Matrix Announces the Successful Sale of Harbor Petroleum of New England, Inc.’s, Contract Dealer Business
RICHMOND, VA – May 4, 2016 – Matrix Capital Markets Group, Inc. (“Matrix”) announces the successful closing on the sale of the contract dealer business owned by Harbor Petroleum of New England, Inc. (the “Company” or “Harbor Petroleum”) to SEI Fuel Services, Inc., a wholly owned subsidiary of 7-Eleven, Inc. The Company, headquartered in Naugatuck, CT, owns and operates convenience stores and supplies fuels throughout Connecticut.
John Baker started Harbor Petroleum in 1981 with one station in Naugatuck and grew the business to its current level over a 35 year period. Mr. Baker has elected to reduce the scale of Harbor Petroleum, but will continue to own and supply a small group of stations that he primarily retains a fee or leasehold interest in.
Matrix provided merger and acquisition advisory services to Harbor Petroleum, on the divestiture, which included valuation advisory, marketing of the assets through a customized, confidential, structured sale process, and negotiation of the transaction. The transaction was co-managed by Thomas Kelso, Managing Director and Head of the Downstream Energy & Retail Team and John Underwood, Director. Vance Saunders, Director and Andrew LoPresti, Associate, also advised on the transaction.
John Baker, the owner of Harbor Petroleum, said “During the entire sales process, the analysts and individuals that represent Matrix were professional in every manner. I firmly believe that our Company obtained not only the broadest regional coverage exposure possible but a representative national exposure to qualified buyers as well.”
Mr. Underwood commented, “Matrix is very happy to have helped John achieve his goal of selling the contract dealer business of Harbor Petroleum, we appreciated the opportunity to work with him to achieve his goals.”
Craig Sylvester and Christine Miller of Reid and Riege, P.C., served as legal counsel for Harbor Petroleum.