Case Study:

Based on recommendations from colleagues, Tom Hartley, President, and the team at The Hartley Company approached Matrix about divesting 24 of their retail assets where performance had deteriorated due to increased competition.
The EMR team at Matrix analyzed financial performance, collected property information and visited each site. After evaluating the units, we developed a market value for each store under various operational assumptions and presented it to Tom and his team.

Based on the quality of the assets and their geographical dispersion across the state, Matrix customized a process that would market the assets to a broad array of prospective buyers and provide the opportunity for sales of the stores on an individual basis.

Matrix utilized its proprietary database to contact over 3,500 prospective buyers for the assets in addition to placing advertisements in local and ethnic media. As a result of our marketing effort, we collected approximately 150 Confidentiality Agreements from prospective buyers that included sole-proprietor operators and regional jobbers.
Matrix marketed the sale without demanding that prospective buyers enter into motor fuels supply agreements in an effort to generate as most competition as possible. However, due to Hartley’s jobbership agreement with BP, the loss of motor fuels volume following the sale of the assets would have adversely affected Hartley if it did not enter into motor fuels supply contracts with the buyers, so the EMR team at Matrix took every opportunity when communicating with prospective buyers to push the advantage of using Hartley as their motor fuels supplier.
Matrix diligently contacted the prospective buyers who had submitted CA’s throughout the marketing process and collected over 50 Asset Purchase Agreements from buyers for single assets as well as buyers for all of the stores. We then provided Hartley with a comprehensive review of these offers so they could make the best decision.
All 24 assets were sold for an aggregate value that exceeded Hartley’s expectations. Additionally, they entered into a motor fuels supply agreement with all of the buyers.