Case Study: Matrix Provides Capital Advisory Services to Carroll Independent Fuel

Carroll Independent Fuel, Inc. (“Carroll” or the “Company”) is a privately-owned, full-service convenience store, gas station, and fuels distribution company established in 1907 in Baltimore, MD. The Company is a leading petroleum marketing and convenience store operator with several hundred retail locations throughout the Mid- Atlantic. In addition to retail fuel distribution, Carroll’s commercial services include gasoline and diesel sales and delivery, fuel filtering, diesel exhaust fluid supply, unbranded and branded gasoline and station services, commercial motor fuel supply, tank loan services, transportation, and business planning.

The goal was to structure, intermediate, and execute a competitive capital raise process with a focus on maximizing flexibility and minimizing cost. As well as increase availability to address shareholder goals while also providing liquidity to support Carroll’s growth initiatives. And finally, build a sustainable capital platform for acquisitive growth and estate planning. 

Carroll is a best-in-class operator, and the success of this refinancing not only reflects the Company’s existing strong credit profile, but also affords greater flexibility to the Company as it further scales and diversifies.

Matrix provided capital advisory services to Carroll including comprehensive financial modeling & scenario analysis, development of optimal capital structure, creation of all collateral/marketing materials, and negotiation of the financing terms with providers.

Matrix also refined the Company’s organizational structure to increase flexibility and borrowing capacity, created competition among lenders to reduce costs, extend maturities, and widen baskets for acquisitions, restricted payments, and capital expenditures.

Matrix successfully negotiated the credit agreement on Carroll’s behalf and coordinated all diligence and closing processes.

The transaction with Carroll closed in November 2022.

John J. Whalen

Head of Capital Advisory Investment Banking, Managing Director (667) 229-2036

Richmond • Baltimore • New York


About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group

Matrix’s Downstream Energy & Convenience Retail Investment Banking 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 logistics, terminals and car washes. Group 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, corporate valuations, special situations and strategic planning engagements. Since 1997, our Downstream Energy & Convenience Retail Investment Banking Group has successfully completed over 270 engagements with a total transaction value of more than $13 billion.

Securities offered by MCMG Capital Advisors, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC