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DENVER — Bradley Petroleum Inc. and Sav-O-Mat Inc. have closed their sale of the company to Stinker Stores Inc. The deal includes 40 convenience stores in Colorado and one in Wyoming.
Matrix Capital Markets Group Inc. provided merger and acquisition advisory services to Bradley and Sav-O-Mat during the sale. This included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the transaction.
Based in the Denver metropolitan area, Bradley and Sav-O-Mat's operating history spans more then a century in the petroleum marketing and c-store industry, including owning and operating the first Denver-based gas station in 1912. The company grew significantly under the leadership of George Calkins and his son Brad Calkins, whose son Buzz Calkins has served as president for the last 10 years.
"This is certainly a bittersweet moment. With my family having been in the petroleum business for four generations and me my entire life, it is certainly hard not to look back without some nostalgia. I am proud to reflect on everything we have been through in this industry, and how rewarding it's been for me personally and my entire family," Brad Calkins said. "In saying that, this represented an ideal time for our family and where we want to go with our future endeavors. Matrix did a wonderful job in advising us with such a complicated transaction and was extremely patient while everything was put into place to make it happen. They couldn't have been a better partner, and we couldn't have done it without everyone at Matrix and all of their expertise."
The transaction was managed by Thomas Kelso, managing director and head of the downstream energy and convenience retail group, and Spencer Cavalier, managing director. Tod Butler, vice president of business development; Sean Dooley, vice president; Andrew LoPresti, associate; and Christian Klawunder, associate, also advised on the transaction.
"We have been very fortunate to have known and worked with the Calkins family for many years. We have watched them build a very successful, market leading company whose longevity spans the work of several generations. We worked hand-in-hand with the family over the last decade to value the company on several occasions and to advise on how to best position the company to monetize the company assets for further diversification and tax-efficient estate planning. We thank the Calkins family for the opportunity to advise them."