WOODBRIDGE, Va. – Further expanding it regional footprint, Petroleum Marketing Group Inc. (PMG) has acquired the retail assets of Leonard E. Belcher Inc., including 13 company-operated convenience stores, one new-to-industry (NTI) c-store and one development property.
In March 2016, PMG closed on the acquisition of 223 dealer-operated gas stations and convenience stores formerly owned by Gulf Oil LP in the Northeast and Mid-Atlantic regions, extending from Pennsylvania to Maine.
With the latest deal, PMG has also acquired L.E. Belcher's branded contract dealer accounts and its unbranded wholesale business, which, along with the retail assets, are located primarily in Massachusetts, Connecticut and Rhode Island.
The NTI location is scheduled to open in early June.
“This was a great opportunity for our client to expand its retail network, customer base and management team within PMG’s growing New England geographic footprint,” said John C. Flippen Jr., managing director and principal of Petroleum Capital and Real Estate LLC, Washington, which acted as the exclusive financial adviser to PMG.
Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to L.E. Belcher.
Matrix also worked with L.E. Belcher in February, when the company sold its distillate terminal assets and commercial fuels and wholesale distillate businesses to Sprague Resources LLC, Portsmouth, N.H., for $20 million.
Springfield, Mass.-based L.E. Belcher is an independent multibranded marketer of petroleum products that began operations in the late 1920s. Charles Hough purchased the business from Leonard Belcher in the early 1950s. Edward Hough purchased the company in the 1990s.
PMG, Woodbridge, Va., is one of the largest multibranded petroleum dealers in the Mid-Atlantic region, distributing the Shell, Exxon, BP, Mobil, Sunoco, Gulf, Crown, and CITGO brands. It also distributes fuel to company stores and its commission agent sites. The company owns the sites, but the operator/dealer owns the inside business. PMG is the fuel-distribution arm of the company. Affiliate E&C Enterprises manages the 150 company-operated sites.
PMG is No. 46 on CSP’s Top 202 convenience-store ranking for 2017.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.