Matrix Announces the Successful Sale of Leonard E. Belcher, Inc.’s Retail Assets and Branded and Unbranded Wholesale Businesses
RICHMOND, VA – April 27, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful sale of all of Leonard E. Belcher, Inc.’s (“L.E. Belcher” or the “Company”) retail assets and its branded and unbranded wholesale business to Petroleum Marketing Group, Inc. (“PMG”) of Woodbridge, Virginia. The Company’s retail assets acquired by PMG consist of thirteen company operated stores, one new to industry store that is scheduled to open in early June and one developmental property. Also included in the transaction was L.E. Belcher’s branded contract dealer accounts and its unbranded wholesale business. The Company’s retail assets, branded and unbranded wholesale contracts are primarily located in Massachusetts, Connecticut and Rhode Island.
L.E. Belcher is a well-established independent multi-branded marketer of petroleum products that is based in Springfield, Massachusetts. L.E. Belcher, Inc. began operations in the late 1920’s in Springfield. Mr. Charles Hough purchased the business from Leonard Belcher in the early 1950’s. The Company was sold to Mr. Hough’s son, Edward Hough, President, in the 1990’s. Under Edward’s leadership and direction, and assisted by David Ryan, Vice President, the Company has continued the tradition of delivering quality products and exceptional customer service as they have grown both their retail and wholesale footprint into a multi-state, multi-branded petroleum distribution enterprise with a reach that has stretched as far south as New Jersey and Pennsylvania. Earlier this year Matrix advised the Company on the sale of the Company’s two pipeline supplied distillate terminals, a distillate storage facility and its commercial fuels business to Sprague Resources LP (NYSE: SRLP).
Mr. Hough commented, “Our experience with Matrix was exceptional. Their professionalism and experience was instrumental in developing a competitive bid process and their expertise in the petroleum distribution and convenience retail space created a broad spectrum of prospects. As a legacy, family owned marketer, it was very important that we partnered with a buyer of integrity and character for our employees, our customers and our supplier partners. Matrix was instrumental in achieving a successful sale on all fronts.”
Matrix provided merger and acquisition advisory services to L.E. Belcher, which included valuation advisory, marketing of the Company through a customized, confidential, structured sale process, transaction structuring, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Convenience Retail Group and John Underwood, Director. Andrew LoPresti, Senior Associate, and Carlton Zesch, Analyst, also advised on the transaction.
Mr. Underwood commented, “Matrix has now had the pleasure of working on two separate transactions for L.E. Belcher, the sale of the Company’s terminals and commercial fuels business and now the retail assets and branded and unbranded wholesale contracts. It has been a real pleasure to work with Mr. Hough and Mr. Ryan on the sales and we recognize and appreciate how difficult it has been for Mr. Hough to sell assets that his family has owned for decades.”
James Sheils, David Webber and Timothy Mulhern of Shatz, Schwartz and Fentin, P.C. served as legal counsel for Belcher.