Lion Petroleum Inc., St. Louis, Mo., and Casey’s General Stores, Ankeny, Iowa, acquired some of the assets of Jump Oil Company, Inc., Matrix Capital Markets Group, Inc. announced.
Matrix said it handled the sale of the assets resulting from Jump Oil’s case in U.S. Bankruptcy Court for the Eastern District of Missouri (case number 13-41130).
Jump was a motor fuels distributor that supplied fuels to 48 dealer locations throughout Missouri, Matrix said in a statement. Jump owned or controlled all of the locations either through ownership of the real estate or through third-party leases. Lion Petroleum, Inc. purchased 32 sites, Casey’s General Stores, Inc. purchased four, and the 12 remaining stores were purchased by other buyers pursuant to an order of the United States Bankruptcy Court, Matrix said.
Matrix provided merger and acquisition advisory services to Jump, which included valuation advisory, transaction structuring, marketing, and negotiation of all the offers.
Matrix designed and implemented a sale process that had 120 parties execute non-disclosure agreements and resulted in approximately 40 offers for various combinations of the assets. The transaction was managed by Thomas Kelso, managing director and head of the Matrix Energy and Multi-Site Retail Group and Cedric Fortemps, director. Vance Saunders, vice president and Stephen Lynch, senior analyst assisted with the transaction.
The debtor was represented by Norman W. Pressman and Benjamin K. Westbrook of Goldstein & Pressman, P.C. Timothy T. Sigmund of Mariea, Sigmund & Browning, LLC served as special counsel to the debtor. GE Capital Commercial Finance, Inc., the largest senior lender in the case, was represented by Susan G. Boswell of Quarles & Brady LLP.
Matrix’s Energy and Multi-Site Retail Group specializes in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains.
