Couche-Tard Purchase of Dickerson Petroleum Closes

Deal announced in December includes 29 retail, 29 wholesale assets in Ill., Mo., Okla.

Published in CSP Daily News

BELLEVILLE, Ill. -- Matrix Capital Markets Group Inc. has announced the successful sale of Belleville, Ill.-based Dickerson Petroleum Inc., which operates the Gas Mart chain, to Alimentation Couche-Tard Inc., through its wholly owned indirect subsidiary Mac's Convenience Stores LLC.

As first reported by a Raymond James/CSP Daily News Flash in December, the company's assets purchased by Couche-Tard include 29 company-operated retail units and 29 wholesale assets. The wholesale assets are comprised of one lessee-dealer unit and 28 open-dealer supply agreements.

Dickerson operates retail and wholesale assets in three states: Illinois, Missouri and Oklahoma. It Tom Dickerson founded the company in 1971. It was originally a wholesale supplier of tires, batteries, accessories and gasoline to a number of traditional service stations. The passing of an Illinois self-service law in 1977 spawned the beginning of the retail convenience store business. Since then, retail store growth and wholesale gasoline supply became the focus. Dickerson has been a family company since its inception.

Richmond, Va.-based Matrix provided merger and acquisition advisory services to Dickerson, which included valuation advisory, transaction structuring, marketing and negotiating. Tom Kelso, managing director and head of the Energy & Multi-Site Retail Group; Spencer Cavalier, director; Sean Dooley, associate; and, Andrew LoPresti, senior analyst, managed the transaction.

"Tom and his family built a very strong company over the last 40 years, and we were honored to advise the shareholders through a complex transaction that resulted in a highly successful sale and the monetization of significant family capital, Cavalier said.

"Selling the company was a very difficult decision, overshadowed only by the task itself. I'm convinced I selected the best help with Tom Kelso, Spencer Cavalier and the Matrix team. Their industry knowledge, diligence, and patience led to a best outcome," said Steve Dickerson, who has worked in the family business since 1971 and served as president since 2001.

Baltimore-based Matrix's Energy & Multi-Site Retail Group 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. Team members provide advisory services to complete s merger and acquisition transactions, debt and equity capital raises, corporate restructurings, corporate valuations and strategic planning engagements.

Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, Va. Since 1988, it has focused on providing merger and acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, staged liquidity transactions, management buyouts, and debt and equity placements.

Laval, Quebec-based Couche-Tard's network currently includes almost 6,200 c-stores throughout North America, including approximately 4,500 stores with fuel. It has agreements for the supply of motor fuel to more than 350 sites operated by independent operators. Its North-American network consists of 13 business units, including nine in the United States covering 40 states and the District of Columbia (under the Circle K banner) and four in Canada covering all 10 provinces (under the Couche-Tard and Mac's banners). Through its acquisition of Statoil Fuel & Retail, Couche-Tard also operates a broad retail network across Scandinavia (Norway, Sweden, Denmark), Poland, the Baltics (Estonia, Latvia, Lithuania) and Russia.