Kwik Pik's stalking horse bid, which was approved by the Delaware District of the U.S. Bankruptcy [image-nocss] Court earlier this month, established a $16.7 million purchase price for 207 Uni-Marts' assets of which $10 million was allocated to assets in Ohio and $6.7 million was allocated to assets in Pennsylvania and New York. The final purchase price for the assets of approximately $19.6 million represents a 17% improvement to the stalking horse bid.
Kwik Pik won the auction for the Ohio assets for $10.0 million, while Kwik Pik and 25 other successful bidders combined to push the value for the Pennsylvania assets to $9.6 million, which represents an improvement of 43%. In addition to the cash proceeds, successful bidders are assuming a substantial portion of the debtor's liabilities, which further improves the value to the debtor's estate.
Tom Kelso, managing director and principal of Matrix, said, "We are extremely pleased to have the opportunity to work with the debtor to deliver maximum value for the assets to Uni-Marts' creditors. We developed and executed a customized sales process that covered over 200 assets across three states that was successful in selling every asset and providing a very substantial return to the creditors."
The sales are subject to the approval by the U.S. Bankruptcy Court and are expected to close during the middle of November.(Click here for previous CSP Daily News coverage of Uni-Marts.)Matrix's Energy & Multi-Site Retail Group provides transactional advisory services to companies in the downstream energy and multi-site retail sectors. It provides advisory services to complete merger and acquisition transactions, private debt and equity raises, corporate restructurings and corporate valuation and long-term planning engagements.
Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, Va. It focuses on merger and acquisition and financial advisory services for corporate and privately held companies, including sales and divestitures, staged liquidity transactions, management buyouts and debt and equity placements.
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