Case Study:

The shareholders of C.R. Quesenberry, Inc. wanted to maximize the value of the business that they had started and managed for multiple generations. They approached Matrix to customize a sale strategy.
The Company was in discussions with two potential acquirers. One of these parties submitted a verbal offer, but based on Matrix’s advice, C.R. Quesenberry decided to engage Matrix to run a competitive process to maximize value as opposed to accepting the offer.

After providing the Company with a valuation of the business and the available transaction alternatives, the shareholders sought a confidential sale of the entire company as a whole.

Matrix developed a sale process where bids for the entire chain were solicited from the most likely buyers, based on our knowledge of potential acquirers for the assets.
Matrix contacted 59 prospective buyers and received an executed Confidentiality Agreement from 32 of them. The process resulted in bids for the entire company from six different strategic bidders.
Matrix was able to negotiate an Asset Purchase Agreement that included the terms and conditions that C.R. Quesenberry desired and at a valuation that was over 40% higher than the initial offer received prior to Matrix being engaged.
In the end, Petroleum Marketing Group was assigned Chevron’s Right of First Refusal on the assets and performed on the exact same terms and conditions as the APA that was negotiated in the sale process.