Matrix Announces the Successful Sale of L. E. Belcher, Inc.’s Terminals, Commercial Fuels and Wholesale Distillate Businesses
Matrix Capital Markets Group, Inc., a leading independent middle-market investment bank, announces the successful sale of Leonard E. Belcher, Inc.’s (L. E. Belcher) distillate terminal assets and commercial fuels and wholesale distillate businesses to Sprague Operating Resources LLC, a subsidiary of Sprague Resources LP.
The company’s assets acquired by Sprague consist of two pipeline-supplied distillate terminals and a distillate storage facility with a combined shell capacity of 295,000 barrels, all located in Springfield, Massachusetts. Also included in the transaction was L. E. Belcher’s commercial fuels and wholesale distillate businesses with annual sales in excess of 50 million gallons. L. E. Belcher has served customers in Connecticut, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont for over 85 years. The transaction does not include L. E. Belcher’s retail assets or branded and unbranded wholesale gasoline businesses.
L.E. Belcher is a well-established, independent, multi-branded marketer of petroleum products based in Springfield, Massachusetts. The company will continue to own and operate their chain of retail gasoline stations and convenience stores, as well as their network of branded and unbranded gasoline dealer accounts.
L.E. Belcher, Inc. began operations in the late 1920’s in Springfield. Mr. Charles Hough purchased the business from Leonard Belcher in the early 1950s. The company was sold to Mr. Hough’s son, Edward Hough, President, in the 1990s. Under Edward’s leadership and direction, and assisted by David Ryan, Vice President, the company has grown both their retail and wholesale footprint into a multi-state, multi-branded petroleum distribution enterprise with a reach that has stretched as far south as New Jersey and Pennsylvania.