Mutual Oil Sells Branded Dealer Business

BROCKTON, Mass. — Mutual Oil Co. Inc. divested its branded fuels business so the company can turn its focus to its unbranded fuel supply and trading business, which is now present in most states along the East Coast.

An undisclosed buyer purchased more than 150 dealer supply contracts, structured agreements and a transportation fleet from Mutual with the help of Matrix Capital Markets Group Inc. In addition, Mutual's transportation business, comprised of 22 transports, was also sold to an undisclosed purchaser. 

The sale of its branded dealer and transportation business was conducted through a structured sale process and there was a simultaneous closing, according to Matrix.

Brockton-based Mutual was founded in 1937 and has grown to become one of the largest and most diversified privately held petroleum distributors in the United States. The company is owned and operated by Ed Rachins and Steve Shaer.

Richmond-based Matrix provided merger and acquisition advisory services to Mutual, which included valuation advisory, transaction structuring, marketing and negotiating. The transaction was co-managed by Thomas Kelso, managing director and head of the Downstream Energy & Retail Group, and Spencer Cavalier, managing director.

Sean Dooley, senior associate, and Andrew LoPresti, senior analyst, also advised on the transaction.

Jeffrey Leiter of Leiter & Cramer PLLC served as legal counsel for Mutual.