Matrix Advises C&J Cox Corporation on the Sale of Convenience Retail Assets to Anabi Oil Corporation
Matrix Capital Markets Group, Inc. has advised C&J Cox Corporation and its affiliates (“Cox”) on the sale of select convenience retail assets to Anabi Oil Corporation. Headquartered in Pleasanton, California, Cox is a leading convenience retailer that operates high-quality convenience stores that serve the Tri-Valley and Lake Tahoe communities. The transaction closed on November 12th.
Cox Family Stores first opened its doors in 1976 when Carl Cox acquired his first convenience store in Dublin, California. For almost 50 years, Cox has been committed to providing excellent customer service, high quality motor fuels, well-stocked convenience stores, and extremely clean and well-maintained facilities. The transaction with Anabi included nine stores in the Tri-Valley region and three stores in the Lake Tahoe area. The convenience stores operate under the Cox Family Stores brand and sell motor fuels under the Shell, Chevron, and Valero brands. Cox will continue to own and operate two locations in the Tri-Valley region, which were not part of the transaction.
Anabi Oil Corporation is a family-owned fuel distribution and convenience retail company headquartered in Upland, California. Founded in 1991, the company operates a dynamic portfolio of gasoline, convenience retail, foodservice, and car wash locations across the United States. Anabi supplies major fuel brands, including Shell, Exxon, 76, and Sinclair, and oversees a broad network of company-operated and dealer-operated retail locations.
Anabi also owns and operates the Rebel convenience store brand, recognized for its contemporary store design, strong merchandising standards, and commitment to delivering an elevated customer experience.
“The Cox family built one of the most admired convenience store networks in Northern California, and we consider it a privilege to continue that legacy,” Sam Anabi said. “Our focus is to preserve the level of quality their customers have trusted for decades. Because these sites were already operated with such discipline and pride, the transition has been exceptionally smooth: strong teams remain in place and service continues uninterrupted. We are proud to welcome these stores into our family.”
Matrix provided merger and acquisition advisory services to Cox, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Vance Saunders, CPA, Managing Director; Andrew LoPresti, CFA, CPA, Director; Michael Tucker, CFA, Vice President; and William Dickinson, Analyst.
Mr. Saunders commented, “Carl and his team built an exceptional business over the years. These stores are some of the highest quality assets in their markets due to Cox’s unwavering commitment to providing customers with the best experience possible. We’re honored to have had the opportunity to assist Carl and his family with this transaction. We’re also very grateful for the efforts of Don Maday of Maday Consulting in his role as project manager for Cox.”
Otto Konrad of Williams Mullen served as legal counsel for Cox. Fred Whitaker and Ashley Bolduc of Cummins & White, LLP served as legal counsel for Anabi.
bout 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, car washes and quick service restaurants. 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 300 engagements.
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 an additional office in Baltimore, MD. Matrix provides merger & acquisition and financial advisory services for privately held, private-equity owned, not-for-profit, and publicly traded companies. Advisory services include company sales, recapitalizations, capital raises of debt and equity, corporate carve-outs, special situations, management buyouts, corporate valuations, and fairness opinions.
Matrix’s industry-focused, dedicated sector advisory groups support clients in the automotive aftermarket, downstream energy & convenience retail, and outdoor recreation & marine markets. Broader sector advisory groups assist clients across business services, consumer, diversified industrials, restaurants, and transportation & logistics.
For additional information or to contact team members, visit www.matrixcmg.com