Case Study:

Quarles Petroleum, Inc. wanted to divest of its 20 company operated convenience stores and focus solely on its distribution business
Matrix was retained to provide Quarles with valuation and strategic alternatives for divesting the retail assets

To maximize the value of Quarles’ retail stores by offering the chain for sale as a whole package, in groups of stores, or individually

Matrix utilized its proprietary database to contact national convenience store chains, regional jobbers, local jobbers, individual store operators, and financial buyers. As a result of the marketing effort, Matrix collected approximately 200 Confidentiality Agreements from prospective buyers
Several competing offers were received for the whole chain, the groups, and several individual stores
7-Eleven was selected as the purchaser for 14 of the stores with Quarles leasing the underlying real estate to them
The remaining 6 stores were sold to individual store operators
This transaction structure maximized value for Quarles by providing the best combination of cash consideration, ongoing lease payments, and continued ownership of real estate
All of the stores will continue to accept Quarles’ fleet cards