Matrix said it provided merger and acquisition advisory services to the company, 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 Thomas Kelso, managing director and head of the Downstream Energy & Retail team. Vance Saunders, director and Stephen Lynch, senior associate also advised on the transaction.
“We are very pleased to have worked with Cedric, Tom, Vance and Stephen on this transaction,” said Zizold, the company’s chief executive officer. “Having to sell our company was a difficult decision. Yet, Matrix’s advisory work from start to finish was outstanding. We are proud of all that has been accomplished with their support, and from our employees and our dealer partners. We also are pleased to have 7-Eleven and SEI Fuels assume ownership of our sites.”
The company, headquartered in Miami, owns and operates convenience stores and supplies fuels throughout primarily Miami, Dade, Palm Beach and Broward counties. The company’s assets, all of which are being sold as part of the transaction, consist of a mix of 102 high-volume company operated, commission marketer, lessee dealer and supply only stores, with the company owning the vast majority of the real estate at the stores.