FFP Operating Partners Assets Sold
RICHMOND, Va. -- Matrix Capital Markets Group, Inc. announced today the successful closing on substantially all of the assets of FFP Operating Partners LP, a Texas-based owner and operator of convenience stores, gas stations and fuel supply agreements in various states throughout the South and Midwest.
"Tom, Cedric, Matt and the whole Matrix team were able to bring a wide variety of potential buyers down to our area, which helped maximize the proceeds for this sale process," said Mark Lipscomb, president of FFP.
In September 2005, CSNews Online reported that Matrix received approval from the U.S. Bankruptcy Court, for the Northern District of Texas, Dallas Division, to market 114 of FFP's 170 convenience stores and fuel agreements through an auction.
Cedric Fortemps, vice president of Matrix Capital Markets Group, told Convenience Store News Online in September of last year that the company expected a "mix of buyers from large, national c-store chains to regional chains to individual entrepreneurs.
"Our hope is to maximize the proceeds to unsecured and secured creditors from the sale of the stores, whether that results from one buyer or many buyers," Fortemps said.
As of today, FFP Operating Partners, L.P. has sold, received consideration for, or has under contract 89 of the stores and fuel supply agreements. The 80 convenience stores, gas stations and fuel supply agreements where sale transactions have been completed were sold to 50 various purchasers, including Petroleum Wholesale, L.P.'s acquisition of eight fuel supply agreements and Naeem Khalid’s acquisition of seven stores. Matrix's marketing efforts also allowed FFP to receive consideration from an existing landlord for another seven stores, the company reported.
In total, FFP locations sold approximately 48 million gallons of motor fuels and $28 million of merchandise goods during the twelve-month period ended June 2005.
Additionally, 88 of FFP's stores and fuel supply agreements are located in Texas, seven are in Tennessee, five are in Missouri, four each are in Louisiana and Mississippi, three are in Kentucky and there is one store each in New Mexico, Oklahoma and Arkansas.
The few remaining locations still for sale can be found on the Matrix web site at http://www.matrixcapitalonline.com/ffpauction/ffp_storelist.html.
Matrix served as the exclusive financial advisor for the Debtor, FFP Operating Partners, L.P., in its Chapter 11 Bankruptcy Case. Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix, managed the transaction.
"This was a difficult assignment because the bankruptcy case had been ongoing for nearly two years before the decision was made to sell the assets and hire Matrix," said Kelso. "In addition, prior to filing bankruptcy, FFP had tried to market the assets and many potential purchasers had already looked at the assets and taken a pass. Despite facing these challenges, we believe that because of our unique sale process and the efforts of Mark Lipscomb and the FFP team, the results for the creditors have been excellent."
"Tom, Cedric, Matt and the whole Matrix team were able to bring a wide variety of potential buyers down to our area, which helped maximize the proceeds for this sale process," said Mark Lipscomb, president of FFP.
In September 2005, CSNews Online reported that Matrix received approval from the U.S. Bankruptcy Court, for the Northern District of Texas, Dallas Division, to market 114 of FFP's 170 convenience stores and fuel agreements through an auction.
Cedric Fortemps, vice president of Matrix Capital Markets Group, told Convenience Store News Online in September of last year that the company expected a "mix of buyers from large, national c-store chains to regional chains to individual entrepreneurs.
"Our hope is to maximize the proceeds to unsecured and secured creditors from the sale of the stores, whether that results from one buyer or many buyers," Fortemps said.
As of today, FFP Operating Partners, L.P. has sold, received consideration for, or has under contract 89 of the stores and fuel supply agreements. The 80 convenience stores, gas stations and fuel supply agreements where sale transactions have been completed were sold to 50 various purchasers, including Petroleum Wholesale, L.P.'s acquisition of eight fuel supply agreements and Naeem Khalid’s acquisition of seven stores. Matrix's marketing efforts also allowed FFP to receive consideration from an existing landlord for another seven stores, the company reported.
In total, FFP locations sold approximately 48 million gallons of motor fuels and $28 million of merchandise goods during the twelve-month period ended June 2005.
Additionally, 88 of FFP's stores and fuel supply agreements are located in Texas, seven are in Tennessee, five are in Missouri, four each are in Louisiana and Mississippi, three are in Kentucky and there is one store each in New Mexico, Oklahoma and Arkansas.
The few remaining locations still for sale can be found on the Matrix web site at http://www.matrixcapitalonline.com/ffpauction/ffp_storelist.html.
Matrix served as the exclusive financial advisor for the Debtor, FFP Operating Partners, L.P., in its Chapter 11 Bankruptcy Case. Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix, managed the transaction.
"This was a difficult assignment because the bankruptcy case had been ongoing for nearly two years before the decision was made to sell the assets and hire Matrix," said Kelso. "In addition, prior to filing bankruptcy, FFP had tried to market the assets and many potential purchasers had already looked at the assets and taken a pass. Despite facing these challenges, we believe that because of our unique sale process and the efforts of Mark Lipscomb and the FFP team, the results for the creditors have been excellent."