Case Study:

Herndon Oil Company knew that it wanted to rationalize a significant portion of its fifty-five retail asset portfolio, but did not know where to start. The Company retained Matrix to prepare an assessment of the assets and recommend a sales process.

To asses all of Herndon’s retail assets and prepare a valuation to serve as a guideline for selecting the assets for rationalization.
To customize, execute and complete a value-maximizing sales process that identified one prospective buyer for all of the assets.

Matrix worked with Herndon and identified forty stores in the Mobile, AL and Pensacola, FL markets that when sold the proceeds would meet the Company’s goals.
Matrix identified and confidentially contacted approximately fifty prospective buyers with the pre-determined wherewithal to complete a forty-store transaction.
Several competing offers were received, and The Pantry was selected as the purchaser.
Through an aggressive negotiation of the purchase contract Matrix was able to secure Herndon Oil Company’s desired sale proceeds on terms extremely favorable to Herndon, and the transaction closed in 72 days from contract execution.