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Matrix Announces the Successful Sale of Alpena Oil, Inc.

Matrix Capital Markets Group, Inc., a leading, independent investment bank, announces that it has advised Alpena Oil Company, Inc. on its sale to Blarney Castle Oil Co. Alpena is a leading, northern Michigan grocery and convenience retailer known for offering the best selection of high quality, fresh products at a fair value to its customers. The Company’s retail chain is comprised of six Louie’s Fresh Market full-service grocery stores and 14 traditional convenience stores and a cardlock. 

Alpena Oil dates back to 1849, when Jeremiah Douville, the great-grandfather of the Company’s current ownership, opened a single bakery in Alpena, Michigan. The second generation of the Douville family expanded into grocery wholesaling, which remained the primary business until the family acquired its first gas station portfolio in 1996. Jere Johnston, the Company’s President, focused on growing the chain through larger format stores and shortly thereafter opened the first Louie’s Fresh Market in Alanson, Michigan. The original Louie’s Fresh Market was a success and the catalyst for the five additional large format grocery stores that followed.

Matrix provided merger and acquisition advisory services to Alpena Oil, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Spencer Cavalier, CFA, Co-Head of Matrix’s Downstream Energy & Convenience Retail Investment Banking Group; Andrew LoPresti, CPA, CFA, Vice President; Nathan Wah, CPA, Associate; and Jared de Perio, Analyst.

Mr. Johnston stated, “The Matrix team was extremely professional and competent, and worked tirelessly to generate a result that exceeded our expectations. I would like to thank Spencer, Andrew, and Nate for all of their effort and guidance. Job well done!”

Mr. Cavalier commented, “Jere and Sharon built and operated a very successful retail chain that offered customers high value products in a clean and friendly environment. Their creation of the Louie’s Fresh Market brand showcases how they adapted their retail offerings to meet the needs of consumers across different markets. We thank Jere and Sharon for trusting Matrix to advise them on the sale of their company in which they invested so much time and energy to create, build and grow.”

Tammera Diehm, Noreen Sedgeman, and Beth Harper of Winthrop & Weinstine, P.A. served as legal counsel for Alpena Oil.

About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group
Matrix’s Downstream Energy & Convenience Retail Investment Banking Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum logistics, terminals and car washes. Group members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 270 engagements with a total transaction value of more than $13 billion.

About Matrix Capital Markets Group, Inc.
Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and New York, NY. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions. Matrix serves clients in a wide range of industries, including automotive aftermarket, building products, car washes, consumer products, convenience retail, downstream energy, healthcare and industrial products. For additional information or to contact our team members, please visit

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