Matrix Announces the Successful Sale of Rogers Petroleum, Inc.’s Seventeen Company Operated Convenience Stores
Matrix Capital Markets Group, Inc. (“Matrix”) announce the successful sale of Rogers Petroleum, Inc.’s seventeen company operated convenience stores to Lehigh Gas Partners LP and Lehigh Gas – Ohio, LLC. All of Rogers’ stores are located in the Tri-Cities region of eastern Tennessee and southwestern Virginia and offer motor fuels in addition to traditional convenience merchandise.
Rogers Petroleum, Inc. is a privately-held family-owned business that was founded in 1980 by Mr. Don Rogers and his wife, Penney. The Company is involved in various businesses including motor fuels distribution, fuels transportation, lubricants, convenience store operations, and other related businesses. Rogers opened its first convenience store in 1990 and subsequently grew the business through its Zoomerz convenience store brand. Many of the Zoomerz stores were acquired from ExxonMobil during the mid-90’s.
Matrix provided merger and acquisition advisory services to Rogers, which included valuation advisory, transaction structuring, marketing, and negotiating the definitive asset purchase agreement. Don Rogers, Chairman of Rogers Petroleum, Inc. commented, “We are very appreciative of the work that Matrix provided us. They were able to design and execute on a confidential sale process that resulted in an outcome that exceeded our expectations.” The transaction was led and managed by Cedric Fortemps, a Managing Director in Matrix’s Energy and Multi-Site Retail Group (“EMR”). Mr. Fortemps commented, “We are honored to have been chosen to advise on the sale of these stores and to help provide the Rogers family with the liquidity and capital they were seeking for retirement planning and reinvestment in their other business operations.” Thomas Kelso, Managing Director and Head of Matrix’s EMR Group and Stephen Lynch, Associate, also advised on the transaction. Mr. Kelso added, “Having known Don for over twenty-five years, we really enjoyed working with him and Rogers’ CEO, Chris Liposky, to help them successfully exit the convenience store business.”