels - Buy-Side Advisory/Capital Raising BP announced its plans to divest its retail and wholesale assets in the Baltimore-Washington region. Understanding that the competition for assets in such a highly lucrative market was going to be fierce, Carroll Branded Fuels retained Matrix to make sure they took full advantage of this once-in-a-generation opportunity. The EMR team at Matrix was able to offer unique insight into BP’s divestment criteria based on ... More

	Cumberland Farms, Inc. Cumberland Farms had identified 29 owned third party operated petroleum marketing outlets and convenience stores that they also supplied fuels to that they wanted to divest as they were no longer considered long-term strategic assets for Cumberland Cumberland wanted to redeploy the capital from the sale of these stores to invest in its other existing and new-to-industry company-operated retail units To ... More

	DB Companies, Inc. - Corporate Recovery DB operated and franchised a regional chain of “DB Mart” convenience stores in Connecticut, Massachusetts, Rhode Island and the Hudson Valley of New York. Increased competition and compressed motor fuels margins led to a substantial decrease in cash flow and the inability for the Company to continue to make debt service payments. The Company’s financial distress led to an exploration of strategic ... More

	Delek U.S. Holdings, Inc. - Exclusive Sale Delek U.S. Holdings (NYSE: DK) contacted Matrix to pursue a sale of its Virginia division as it had decided that the division was no longer a strategic fit to its core operations. Based on the diversity of the asset strength, format, and condition, we advised Delek to proceed with a broad sale process that allowed buyers to submit offers on all of the stores, groups of stores, or individual stores. Matrix utilized our ... More

	Donsons Distributing - Exclusive Sale Founded in 1957, Donsons was a leading independent broadline foodservice distributor serving eating establishments, healthcare facilities, schools and institutions located along the Rocky Mountain Front Range. The Company had grown organically and through acquisitions to approximately $50 million in revenues. However, it was operating in an industry experiencing hyper-consolidation, and management began to ... More

	eatZi’s Market & Bakery - Management Buyout/Capital Raising eatZi’s Market & Bakery was an innovative specialty retailer that provided convenient, chef-prepared, restaurant quality home meal replacement solutions. eatZi’s had $56 million in revenues at the time of the transaction and operated four retail locations. eatZi’s founder, Phil Romano, who also founded Fuddruckers, Romano’s Macaroni Grill and Cozymel’s, and his management team ... More

	Fas Mart - Corporate Recovery Fas Mart is a convenience store chain and petroleum marketer with 169 locations in the Mid-Atlantic. At the time of the transaction, the company was generating approximately $4.6 million of EBITDA. Matrix was retained by U.S. Bankruptcy Court Trustee, Keith L. Phillips, to manage the asset sale of Fas Mart. Prior to Matrix’s involvement, an offer had been negotiated for $30 million. Matrix marketed the company both ... More

	Fast Lane - Exclusive Sale R.R. Morrison & Sons T/A Fast Lane Stores is a leading $145 million convenience store chain in the South, operating 49 premier C-stores and one QSR in Tennessee, Mississippi and Louisiana. Shareholders were looking to maximize value and wanted to pursue a broad marketing approach to strategic acquirers, yet maintaining confidentiality was critical. Matrix applied a creative marketing approach - packaging the sale as ... More

	FFP Marketing Company, Inc. - Corporate Recovery FFP Operating Partners, L.P., through its wholly owned subsidiary, FFP Marketing Company, Inc., had been operating under Chapter 11 protection for approximately 18 months when the Debtor’s Reorganization Plan was rejected and the stakeholders decided to make independent decisions regarding their collateral. The Debtor approached Matrix to explore a liquidating sale of all of its unencumbered company-operated and ... More

	Hartley Company - Exclusive Sale Based on recommendations from colleagues, Tom Hartley, President, and the team at The Hartley Company approached Matrix about divesting 24 of their retail assets where performance had deteriorated due to increased competition. The EMR team at Matrix analyzed financial performance, collected property information and visited each site. After evaluating the units, we developed a market value for each store under various ... More

