IRVING, Texas -- John Baker, founder of Harbor Petroleum, which owns and operates convenience stores and supplies fuels throughout Connecticut, has elected to reduce the scale of Harbor Petroleum with the sale of its contract dealer business to SEI Fuels Inc., 7-Eleven's wholesale fuel distribution subsidiary.
Baker started Naugatuck, Conn.-based Harbor Petroleum in 1981 with one station and grew the business to its current level over 35 years.
As reported in a McLane/CSP Daily News Flash, while Baker is reducing the size of the company, Harbor Petroleum will continue to own and supply a small group of stations in which he primarily retains a fee or leasehold interest.
Matrix Capital Markets Group Inc., Richmond, Va., provided merger and acquisition advisory services to Harbor Petroleum on the divestiture, which included valuation advisory, marketing of the assets through a customized, confidential, structured sale process and negotiation of the transaction.
Thomas Kelso, Matrix's managing director and head of the downstream energy and retail team, and John Underwood, director, co-managed the transaction. Vance Saunders, director, and Andrew LoPresti, associate, also advised on the deal.
SEI Fuel Services Inc. is a wholly owned subsidiary of 7-Eleven. It provides fuel distribution services for convenience stores and other businesses. It entered the wholesale fuel business in 2012 when 7-Eleven acquired the assets of TETCO Inc.
Based in Irving Texas, 7-Eleven operates, franchises and licenses more than 10,700 convenience stores in the United States and Canada. Globally, there are nearly 60,000 7-Eleven c-stores operating in 17 countries.
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