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RICHMOND, Va. -- Matrix Capital Markets Group Inc. announced this week the closing on the sale of select retail assets of Lehigh Gas Corp. located in New York, Pennsylvania and New Jersey. The deal includes both Lehigh's company- and dealer-operated stores, the company reported.
"I appreciate Matrix’s strategic review of our business and management of the sale process, which has helped us achieve greater enterprise value," Joe Topper, CEO of Lehigh Gas said in the release.
Lehigh, a petroleum marketer and c-store operator in the Northeast, continues its ongoing efforts to rationalize its existing assets as part of its overall plan to continue growth through opportunistic acquisitions, according to a Matrix press release. Matrix executed a structured and customizes marketing process for the assets which yielded multiple competitive offers that provided Lehigh Gas with an array of option to maximize the value of its assets, the release stated.
A total of forty Lehigh Gas stores will be sold. Twenty-five were purchased by Sunoco, three sold to individual dealers and closing on the remaining 12 will happen over the next few weeks, Matrix stated.
"We were honored to be selected by Lehigh Gas to handle these transactions. We enjoyed working with Joe Topper, Lehigh’s CEO, Dave Hrinak, Lehigh’s President, and their management team in helping to achieve Lehigh’s goal of monetizing assets in order to reinvest the capital and grow in their core markets," Tom Kelso managing director and head of the Matrix's Energy and Multi-Site Retail Group stated in the release. Matt Murphy, senior associate with Matrix, who co-managed the transaction added, "The quality and positioning of Lehigh’s assets combined with the exceptional way these stores were managed created a very attractive opportunity and were the driving factors in achieving an extremely successful result."