H.A. Mapes, Inc.

Transaction Details


H.A. Mapes, Inc.


Springvale, ME



Nouria Energy Retail, Inc., a subsidiary of Nouria Energy Corporation

Transaction Type:

M&A Advisory

Close Date:

H.A. Mapes, Inc. (“H.A. Mapes” or the “Company”) was a leading petroleum marketer, convenience store operator, and fuels distributor that operated throughout New England.

The Company was founded in 1936 as a heating oil provider that served customers in Springvale, Maine and the surrounding areas. Heating oil was H.A. Mapes’ primary focus until the 1980s, at which point the Company added a motor fuels distribution business. The Company divested its heating oil supply business in the early 2000s and began building out its convenience retail operations in 2016.

In 2019, the Company engaged Matrix to analyze a potential sale of the Company. Matrix provided a market valuation and advised on possible ways to better position the Company to derive additional value in the event of a sale. The shareholders of the Company decided to focus on implementing related initiatives to maximize the value of a future sale.

After executing many of the suggestions provided by Matrix, the Company reengaged Matrix in 2022 to update the previous valuation work. After reviewing an updated valuation, the shareholders elected to retain Matrix to facilitate the sale of the Company.

At the time of the sale, the Company’s asset base consisted of 13 retail locations, ~80 wholesale customers, and a sizeable fuels transportation business.

To customize, execute, and complete a confidential sale process in a way that would allow H.A. Mapes to realize maximum after-tax value.

Matrix provided merger and acquisition advisory services to H.A. Mapes, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of an asset purchase agreement.

Multiple competitive offers were received and Nouria Energy Retail, an affiliate of Nouria Energy, was selected as the buyer.

Matrix assisted in the negotiation of the purchase agreement and coordinated the due diligence and closing process.

The transaction with Nouria Energy closed in August 2023.

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