Case Study:

BP announced its plans to divest its retail and wholesale assets in the Baltimore-Washington region.
Understanding that the competition for assets in such a highly lucrative market was going to be fierce, Carroll Branded Fuels retained Matrix to make sure they took full advantage of this once-in-a-generation opportunity.

The EMR team at Matrix was able to offer unique insight into BP’s divestment criteria based on our previous successful experiences with BP, which provided a great advantage in the advisory of Carroll.

Matrix advised Carroll on its valuation of the assets by developing a comprehensive financial model, which was incorporated into a model of the existing operations in order to fully understand the effects such an acquisition would have on their financial performance, balance sheet liquidity and investment returns.
The EMR team at Matrix worked with Carroll to develop a presentation of their operations, employees and logistics for potentially taking on such a large acquisition. Additionally, we helped organize an on-site visit to Carroll’s facilities for BP representatives so they could see first hand the company’s capabilities.
Upon Carroll being designated as a “winner” for 70 of the assets, Matrix advised the company on negotiating the terms of the Purchase and Sale Agreement, while simultaneously creating a competitive process for raising the financing to complete the acquisition.
Through positioning themselves as the best steward for the BP Brand, Carroll was able to secure the rights to supply 70 BP-branded retail sites in a highly lucrative market.
The competitive process managed by the EMR team at Matrix to secure financing permitted Carroll to fund the transaction though attractive bank terms and a low cost of capital.
Carroll continues to rely on the financial model developed with the aid of Matrix, and to date, financial results have performed at or better than projections and return on investment is higher than anticipated.