Matrix Capital Markets, an independent investment bank, advised E.J. Pope & Son (EJP), d.b.a. Handy Mart, on the sale of its 36 petroleum marketing and convenience retail stores to GPM Investments, a wholly-owned subsidiary of ARKO.
As of the closing, EJP operated 36 stores under the Handy Mart store brand, with approximately 20 branded QSRs or proprietary food offerings co-located at the stores. Additionally, via its sister company, Pope Transport, the company hauls its own fuel and also acts as a common carrier for other third-party hauling customers. Pope Transport will be retained by Judson Pope, company leader, and will continue to haul fuel to the 36 stores for GPM as well as for its existing customer base.
Matrix provided merger and acquisition advisory services to EJP, which included valuation advisory, the marketing of the business through a confidential and structured sale process and the negotiation of the sale. The transaction was managed by Spencer Cavalier, co-head of Matrix’s downstream energy and convenience retail group; Sean Dooley, a managing director at Matrix; and Kyle Tipping, an associate at the firm.
“Given how long of a legacy my family and I have had with this company, selling was a very difficult decision for me,” Pope said. “With the help of a great team around me, we built a first-class operation and many team members will be transitioning to GPM and continuing to provide excellent customer service to our customers throughout eastern North Carolina. While the choice to sell the company was not an easy one, I have known Spencer, Sean and the broader Matrix team for over a decade, so selecting them to advise on the sale made the decision that much easier for me. Spencer, Sean and Kyle did an exceptional job during every step of the transaction. My team and I were very pleased with their professional and thorough advice and tireless effort they put forth throughout the entire process. They have been a pleasure to work with.”
“In building the company into one of the preeminent petroleum marketing, convenience retailing and QSR companies in the country, Judson and his talented team have certainly honored the Pope family legacy, especially Buddy’s,” Cavalier said. “Matrix is grateful for our long-term relationship advising the company and family. We wish Judson and his team much success as they continue growing their other business enterprises, including Pope Transport.”
Lee Hodge, Clifford Parson, Amy Wang, Joseph DelPapa and Michael Kohagen of Ward and Smith served as legal counsel for E.J. Pope & Son on this transaction.
