![\"Matrix](\"https:\/\/www.send2press.com\/wire\/images\/23-0602-s2p-matrix-capital-800x600.jpg\")
Matrix Capital Markets Group, Inc.<\/em><\/p>\n
St. Cloud, Minnesota based Coborn\u2019s is a 102-year-old, employee-owned grocery retailer with nearly 10,000 employees and 77 grocery stores across Minnesota, North Dakota, South Dakota, Wisconsin, Michigan and Illinois under the banners Coborn\u2019s, Cash Wise Foods, Hornbacher\u2019s, Tadych\u2019s Marketplace Foods and Sullivan\u2019s Foods. Coborn\u2019s entered the convenience store business in 1986 with its Little Dukes branded convenience stores and converted 14 locations to Holiday franchised stores in 2006. Coborn\u2019s operates several fuel, liquor and pharmacy locations as well. To support its 200 various retail business units, Coborn\u2019s also operates its own central bakery, dry cleaning facility and grocery distribution center.<\/p>\n
Coborn\u2019s was founded in 1921 by Chester A. Coborn who opened a one-room produce store in Sauk Rapids, Minnesota. Chris Coborn, a fourth-generation family member, is the current CEO and Chairman of the Board and his daughter Emily Coborn Wright, Vice President of Retail Support Services, and his son Peter Coborn, Director of Liquor Operations, are fifth-generation family members in leaderships roles.<\/p>\n
Matrix provided merger and acquisition advisory services to Coborn\u2019s, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of the sale. The transaction was managed by Spencer Cavalier, CFA, Co-Head of Matrix\u2019s Downstream Energy & Convenience Retail Investment Banking Group; John Underwood, Managing Director; Nate Wah, CPA, Senior Associate; and G. Reilly Erhardt, CPA, Analyst.<\/p>\n
Chris Coborn, CEO of Coborn\u2019s stated, \u201cWe are very pleased with the assistance Matrix provided in divesting our Holiday franchised fuel and convenience stores. This is part of Coborn\u2019s overall strategy to focus our growth efforts on the grocery store market. Matrix\u2019s efforts have led to the successful sale of our Holiday franchise stores to our long-term franchisor partner, Holiday. The transaction provides continuity to our store employees and customers, as the stores will remain Holiday branded and continue to accept the Coborn\u2019s MORE Rewards program. Matrix did an excellent job at meeting our strategic objectives in the sale.\u201d<\/p>\n
Mr. Underwood added, \u201cChris and his team have done a tremendous job growing the Coborn\u2019s family business. The family legacy is incredibly impressive with what they have achieved over the last century since the Company\u2019s founding. I am very pleased that Matrix was able to contribute to Coborn\u2019s future growth by selling the Holiday franchised stores to allow for more capital deployment for Coborn\u2019s strategic growth initiatives.\u201d<\/p>\n
Robert A. Rosenbaum and Morgan A. Helme of Dorsey & Whitney LLP served as external legal counsel for Coborn\u2019s, Inc.<\/p>\n
About Matrix’s Downstream Energy & Convenience Retail Investment Banking Group:<\/strong><\/p>\n 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, car washes and quick service restaurants. 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 300 engagements with a total transaction value of more than $15 billion.<\/p>\n About Matrix Capital Markets Group, Inc.:<\/strong><\/p>\n Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and New York, NY. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix\u2019s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions. Matrix serves clients in a wide range of industries, including automotive aftermarket, building products, car washes, consumer products, convenience retail, downstream energy, healthcare and industrial products.<\/p>\n For additional information or to contact our team members, please visit https:\/\/matrixcmg.com\/<\/a>.<\/p>\n
![https:\/\/www.Send2Press.com\/300dpi\/23-0602-s2p-matrixlogo-300dpi.jpg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"RICHMOND, Va. and BALTIMORE, Md., Nov. 10, 2023 (SEND2PRESS NEWSWIRE) — Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent investment bank, announces that it has advised Coborn’s, Inc. (“Coborn’s” or the “Company”) on the sale of its 14 Holiday franchised fuel and convenience stores and one developmental site to Holiday Stationstores, LLC.<\/p>\n","protected":false},"author":9605,"featured_media":91042,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[421,12804,156,1,167,38,480,178,227],"tags":[19702,19262],"class_list":["post-101633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mergers-acquisitions-news","category-ap","category-banking-news","category-business-news","category-energy-news","category-finance-news","category-grocery-cstore-news","category-retail-franchise-news","category-virginia-news","tag-holiday-stationstores","tag-independent-investment-bank","has-post-title","has-post-date","no-post-category","no-post-tag","no-post-comment","has-post-author"],"acf":[],"views":5110,"_links":{"self":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/101633","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/users\/9605"}],"replies":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/comments?post=101633"}],"version-history":[{"count":0,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/posts\/101633\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media\/91042"}],"wp:attachment":[{"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/media?parent=101633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/categories?post=101633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.send2press.com\/wire\/wp-json\/wp\/v2\/tags?post=101633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/www.send2press.com\/300dpi\/23-0602-s2p-matrixlogo-300dpi.jpg\"){kind=link}