Angus I. Hines Inc. to be sold

Published 12:00 am Thursday, April 14, 2005

A staple in Suffolk’s business landscape for more than 80 years, Angus I. Hines Inc./Sentry Services, will be sold in the coming months.

Beginning in mid-March, vendors started receiving letters from the petroleum business informing them of the decision.

&uot;Our company, Angus I. Hines Inc., has made a very difficult decision,&uot; reads the letter signed by Angus I. Hines Jr., president. &uot;After 80-plus years of doing business in the petroleum industry, we have decided to begin the process of selling our company.

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&uot;We have retained a very reputable and experienced firm to handle the sale of the Sentry Food Marts and we will manage the sale of the other parts of our business.&uot;

A company representative referred the News-Herald to the Richmond-based Matrix Capital Markets Group when questioned about the forthcoming sale. A call to the firm was not returned.

According the group’s web site, the organization provides merger and acquisition (M&A) advisory services to middle market companies nationwide and internationally.

&uot;We have handled virtually every transaction structure imaginable … exclusive sale, management buyout, as well as strategic acquisition searches for some of the world’s largest corporations,&uot; the company touts.

In the letter to vendors, Hines thanks them for their contributions to the company,

and strives to paint a clear picture regarding the pending transaction.

&uot;We wanted you to learn about our plans from the `horse’s mouth’ in order to give you the correct perspective, thus avoiding any speculation or rumors,&uot; wrote Hines.

With regard to the company’s finances, he added, &uot;Our financial resources are in good order and our balance sheet is healthier than in any previous time. We will continue to operate in the normal course of business until the sale transactions are complete. All amounts due to our suppliers and service companies will be paid in a timely manner consistent with our past history.&uot;

The company expects the sale to take four to five months.

Angus I. Hines operates approximately 16 Sentry Marts throughout the Hampton Roads region in addition to the oil service.