Daily News: September 25, 2015

Matrix Advises Successful Sale of Convenience Store Assets

Matrix Capital Markets Group announced the successful closing on the sale of Kocolene Marketing convenience store assets to Alimentation Couche-Tard, through its wholly-owned subsidiary, Mac’s Convenience Stores. The company’s assets acquired by Couche-Tard include 13 company-operated convenience stores with motor fuel offerings in Indiana and Kentucky, as well as the underlying real estate at 12 of the locations.

Kocolene Marketing is a large fuels distribution, petroleum marketing and convenience store company based in Seymour, IN with operations in Indiana and Kentucky. After the sale, the company will continue to operate a wholesale motor fuels distribution business, seven company-operated retail fuel outlets, and 14 Smoker’s Host retail tobacco stores.

Matrix provided merger and acquisition advisory services to Kocolene, 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 Cedric Fortemps, managing director and Vance Saunders, director. Tom Kelso, managing director and head of Matrix’s Downstream Energy & Retail Group, Stephen Lynch, senior associate, and Kyle Profilet, analyst, also advised on the transaction.

Gary Myers, chairman and CEO of Kocolene said, “Kocolene is pleased to be transitioning our loyal customers and dedicated team members to one of the respected leaders in the convenience store industry. I feel all will benefit from this transaction long term, which was an important goal as we close a 77 year chapter of our company’s history. We were very pleased with the services Matrix provided our management team as we navigated through the process. Our goal to close this transaction was very aggressive. We chose Matrix because of their demonstrated expertise in completing transactions efficiently.”

Tom Kelso, managing director & head of Matrix’s Downstream Energy and Retail Group said, “We are honored to have been trusted by the Myers family and the other shareholders to advise them on such an important transaction impacting the future of their company.” Cedric Fortemps added, “We greatly enjoyed working with the entire Kocolene team and appreciate all of their hard work which was required in order to successfully close the transaction within approximately five months of Matrix being engaged.”