Case Study:

The owners of Huffman Oil Company, Inc. approached Matrix with an interest in selling their retail petroleum marketing and convenience store assets. They wanted to maximize the value of these retail assets and continue to operate their fuel supply business.
Matrix completed a comprehensive valuation of the retail operations based on a review of store level profit and loss statements, copies of leases, environmental records, site visits, and market evaluations.

Matrix designed a broad marketing process to solicit offers from regional petroleum marketers, as well as individual store buyers for individual stores, geographic groups of stores, or all of the stores.
Due to the liabilities owed to Shell for these stations, Huffman preferred that the Shell stations would not be re-branded until their respective contracts expired. Shell also had a Right to Negotiate for the purchase of the assets.

Utilizing our proprietary database of potential buyers, we contacted over 3,000 individual store buyers and regional petroleum marketers, and developed an online data room where registered users could quickly and easily access store-level information after executing a confidentiality agreement.
Matrix received confidentiality agreements from 287 interested parties for the 35 stores, and over 50 offers were submitted by over 40 different bidders for the whole package, groups of stores, and individual stores.
As a result of the thorough marketing process, Huffman accepted asset purchase agreements for 32 of the stores, and the value received was well in excess of the client’s most optimistic expected valuation.
15 of the stores were sold to Quality Oil, and the rest were sold individually or in small groups to various buyers. All of the existing Shell liabilities were transferred to the new suppliers for the stations, relieving the seller of further obligations and further maximizing the net value of the transaction.