Matrix Capital Markets Group, Inc. has guided Carolina Convenience Corporation on the sale of seven of its S-Mart branded convenience stores and its wholesale fuels distribution business in South Carolina to Applegreen plc and Petrogas Global Ltd. Post-closing, Carolina Convenience will continue to operate the Hardee’s business as well as one convenience store at a separate location.
The company is presently managed by Madhu Shrivastava, Chairman & CEO, and Seema Shrivastava-Patel, President. Not included in the sale to Applegreen, the Company operates several Hardee’s restaurants in the Columbia market, in addition to its fuel marketing and convenience store business. With the intention to focus on the operation of its Hardee’s restaurants and other business ventures, the company, after nearly 37 years of operation is divesting substantially all of their convenience store and fuel marketing business. Applegreen retained the Company’s convenience store employees at the acquired stores, as part of the transaction.
Merger and acquisition advisory services to Carolina Convenience was provided by Matrix, including valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction. Vance Saunders, Managing Director, and John Duni, Associate managed the transaction.
Mr. Shrivastava, Chairman & CEO, said, “Matrix has been a great advisor and partner throughout this entire journey. They conducted a thorough financial analysis and handled detailed contract negotiations which resulted in a successful conclusion. Matrix’s knowledge and experience in this area definitely helped us increase the value of our business.”
Ms. Shrivastava-Patel, President, added, “I would like to thank all of our employees who helped build our company over 37 years. Coming to the U.S. with only $100, my parents are the epitome of the American Dream. This was a very difficult process to go through, but having a team like Matrix made it much easier. They made sure that every detail was considered to ensure we were in the best possible situation. Our family is also thankful to our legal team led by Richard Few and his associates at Parker Poe for guiding us through the legal process.”
Mr. Saunders remarked that this transaction is the culmination of multifaceted advisory work as they helped the Shrivastava family understand the value of their company, identified which assets to divest, analyzed after tax proceeds from a sale as well as the ongoing cash flows of the remaining assets, and executed a transaction that achieved their goals. “The Shrivastavas have worked extremely hard for many years building an exceptional business, and we are honored to have had the opportunity to lead them through this process.” PWKD15082018
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