Matrix Capital Markets Group Inc., a leading independent investment bank, announced last week that it has advised Fastrac Markets on the sale of its 54 convenience retailing and petroleum marketing assets in New York to EG America, a subsidiary of Blackburn, U.K.-based EG Group Limited. The transaction also includes Fastrac’s wholesale fuel and transportation businesses.
Headquartered in Syracuse, N.Y., Fastrac is the premier convenience retailer and petroleum marketer across its operating footprint in the Rochester-Syracuse-Albany region. Over the past 20 years, management has focused on growing the Fastrac brand by building attractive fueling sites on expansive lots with large convenience stores. The stores offer high-quality, made-to-order foodservice and a full line of competitively priced traditional convenience merchandise.
Matrix provided merger and acquisition advisory services to Fastrac, which included valuation advisory; marketing the business through a confidential, structured sale process; and negotiation of the transaction. The transaction was managed by Spencer Cavalier, co-head of Matrix’s Downstream Energy & Convenience Retail Group; Sean Dooley, director; Christian Klawunder, senior associate; and John Mickelinc, analyst.
“Matrix has watched the growth and evolution of this dynamic company since its creation in 1998,” said Cavalier. “Fastrac’s owners and management team invested skillfully in high traffic real estate locations and modern and expansive facilities, which allowed the company to become a cutting-edge, high volume retailer in both the forecourt and backcourt.”
Roderick McDonald, Thomas Smith and Kate Chmielowiec of Bond, Schoeneck & King, PLLC, as well as Camille Kahler of Saunders Kahler, LLP, served as legal counsel for Fastrac.