L.E. Belcher Sheds Select Operations of Fuel Business
SPRINGFIELD, Mass. — Leonard E. Belcher Inc.'s (L.E. Belcher) has exited some business segments as it holds on to its convenience store assets and branded and unbranded wholesale gas operations.
The Springfield-based company sold its distillate terminal assets and commercial fuels and wholesale distillate businesses to Sprague Operating Resources LLC, a subsidiary of Sprague Resources LP.
The assets 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. 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.
Matrix Capital Markets Group Inc. handled the transaction.
L.E. Belcher has been serving customers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont for more than 85 years. It is an independent multi-branded marketer of petroleum products.
"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," said L.E. Belcher President Edward Hough.
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.
James Shiels, David Webber and Timothy Mulhern of Shatz, Schwartz and Fentin PC served as legal counsel for L.E. Belcher.