Daily News: December 5, 2018

Matrix Advises Giant Eagle on Ricker Oil Acquisition

Investment bank Matrix Capital Markets Group acted as merger and acquisition advisor to Giant Eagle in its acquisition of Ricker Oil Company.

Founded in Indiana in 1979, Ricker Oil provides high-quality fuels, clean convenience stores and wholesale fuel services through 56 stores located in the Indianapolis and Fort Wayne metro areas and throughout central Indiana. The acquisition also includes Ricker Oil’s wholesale fuels distribution business of approximately 80 branded supply accounts located in Indiana, Illinois and Kentucky.

Founded by five families nearly 90 years ago, representatives of each Giant Eagle family still serve the company today, including current President and CEO Laura Karet. The company is a multi-format food, fuel and pharmacy retailer with 400-plus stores across western Pennsylvania, Ohio, West Virginia, Maryland and Indiana.

Polly Flinn, Giant Eagle’s executive vice president and GetGo general manager, said, “We’re very grateful for the guidance and insight Matrix provided to help Giant Eagle secure this growth opportunity. At GetGo, our positioning of taking the ‘cons out of convenience’ means we offer the highest quality fresh foods, products and services to our customers. Our acquisition of the Ricker’s chain supports this strategy, and we look forward to bringing together the best of both businesses in Indiana.”

Matrix Capital’s advisory services included valuation advisory, transaction structuring and negotiation of the transaction. The transaction was managed by Managing Director John Underwood, Director Robbie Radant, Vice President Stephen Lynch and Analysts Kyle Tipping. Thomas Kelso, managing director and head of Matrix’s Downstream Energy & Convenience Retail Group, also advised on the transaction.

“It has been exciting to help Giant Eagle accelerate its growth plans with the acquisition of Ricker Oil Company,” said Underwood. “This expansion will significantly increase GetGo’s market share in central Indiana. Laura and her team have been a pleasure to work with, and we sincerely appreciate the trust that they put in Matrix.”

Ramona Nee, Noah Beck, Vadim Brusser and Daniel Tavakoli led the Weil team which served as legal counsel for Giant Eagle.