Matrix Capital Markets Group announced the successful sale of the assets of Orlando, FL-based Florida Oil Holdings to Circle K Stores, a wholly owned subsidiary of Alimentation Couche-Tard. Florida Oil directly operated 29 retail convenience stores with gasoline located in the greater Orlando, FL area.
Matrix provided merger and acquisition advisory services to Florida Oil, which included valuation advisory, transaction structuring, marketing of the assets and negotiation of the purchase agreement. The transaction was overseen by Tom Kelso, managing director and head of the Matrix Energy & Multi-Site Retail Group, and managed by John Underwood, vice president and Vance Saunders, vice president.
Underwood said, “We greatly appreciate the opportunity to provide these services to Russ and his team and we are pleased for the great outcome for Florida Oil. We also appreciate the professionalism shown by the team at Circle K.”
Russ Scaramella, Florida Oil’s managing member, commented, “We made the very difficult decision to exit the Orlando market so that we could more effectively concentrate our efforts on growing our business in the Atlanta area. I am confident that Couche-Tard will be an excellent successor and that these will be well performing stores for them as they expand their brand in central Florida. We wish them well and thank them for the manner in which they conducted the transaction.”
Matrix’s Energy and Multi-Site Retail Group provides transactional advisory services to companies in the downstream energy and multi-site retail sectors.