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MORRISTOWN, Tenn. -- Lehigh Gas Partners LP has completed the acquisition of 17 convenience stores from Rogers Petroleum Inc. All of the stores, which also offer gas, are located in the Tri-Cities region of eastern Tennessee and southwestern Virginia.
The $21.1-million transaction was financed under the partnership's credit facility, according to the Allentown, Pa.-based company.
Rogers Petroleum is a privately held family-owned business that was founded in 1980 by Don Rogers and his wife, Penney. The company is involved in various businesses including motor fuels distribution, fuels transportation, lubricants and convenience store operations. Rogers opened its first convenience store in 1990 and subsequently grew the business through its Zoomerz convenience store brand. Exxon Mobil Corp. acquired many of the Zoomerz stores during the mid-1990s.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Rogers, which included valuation advisory, transaction structuring, marketing and negotiating the definitive asset purchase agreement.
"We are very appreciative of the work that Matrix provided us. It was able to design and execute on a confidential sale process that resulted in an outcome that exceeded our expectations," said Don Rogers, chairman.
The transaction was led and managed by Cedric Fortemps, a managing director in Matrix's Energy and Multi-Site Retail Group (EMR). Thomas Kelso, managing director and head of Matrix's EMR Group, and Stephen Lynch, associate, also advised on the transaction.
"Having known Don for over 25 years, we really enjoyed working with him and Rogers' CEO Chris Liposky to help them successfully exit the convenience store business," Kelso said.
Challen Walling of Penn Stuart & Eskridge and Ron Perkins of Bacon, Jessee & Perkins served as legal counsel to Rogers on the transaction.