Matrix Capital Markets Group Inc. announced today the successful closing on the sale of Warren Equities Inc.,which is owned by The Warren Alpert Foundation (the “Foundation”).
Through Warren’s subsidiaries, Warex Terminals Corp. Inc. and Drake Petroleum Co. Inc., the company operates 147 Xtra Mart convenience stores, supplies motor fuels to 53 commission dealer sites and supplies motor fuels to over 300 contract dealers.
For the trailing 12 months ended Feb. 28, 2014, the company sold 521 million gallons of motor fuels. One hundred percent of the equity interest in Warren was purchased by a subsidiary of Global Partners LP for approximately $387 million, including working capital, subject to post-closing adjustments.
The company operates in 10 states: Massachusetts, Connecticut, Maine, New Hampshire, New York, Rhode Island, New Jersey, Pennsylvania, Maryland and Virginia. In addition to its proprietary Xtra Fuels brand, the company markets fuel through several major brands, including Exxon, Mobil, Shell, BP, Sunoco, CITGO, Gulf and Valero.
Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group Inc., provided merger and acquisition advisory services to the company and the Foundation, which included valuation advisory, marketing the company through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, managing director and head of the Downstream Energy and Retail Group and Cedric Fortemps, managing director. Vance Saunders, director, and Stephen Lynch, associate also advised on the transaction.