Lion Petroleum, Casey's Among Buyers of Jump Oil Sites

JEFFERSON, Mo. -- The bankruptcy sale of Jump Oil Co.'s assets has been completed, with Lion Petroleum Inc. and Casey's General Stores Inc. on the list of buyers, according to Matrix Capital Markets Group Inc., which provided merger and acquisition advisory services to Jump Oil.

The sale was first announced by Matrix Capital in late March. Jump Oil was a motor fuels distributor that supplied fuel to 48 dealer locations throughout Missouri. The company owned or controlled all of the locations either through ownership of the real estate or through third-party leases.

Thirty-two of the sites were purchased by St. Louis-based Lion Petroleum, while Ankeny, Iowa-based Casey's picked up four locations. The remaining 12 stores were purchased by other buyers pursuant to an order of the U.S. Bankruptcy Court for the Eastern District of Missouri.

According to Matrix Capital, the sale process included 120 parties executing non-disclosure agreements and resulted in approximately 40 offers for various combinations of the assets.

"Given the quality and condition of the assets, this was a very robust sale process yielding substantial benefit to the parties-in-interest to this bankruptcy case," said Cedric Fortemps, who managed the sale along with Thomas Kelso, head of the Matrix Energy and Multi-Site Retail Group.

Since its inception in 1997, this group has advised on more than 110 engagements in the downstream energy and multi-site retail sectors with a total transaction value in excess of $3.6 billion.