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LEOMINSTER, Mass. -- Alliance Energy LLC, a petroleum marketer and c-store operator distributing motor fuel to approximately 500 locations in New England, recently closed the purchase of 68 Mr. Mike's branded c-stores and other dealer assets from Peterborough Oil Co. Inc., based here, Matrix Capital Markets Group stated.
The move was in line with Peterborough's exit from the petroleum marketing and convenience store industry, the company stated. Peterborough directly operated 29 units, while supplying fuel to 10 commissioned agents and 29 open dealers. A call to Peterborough and Alliance Energy for more information was not returned by press time.
"We were extremely pleased with the guidance Matrix provided us in evaluating our assets and exit strategy," Joseph Hart, president of Peterborough, said in a statement.
Tom Kelso, managing director and head of Matrix's Energy and Multi-Site Retail Group, along with Spencer Cavalier, vice president and Matt Murphy, associate, managed the transaction, according to the company.