Case Study: Matrix Announces the Successful Sale of Double Quick, Inc.
- Double Quick, Inc. (“Double Quick” or the “Company”) opened its first convenience store in Greenville, MS, in 1983 and soon after opened two additional stores. The following year Double Quick acquired 16 former “Mr. Quick” stores. The acquisition established Double Quick as a notable player in the Mississippi Delta convenience store market.
- Under the leadership of Tom Gresham, President & Partner and Bill McPherson, Partner, the Company established its own proprietary hot food offerings in 1984 which eventually became known as Hot N’ Crispy Chicken & Seafood. Double Quick saw an opportunity in the early 1990s to bring branded fast food to its marketing platform and entered a partnership with Church’s As the partnership with Church’s grew, Double Quick looked for other opportunities to expand its food offerings by also partnering with Krystal restaurants in 1995.
- Headquartered in Indianola, Mississippi, Double Quick was the premier convenience retailer and petroleum marketer, as well as a substantial QSR-operator, across its footprint in the Mississippi Delta and Eastern Arkansas.
- Double Quick directly operated 48 convenience retailing and petroleum marketing locations, five stand-alone QSR sites, and offered proprietary food service or branded QSR concepts at 34 of its convenience stores.
- When the time was right, the shareholders decided to exit the industry to focus on other businesses and diversify family wealth.
To customize, execute, and complete a confidential sale process that would allow the Company’s shareholders to realize maximum after-tax value upon the sale of Double Quick.
- Matrix provided merger and acquisition advisory services to Double Quick, which included valuation advisory, assistance with tax projections, marketing of the Company through a confidential, structured sale process, negotiation of the transaction, and coordinated the due diligence and closing process.
- As a result of the successful sale process, multiple competitive offers were received, and FR Refuel, LLC d/b/a Refuel, a portfolio company of First Reserve, a leading global private equity investment firm exclusively focused on energy, was ultimately selected as the acquirer. The transaction with Refuel closed in April 2020.
About Matrix’s Downstream Energy & Convenience Retail Group:
Matrix’s Downstream Energy & Convenience Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience retailing, petroleum marketing & distribution, propane distribution, heating oil distribution, lubricants distribution, petroleum transportation & logistics, terminals and bulk plants, car washes, food service and specialty retail. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, debt and equity capital raises, special situations, corporate valuations, and strategic planning engagements. Since its inception in 1997, this dedicated group has successfully completed over 230 engagements in these sectors with a total transaction value of more than $11.5 billion.