	Herndon Oil Corporation - Exclusive Sale Herndon Oil Company knew that it wanted to rationalize a significant portion of its fifty-five retail asset portfolio, but did not know where to start. The Company retained Matrix to prepare an assessment of the assets and recommend a sales process. To asses all of Herndon’s retail assets and prepare a valuation to serve as a guideline for selecting the assets for rationalization. To customize, execute and ... More

	Huffman Oil Company, Inc. - Exclusive Sale The owners of Huffman Oil Company, Inc. approached Matrix with an interest in selling their retail petroleum marketing and convenience store assets. They wanted to maximize the value of these retail assets and continue to operate their fuel supply business. Matrix completed a comprehensive valuation of the retail operations based on a review of store level profit and loss statements, copies of leases, environmental ... More

	Jones & Frank Corp. - Staged Liquidity Jones & Frank Corp., dual-headquartered in Norfolk, VA and Raleigh, NC, is a leading provider of petroleum equipment and services to the retail and commercial segments of the petroleum industry along the East Coast. Prior to the transaction, Jones & Frank underwent a significant transition between suppliers to better position the Company for future growth. This transition resulted in significant costs to ... More

	Lehigh Gas Corporation Lehigh Gas Corporation’s (“Lehigh” or the “Company”) goal to continue its growth through opportunistic acquisitions required the harvesting of equity within its six hundred asset operation. Lehigh retained Matrix to provide a strategic review of its assets and make recommendations as to how to best capture unrealized equity, while simultaneously setting the Company up for optimal ... More

	Neighborhood Convenience, Inc. - Exclusive Sale The owner of Neighborhood Convenience Stores, Inc. wanted to maximize the value of the business he had operated for over a decade in order to retire. He engaged Matrix to advise him in the sale of 8 of his 9 Little Sue branded convenience stores. Matrix determined the market value for each store based on the historic store profit and loss statements, review of property leases and environmental documents, review of the ... More

	Peterborough Oil Company - Exclusive Sale Peterborough was contacted by a competitor about acquiring its assets but after preliminary negotiations believed that the value proposed by the potential acquirer was not adequate. The Company determined that hiring an advisor was in its best interests, and it contacted Matrix to propose a valuation and sale process. To maximize value by using a broad marketing process to solicit offers on one, some, or all of the ... More

	Ports Petroleum Co., Inc. - Exclusive Sale Based on a long standing relationship, Ports Petroleum Company, Inc. approached Matrix about potentially selling all or the majority of Ports’ assets. Ports recognized that we were uniquely qualified to handle such an engagement due to our understanding of the complexity of Ports’ retail network, which included sites from South Dakota and Nebraska, to Mississippi, Georgia and seven other states in ... More

	Quarles Petroleum, Inc. Quarles Petroleum, Inc. wanted to divest of its 20 company operated convenience stores and focus solely on its distribution business. Matrix was retained to provide Quarles with a valuation and strategic alternatives for divesting the retail assets. To maximize the value of Quarles’ retail stores by offering the chain for sale as a whole package, in groups of stores, or individually. Matrix utilized its ... More

	RAN Oil Company - Corporate Recovery Based on Matrix’s previous successful bankruptcy sale transactions in the petroleum marketing and convenience store industry, U.S. Bankruptcy Court Trustee, Gary V. Skiba, retained Matrix to manage the sale of the assets of RAN Oil Company, LLC. 23 of the Debtor’s 28 stores had been closed prior to filing for Chapter 7 Bankruptcy Protection and there were two secured lenders holding the properties as ... More

	Rennie Petroleum Corporation - Corporate Recovery Matrix was engaged by the debtor to manage the sale of the retail and dealer assets of Rennie Petroleum Corporation. At the time of engagement, Rennie was already operating under Chapter 11 bankruptcy protection, and both the secured and unsecured creditors agreed that a sale of the assets would maximize returns to all of the stakeholders. Due to the Company’s negative cash flow, the stakeholders sought a sale ... More

