Press Releases


Matrix Announces the Successful Sale of Leonard E. Belcher, Inc.’s Terminals and Commercial Fuels and Wholesale Distillate Businesses

RICHMOND, VA – February 1, 2017 – Matrix Capital Markets Group, Inc. (“Matrix”), a leading, independent middle-market investment bank, announces the successful sale of Leonard E. Belcher, Inc.’s (“L.E. Belcher” or the “Company”) distillate terminal assets and commercial fuels and wholesale distillate businesses to Sprague Operating Resources LLC, a subsidiary of Sprague Resources LP (“Sprague”) (NYSE: SRLP).

The Company’s assets acquired by Sprague consist of two pipeline supplied distillate terminals and a distillate storage facility with a combined shell capacity of 295,000 barrels, all located in Springfield, Massachusetts. Also included in the transaction was L.E. Belcher’s commercial fuels and wholesale distillate businesses with annual sales in excess of 50 million gallons. L.E. Belcher has served customers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont for over 85 years. The transaction does not include L.E. Belcher’s retail assets or branded and unbranded wholesale gasoline businesses.

L.E. Belcher is a well-established, independent, multi-branded marketer of petroleum products based in Springfield, Massachusetts.  The Company will continue to own and operate their chain of retail gasoline stations and convenience stores and their network of branded and unbranded gasoline dealer accounts.

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.

Mr. Hough commented, “Matrix has done a phenomenal job of guiding us in this process.  From the very beginning Matrix has demonstrated a professional approach and incredible tenacity to bring their impressive market awareness expertise to bear on our behalf.  It has been an incredible journey.  I would encourage anyone contemplating such a move to contact Matrix Capital Markets.”

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, Associate, and Carlton Zesch, Analyst, also advised on the transaction.

Mr. Underwood commented, “It has been a pleasure to work with Mr. Hough and Mr. Ryan on the sale of the terminal assets and the sale of the commercial and wholesale distillate businesses.  We know it was a very difficult decision for Mr. Hough to sell assets that his family has owned for decades.  Matrix greatly appreciates being given the opportunity to assist L. E. Belcher in this sale.”

James Shiels, David Webber and Timothy Mulhern of Shatz, Schwartz and Fentin, P.C. served as legal counsel for Belcher.