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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