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CAMBRIDGE, Ohio -- The Hartley Co., operator of retail petroleum outlets and convenience stores based here, sold 22 of its convenience stores to Premium Petroleum and two others to existing commissioned dealers.
Hartley decided to sell the assets to monetize certain assets and reposition the company for growth, said Matrix Capital Markets, which handled the sale for Hartley. The stores were put up for sale in September 2006 through a structured sale process. Fourteen of the stores were directly operated by Hartley, while 10 were operated by commissioned dealers.
In addition to purchasing 22 stores, Premium Petroleum entered into a motor fuel supply agreement with Hartley.
"We chose to deal with Premium Petroleum, which could not have worked out better," said Tom Hartley, president of Hartley. "The Hartley Company cannot say enough good things about Matrix and its entire staff."
Tom Kelso, managing director and head of the Matrix's Energy and Multi-Site Retail Group, along with Spencer Cavalier, vice president, managed the transaction.