Matrix Capital Markets Advises Giant Eagle on Asset Sales
7/08 1:05 PM
Matrix Capital Markets Advises Giant Eagle on Asset Sales
Dawn Gallagher
DTN Energy Reporter
OAKHURST, N.J. (DTN) --- Giant Eagle has sold its portfolio of nearly 270
GetGo Caf + Market convenience stores and WetGo car washes located across
Pennsylvania, Maryland, Ohio, West Virginia and Indiana to Alimentation
Couche-Tard, Inc., the parent company of Circle K, according to Matrix Capital
Markets Group, Inc., advisor to Giant Eagle.
As part of the GetGo transaction, Giant Eagle and Couche-Tard have agreed to
maintain and partner on the company's widely popular myPerks loyalty program.
In a separate transaction, Giant Eagle also sold its wholesale motor fuels
distribution business to Cary Oil Company, Inc. The company's wholesale motor
fuels business distributes BP, Amoco, Phillips 66, Conoco, and Marathon branded
motor fuels to more than 80 contract dealer supply accounts in Indiana,
Illinois and Kentucky. Giant Eagle began distributing branded wholesale motor
fuels in December 2018 when it acquired Ricker Oil Company, Inc., and given the
legacy of this business, the majority of the company's dealer supply accounts
are concentrated in and around the greater Indianapolis metropolitan area.
"This was a highly complex transaction, and the team from Matrix proved to
be an exceptional advisor every step of the way," said David Burnworth, CFO of
Giant Eagle. "Their ability to manage a dynamic and fluid process while
providing thoughtful, strategic guidance was key to achieving a successful
result for Giant Eagle."
Matrix provided merger and acquisition advisory services to Giant Eagle,
which included valuation advisory, conducting a confidential, structured sale
process, and negotiation of the transactions.
Weil, Gotshal & Manges LLP and Winthrop & Weinstine, P.A. served as legal
counsel for Giant Eagle with respect to the transactions with Couche-Tard and
Cary Oil, respectively.
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