Matrix Capital Announces the Successful Sale of 68 Convenience Store and Dealer Assets for Peterborough Oil Company, Inc.
RICHMOND, VA – June 19, 2008 – Matrix Capital Markets Group, Inc. announced today the successful closing of sixty-eight (68) convenience store and dealer assets owned by Peterborough Oil Company, Inc., a Leominster, Massachusetts based owner and operator of retail petroleum marketing outlets and convenience stores branded as Mr. Mike’s in Massachusetts, New Hampshire and Maine. Peterborough is exiting the petroleum marketing and convenience store industry.
In the fall of 2007, Matrix began marketing the assets through a structured sale process. Peterborough directly operated twenty-nine (29) units, and supplied motor fuels to ten (10) commissioned agents and twenty-nine (29) open dealers. Fee simple real estate interests were conveyed for thirty-four (34) units. All of the assets were purchased by Alliance Energy, LLC. Alliance is one of the largest petroleum marketing and convenience store operators in New England, distributing motor fuels to approximately 500 locations in seven (7) states from Maine to Pennsylvania.
Joseph Hart, President of Peterborough commented, “We were extremely pleased with the guidance Matrix provided us in evaluating our assets and exit strategy. More important, however, was their advice in managing the process from beginning to closing. We could not be more satisfied with their professionalism and expertise.”
Tom Kelso, Managing Director and head of Matrix’s Energy and Multi-Site Retail Group, along with Spencer Cavalier, Vice President and Matt Murphy, Associate, managed the transaction. Mr. Kelso added, “We were very proud to have been selected by Peterborough to manage this transaction, and we are extremely pleased with the results achieved for our client.”