Massachusetts-based Alliance Energy LLC has acquired 68 convenience store and dealer assets owned by Peterborough Oil Company Inc. of Leominster, Mass., according to Matrix Capital Markets Group, the company that handled the deal.
Peterborough, owner and operator of retail petroleum marketing outlets and convenience stores branded as Mr. Mike’s in Massachusetts, New Hampshire and Maine, is exiting the petroleum marketing and c-store industry, Matrix Capital said.
Alliance, based in Lexington, Mass., is one of the largest petroleum marketing and c-store operators in New England, distributing fuel to about 500 locations in seven states from Maine to Pennsylvania.
Matrix Capital began marketing the assets through a structured sale process in the fall of 2007.
Peterborough directly operated 29 units and supplied motor fuels to 10 commissioned agents and 29 open dealers. Fee simple real estate interests were conveyed for 34 units. Alliance purchased all of the units.
“We were extremely pleased with the guidance Matrix provided us in evaluating our assets and exit strategy,” said Joseph Hart, Peterborough’s president.
Tom Kelso, managing director and head of Matrix’s Energy and Multi-Site Retail Group managed the transaction along with Vice President Spencer Cavalier and Associate Matt Murphy.
Said Kelso: “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.”