SPRINGFIELD, Mass. -- Leonard E. Belcher Inc. has sold its distillate terminal assets and commercial fuels and wholesale distillate businesses to Sprague Operating Resources LLC for $20 million so it can focus on its retail and wholesale gasoline business.
Springfield, Mass.-based L.E. Belcher will continue to own and operate its chain of Shell, CITGO, Irving and Gulf-branded gas stations and convenience stores in Massachusetts, Connecticut and Vermont, along with its network of branded and unbranded gasoline dealer accounts.
Sprague is acquiring two pipeline-supplied distillate terminals and a distillate storage facility. The deal also included L.E. Belcher’s commercial fuels and wholesale distillate businesses with annual sales of more than 50 million gallons.
L.E. Belcher has served customers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont for more than 85 years. It began operations in the late 1920s. The company has grown both its retail and wholesale footprint into a multistate, multibranded petroleum distribution enterprise extending south into New Jersey and Pennsylvania.
Matrix Capital Markets Group Inc., Richmond, Va., 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.
Sprague Operating Resources LLC is a subsidiary of Sprague Resources LP, Portsmouth, N.H., which is engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas.