Case Study:

Faced with increasing competition from new-to-industry, new-prototype stores, Bill Bagwell, President of Bagwell Oil Company, Inc. approached Matrix with the desire to sell the company’s retail petroleum marketing and c-store assets.
Matrix analyzed historical financial performance and reviewed property characteristics for each site. After visiting each store and evaluating the competition and the prospective buyers for the assets, we provided Bagwell with a valuation of the stores.

Due to the competitive landscape, Matrix believed that a broad marketing process was the only means by which to generate the most competition and maximize sale value.

Matrix marketed the opportunity to both individual store buyers and regional petroleum marketers and drafted an acquisition profile that was distributed to thousands.
Over 120 confidentiality agreements were received from prospective buyers for the 10 stores. Upon receipt of the CA, Matrix was able to provide immediate access to store level property and financial information via its website to the newly registered participants.
Matrix maintained daily contact with the prospective buyers, answering their questions and highlighting the opportunities at each location. Communication records were kept in a database dedicated solely to the transaction, which provided instant access to detailed information about each prospective buyer. These records proved extremely valuable as only a select few of the assets were garnering attention and we were able to essentially “steer” attention to the less attractive assets.
Presented with individual offers on almost all of the stores and with three offers for all ten stores, Bagwell selected Petroleum Marketing Group, Inc., a regional jobber, as the winning bidder. The offer exceeded Bagwell’s valuation expectations and had the exact legal terms and conditions that the Company wanted.
From transaction evaluation to closing, the sale process took approximately six months.