Buyers Leap on Jump Oil Assets

Lion Petroleum, Casey's, more divide 48 sites sold in bankruptcy proceeding

Published in CSP Daily News

JEFFERSON CITY, Mo. -- Jump Oil Co. Inc. filed a voluntary petition for Chapter 11 relief in the U.S. Bankruptcy Court for the Eastern District of Missouri on Feb. 14, 2013. Now, Lion Petroleum Inc., Casey's General Stores Inc. and other buyers have purchased the assets of Jump Oil, pursuant to a July 3 order of the U.S. Bankruptcy Court for the Eastern District of Missouri.

Jefferson City, Mo.-based Jump was a motor fuels distributor that supplied fuels to 48 dealer locations throughout Missouri. Jump owned or controlled all of the locations either through ownership of the real estate or through third-party leases.

As reported in a Raymond James/CSP Daily News Flash, Lion Petroleum, St. Louis, purchased 32 sites, Casey's General Stores Inc., Ankeny, Iowa, purchased four sites and other buyers purchased the remaining 12 sites.

Matrix Capital Markets Group Inc., Baltimore, 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 nondisclosure agreements and resulted in approximately 40 offers for various combinations of the assets, it said.

The sale was free and clear of all liens, claims and encumbrances, according to court documents.

Thomas Kelso, managing director and head of the Matrix Energy & Multi-Site Retail Group, managed the transaction, and Cedric Fortemps, director. Vance Saunders, vice president and Stephen Lynch, senior analyst assisted with the transaction.

Norman W. Pressman and Benjamin K. Westbrook of Goldstein & Pressman represented the debtor; P.C. Timothy T. Sigmund of Mariea, Sigmund & Browning LLC served as special counsel to the debtor. Susan G. Boswell of Quarles & Brady LLP, represented GE Capital Commercial Finance Inc., the largest senior lender in the case.

Matrix's Energy & Multi-Site Retail Group, with offices in Baltimore and Chicago, is a leader 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.

Richmond, Va.-based Matrix Capital Markets Group Inc. is a leading middle-market investment bank that provides merger and acquisition and financial advisory services for privately held and private-equity owned companies, including sales and divestitures, recapitalizations, management buyouts and debt and equity placements. It has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products and petroleum marketing and distribution.