CODY, Wyo. -- Fuel distributor Brad Hall & Associates Inc. added another 16 convenience stores to its fold with the purchase of Red Eagle Oil Inc.'s sites in Wyoming and Montana.
Sold as part of a court-ordered auction, the Red Eagle sites struggled after the 2008 economic downturn, and the parent company filed for Chapter 11 bankruptcy protection on Aug. 1, 2011.
Matrix Capital Markets Group Inc., Richmond, Va., led the auction of the 16 sites and announced the successful sale of substantially all of the assets of Red Eagle Oil to Brad Hall & Assoc. under an order of the court dated Sept. 12, 2012.
Cody, Wyo.-based Red Eagle's assets, as reported in a Raymond James/CSP Daily News Flash, consisted of 16 fee-owned convenience stores that also offer motor fuels, several bulk plants and transportation equipment. Fifteen of the convenience stores are located throughout Wyoming with the other store being located in Hardin, Montana. Eight of the stores offer Exxon motor fuels with the remaining stores selling unbranded fuels. The total purchase price was $9.45 million, according to court documents.
Idaho Falls, Idaho-based Brad Hall & Associates in 2011 purchased 28 Albuquerque, N.M., area gas station/convenience stores once owned by PRP Inc. and operated by Ever-Ready Oil Inc. At that time, Hall told CSP Daily News his company owned about 60 sites in New Mexico, Arizona, Utah, Idaho and Indiana.
About the Red Eagle Oil sale, Cedric Fortemps, senior vice president at Matrix, said, "This closing is the culmination of a successful sale process which required a tremendous amount of hard work on the part of the debtor, the creditors and all of the professionals employed by the various constituents. It was a pleasure to work with all of the individuals involved and the successful result would not have been possible without the Hinze family's determination to continue to operate the companies under difficult circumstances."
Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, Va.