	RPF Oil Company - BP - Buy-Side Advisory/Capital Raising RPF Oil Company approached Matrix with the strategic goal of shifting their business model to focus on wholesale operations. Matrix advised RPF to purse the purchase of BP’s retail assets in the Detroit market to provide the economies of scale necessary to succeed in a wholesale business. RPF owned and operated 20 retail units and needed to raise capital to facilitate the acquisition of the BP assets. Matrix ... More

	RPF Oil Company - Fleck's Mart - Exclusive Sale RPF Oil Company approached Matrix with the strategic goal of shifting their business model to focus on wholesale operations. Matrix advised RPF to pursue the purchase of BP’s retail assets in the Detroit market to provide the economies of scale necessary to succeed in a wholesale business. RPF owned and operated 20 retail units and needed to raise capital to facilitate the acquisition of the BP assets. ... More

	Southern Convenience Stores, Inc. - Exclusive Sale Mike Frost and Hamp Hager of Southern Convenience Stores, Inc. and its related affiliates approached Matrix to inquire about current industry market valuations, as they were looking to retire in the next couple of years. Matrix provided evidence of the valuations that they had been seeing in the marketplace and offered to provide some valuation guidance for Southern. After reviewing financial and property ... More

	Triton Marketing, Inc. The largest shareholder of Triton Marketing, Inc., a seventy million gallon wholesale distributor of branded and unbranded motor fuels based in Atlanta, wanted to realize the gains on his investment in the business, extract capital, and re-allocate to other business opportunities The minority shareholders also wanted to realize their investment as well as secure employment with the eventual buyer ... More

	Uni-Marts, LLC - Buy-Side Advisory BP announced its plans to divest its retail and wholesale assets in select markets of Ohio. Uni-Mart desired to acquire this package of assets. Uni-Mart understood from prior experiences with BP that the process would be highly competitive. Uni-Mart engaged Matrix to advise on valuation, bid structure and positioning the company and addressing the attributes BP values in a competitive bidding process. Matrix was ... More

	Uni-Marts, LLC - Corporate Recovery Uni-Marts, a petroleum marketer and convenience store operator with over 225 assets in Pennsylvania, New York and Ohio that filed bankruptcy, retained Matrix as its investment banker to manage the sale and/or the reorganization of the company. Matrix was approved as a professional in the bankruptcy case. After working with the financial advisor to the Official Committee of Unsecured Creditors to review asset ... More

	Williamson Oil Company, Inc. - Exclusive Sale Founded in 1965 and based in Fort Payne, Alabama, Williamson Oil is a leading petroleum marketing and convenience store chain, with 88 company-operated units and a large wholesale operation. The Company’s retail units, which operate as Discount Food Mart, are located primarily in Alabama, with limited locations in Georgia and Tennessee. The retail and wholesale operations sell over 100 million gallons of fuel ... More

	Wooten Oil Company - Exclusive Sale Dillon Wooten, president of Wooten Oil Company, contacted Matrix to help evaluate his 12 store chain in Eastern North Carolina. Dillon and his business partner, Rick Sumner, asked the EMR team at Matrix to value the stores and discuss sale methods that would maximize the value of the assets. Matrix collected financial and property data from Wooten and developed a preliminary valuation of the stores based on ... More

	Zoots, Inc. Charlesbank, a Boston-based private equity fund, contacted Matrix to pursue a sale of the largest dry leaning chain in the United States, Zoots, Inc., which they had a majority ownership interest in. The owners wanted to sell its 73 dry cleaning stores and 95 delivery routes located in MA, OH, NJ, PA, RI, and VA in a manner that maximized the sale proceeds. Matrix designed a sale process that allowed potential buyers to ... More