Matrix Capital Markets Group Inc., an independent middle-market investment bank, announced the successful closing on the sale of Champlain Oil Co. Inc. and Coco Mart Inc. (collectively Champlain) to Global Partners LP.
The acquired assets include 37 company-operated convenience stores with gas, trading as Jiffy Mart, and some 24 fuel sites that either are owned or leased. The transaction also includes fuel supply agreements for some 65 gas stations, primarily in Vermont and New Hampshire.
Headquartered in Burlington, Vermont, Champlain is one of the largest petroleum wholesale distribution and convenience retail marketers in the northeast. For more than 70 years, the company has maintained rigorous quality standards of a major national chain while upholding customer-centric values. Champlain was founded in 1949 by C. Douglas Cairns. In 1990, the company acquired the Jiffy Mart brand along with 13 company-operated locations from Jiffy Mart Inc. The company has grown its retail and wholesale channels of trade by offering high-quality merchandise, food and service at its Jiffy Mart stores and value-added services to ensure a competitive, sustainable business model for its wholesale customers.
Matrix provided merger and acquisition advisory services to Champlain, which included valuation advisory, marketing the business through a confidential, structured sale process and negotiation of the transaction.