Welcome to our next installment of Capital Markets Perspective© (“CMP”), “Banks at Another Crossroads: Taking a Closer Look at Market Disruption, Evolving Operating Models, and the Impact on Capital Availability.” https://lnkd.in/gHqJ8PfW In this issue of CMP, we take a closer look at why and how banks have been impacted, capital market alternatives, and steps to take to maintain consistent access to capital. Banks have once again entered into a cycle of uncertainty and are experiencing significant tightening in capital availability - forcing borrowers to find additional sources of liquidity to support their businesses. Banks will eventually acclimate to new regulatory constraints and capital requirements but, in the meantime, private markets, including largely unregulated direct lenders, hedge funds, business development companies, family offices, private equity firms, and SBIC funds, are stepping in to provide operating companies with the liquidity they need during uncertain times. John Whalen, Ryan Weir
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Matrix advised Dana Safety Supply, Inc. on the sale to AEA Investors LP. Prior to the sale, Dana Safety was a wholly-owned subsidiary of Scott McRae Automotive Group, LLLP. Dana Safety Supply, Inc. is the premiere provider of emergency vehicle equipment, installations, tactical gear and related accessories to the emergency services market. With 40 locations nationwide, they have grown into the go-to source for vehicle upfitting and tactical gear services for local, city, state, and federal departments, as well as fleet managers, dealerships, and non-department fleet operators. Matrix was honored to represent Scott McRae Automotive and Dana Safety Supply and we offer our congratulations to all parties involved in this successful transaction. https://lnkd.in/eDbGZcJa William O'Flaherty, Matt Oldhouser, CPA, David Shoulders
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Matrix advised WTG Fuels, LLC on the sale of the propane, commercial motor fuels, and lubricants business to ThompsonGas, LLC. WTG Fuels is a subsidiary of West Texas Gas, a leading provider of natural gas distribution services throughout Texas and Oklahoma. WTG Fuels, based in Midland, Texas, distributes propane, refined products, and lubricants to residential, commercial, and oilfield customers throughout West Texas and extending into the Texas panhandle, central, and south Texas. Congratulations to all parties involved in this successful transaction. https://lnkd.in/efY5c_Rk Vance Saunders, CPA, Cedric Fortemps, CFA, John C. Duni, CFA, CPA, Michael Tucker, CFA
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Matrix advised Singer Energy Group, Inc. and its affiliates d/b/a Robison on the sale of its integrated heating oil distribution and HVAC services business to an affiliate of Star Group, LP. (NYSE: SGU). Headquartered in Port Chester, New York, Robison is a leading distributor of heating oil and provider of home comfort solutions in and around Westchester and Putnam Counties, New York. Congratulations to all parties involved in this successful transaction. https://lnkd.in/ezwTJYHH Stephen Lynch, CFA, CPA, Spencer Cavalier, CFA, ASA, James Mickelinc, CPA, Reilly Erhardt, CPA
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Matrix served as lead advisor on the recapitalization and valuation of Watershed Car Wash’s portfolio comprised of 30 express tunnel car wash sites. The McDowell Family built their first express tunnel wash in 2009 under the Clean Freak brand. The management team continued to scale the platform in the Arizona market which was ultimately sold to True Blue Car Wash. After selling the portfolio in 2020, the McDowell’s embarked on building the Watershed platform in both Texas and subsequently Oklahoma, where the Watershed portfolio has a significant presence. Congratulations to all parties involved in this successful transaction. https://lnkd.in/eKME2-Zq John Whalen, Ryan Weir, Garrett Novotny, CFA, CPA, Sean Dooley, CFA, ASA, Stephen Lynch, CFA, CPA, Nathan Wah, CPA
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Cedric Fortemps, CFA, David Corbett, CFA, David J Colletti Jr. and Ryan Howard will be discussing the Factors Supporting the Continued M&A Activity & Valuations in the Convenience Retail Industry at the Outlook Leadership Conference next week. We hope to see you there. https://lnkd.in/gBr4sM_H #outlookleadership
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Matrix advised Pump N’ Pantry, Inc. and its affiliates on the sale of its convenience retail assets to United Refining Company. Headquartered in Montrose, Pennsylvania, Pump N’ Pantry is a leading regional convenience retailer, operating 14 convenience stores throughout central Pennsylvania. Congratulations to all parties involved in this successful transaction. https://lnkd.in/eZMqACYa #mergersandacquisitions Andrew LoPresti, CFA, CPA, Spencer Cavalier, CFA, ASA, John Mickelinc, CFA, Josiah Kitching
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Matrix’s Summer College Internship Program provides a comprehensive introduction to investment banking and our firm. Our program is designed to give participants the opportunity to experience the life of a full-time Analyst. Summer Interns work on live M&A transactions and special projects and are provided with training and guidance that enables them to make an impact. They are assigned a mentor to lead them through this unique experience, providing feedback, introducing them to the M&A transaction process, and assisting in administrative and workload management. Thank you to our amazing interns for their dedication and hard work! Eduardo Navarrete, Logan Leatherwood, Ethan Mains
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Matrix has advised Land O’Sun Management Corporation d/b/a Fast Track on the sale of its petroleum marketing, convenience retail and quick-service restaurant businesses to Anabi Real Estate Development, LLC and its affiliates d/b/a Anabi/Rebel (Anabi Oil Corp). Headquartered in Gainesville, Florida, Fast Track is a leading petroleum marketing, convenience retail and QSR company, operating 17 convenience stores, 10 co-located QSRs, and two stand-alone QSRs in Northern Florida. Anabi/Rebel is a family owned and operated petroleum marketing, convenience retail and car wash business with over 600 locations across 16 states, including multiple QSR brands. Congratulations to all parties involved in this successful transaction. https://lnkd.in/emjw5knw #mergersandacquisitions Cedric Fortemps, CFA, Nathan Wah, CPA, Reilly Erhardt, CPA
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Several of our bankers and interns enjoyed a great evening participating in the Markel Corporate Run last night and taking part in this fun annual event for the Richmond business community! #markelcorporaterun Marcus Dateno, Honor Carver, Stephen Lynch, CFA, CPA, Ethan Mains, John Mickelinc, CFA, Josiah Kitching, James Mickelinc, CPA, James Munsey, Eduardo Navarrete, Michael Tucker, CFA
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We are pleased to announce that the sale of TBC Corporation’s retail tire portfolio to Mavis Tire has been named a Middle Market Deal of the Year by Mergers and Acquisitions - themiddlemarket.com. Matrix’s automotive aftermarket investment banking group was honored to advise TBC on this marquee transaction in June 2023. We would like to take this opportunity to recognize Stephen Lynch, CFA, CPA, William O'Flaherty, David Shoulders, Kyle Tipping, CFA, Matt Oldhouser, CPA and Alexander Rakos for their professionalism and tenacity in bringing this transaction to a successful close. The sale included TBC’s retail network of 595 tire and automotive service centers that utilize the NTB Tire & Service Centers and Tire Kingdom Service Centers brands. Congratulations to all involved in this landmark transaction! Read the full Mergers & Acquisitions article here: https://lnkd.in/ek8yvr58
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