Matrix Capital Markets Group, Inc., a leading, independent middle-market investment bank, announces the successful closing on the sale of Champlain Oil Company, Inc. and Coco Mart, Inc. to Global Partners LP (NYSE: GLP). The acquired assets include 37 company operated convenience stores with gas, trading as Jiffy Mart, and approximately 24 fuel sites that are either owned or leased including lessee dealer and commission agent locations. The transaction also includes fuel supply agreements for approximately 65 gas stations, primarily in Vermont and New Hampshire.
Headquartered in Burlington, Vermont, Champlain is one of the largest petroleum wholesale distribution and convenience retail marketers in the northeast. For over 70 years, the Company has built a well-regarded reputation by maintaining rigorous quality standards of a major national chain, while upholding customer-centric values. Champlain was founded in 1949 by C. Douglas Cairns. Several decades later, in 1990, the Company acquired the Jiffy Mart brand along with 13 company-operated locations from Jiffy Mart, Inc. Under the leadership of Tony Cairns, President, and his son Bryan Cairns, Vice President, the Company has grown both its retail and wholesale channels of trade by offering high quality merchandise, food offerings and service at its Jiffy Mart stores and value-added services to ensure a competitive and sustainable business model for its wholesale customers.
Tony Cairns commented, “I would like to thank all of our employees who helped build our company over many years and Matrix who was a pleasure to work with.” Mr. Bryan Cairns added, “The Matrix team did a tremendous job. This was quite the process to go through, but having such a professional team directing us with their tireless work ethic and attention to detail made the process that much easier.”
Matrix provided merger and acquisition advisory services to Champlain, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. The transaction was managed by Spencer Cavalier, Managing Director; Sean Dooley, Vice President; and Christian Klawunder, Senior Associate. Thomas Kelso, Managing Director and Head of Matrix’s Downstream Energy and Convenience Retail Group, also advised on the transaction.
Cavalier commented, “The Cairns family and its talented management team built one of the most respected and successful independent petroleum marketing and convenience retailing companies in the industry. We truly appreciate the opportunity to advise the Company and the Cairns family on the sale and cherish the relationship we built with the family over many years.”
Peter Erly and Ethan McLaughlin of Gravel & Shea PC served as legal counsel for Champlain.