Daily News: February 23, 2015

Matrix Advises Erickson Oil Products on Sale

Matrix Capital Markets Group announced the sale of 100% of the equity securities of Erickson Oil Products and select assets of Team Investments to CrossAmerica Partners. Hudson, WI-based Erickson directly operated 64 petroleum marketing and retail convenience stores. Of the 64 stores, 59 were owned fee simple with the remaining five sites being leaseholds. The stores were located in Wisconsin, Minnesota, South Dakota and Michigan.

Freedom Valu Centers, the retail operating company of Erickson, has a long history in the retail business with continuous ownership and management by the Erickson Family spanning four generations. The operation evolved from gas stations to gasoline-convenience stores with Claire Erickson and his son David Erickson working side-by-side developing the chain of stores.

Matrix provided merger and acquisition advisory services to Erickson, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, managing director and head of the Downstream Energy & Retail Team and Spencer Cavalier, managing director. Sean Dooley, senior associate and Andrew LoPresti, senior analyst also advised on the transaction.

Gary Vander Vorst, Erikson president and CEO, said, “Matrix did a great job representing the best interests of both our shareholders and employees. We were looking for the right buyer that would be the best fit for our employee culture and also achieve the desired price and transaction structure. Selling the stock of a 65 year legacy company was a complicated transaction and Matrix provided a high level of professional guidance and support throughout the entire process. It was more than just a ‘deal’ to Matrix – they sincerely guided us through the financial complexity and emotions involved with the transaction.”

Debi Erickson added, “It was a bittersweet decision for us to sell the company. But having met Tom, Spencer and Tod over the years and knowing that they knew David and were sensitive to our situation, Matrix felt like the right fit in guiding us through the complex process of finding the right buyer for our company. Our employees are family and it was important for us to find the perfect fit to preserve our family culture. Matrix’s professionalism and compassion exceeded our expectations.”