Continental Carbonic Products, Inc. is a dry ice and liquid carbon dioxide manufacturing and distribution company with 49 locations throughout the Eastern United States. The owner of 13 facilities was motivated to sell their portfolio to reduce management responsibilities of more than a dozen expiring leases, with less than three years remaining on all the lease terms.
Utilizing the Matthews™ comprehensive shared database, the agents generated 12 competitive offers. The Matthews™ brokers were able to create hundreds of thousands of additional equity for the seller by introducing external competition, unlocking the full value of the portfolio. The buyer, Matheson Tri-Gas, is the parent company of Continental Carbonic and wanted to secure several of their most vital distribution and product facilities.
With the expertise and expansive reach of Matthews™, the portfolio sold for $9.16 million, 103 percent of the listing price, through a competitive bidding environment. Without the help of Matthews™, the seller would not have accomplished the impressive cash flow in an optimum amount of time and equity remaining.