Matrix Capital Markets Group Inc., an independent investment bank, has advised Circle K Stores Inc. on the sale of 48 petroleum marketing and convenience retail stores to Casey’s General Stores Inc. The stores are all Circle K branded and located in Oklahoma, mostly in the greater Oklahoma City market, and sell Conoco, Phillips 66, Shell, Valero and Circle K branded fuels.
Circle K Stores Inc. is owned by the global convenience and fuel retailer Alimentation Couche-Tard Inc.
Matrix provided merger and acquisition advisory services to Circle K, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction. The transaction was managed by Cedric Fortemps, co-head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; John Duni, VP; and John Mickelinc, associate.
“We’re very pleased to have advised Circle K on their sale process. This transaction was a win-win as Casey’s acquisition of the stores will allow them to increase their presence in the Oklahoma City market, and it was very important to them to retain the vast majority of the employees, which was also important to Circle K,” Fortemps said.
Matrix’s Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing and distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals and car washes.
Founded in 1988, Matrix Capital Markets Group Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, Virginia, with additional offices in Baltimore, Maryland and Chicago, Illinois. Matrix provides merger and acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies, as well as municipalities.