You are here
LEOMINSTER, Mass. -- Earlier this month, CSNews Online reported Alliance Energy LLC, a petroleum marketer and c-store operator distributing motor fuel to approximately 500 locations in New England, purchased the assets of 68 sites including the Mr. Mike's c-store chain from Peterborough Oil Co. Inc. a company that was getting out of the c-store business. Yesterday, a Peterborough Oil executive explained that decision to CSNews Online.
"It's not easy to leave what you have spent your career building," Joseph Hart, president of Peterborough Oil, which began operations in 1975, told CSNews Online. "The transition has been great though," he said adding, "I would say it has been cordial."
The move was in line with Peterborough's departure from the petroleum marketing and convenience store industry. "We began think about making this move a year ago, and there are a lot of family shareholders to consider," Hart continued. "We worked with some consultants [Matrix's Energy, Multi-Site and Retail Group] and thought this was a good time to exit."
Peterborough directly operated 29 units, while supplying fuel to 10 commissioned agents and 29 open dealers.
Hart commended Alliance for its handling of the acquisition. "They retained 97 percent of our 325 employees," Hart told CSNews Online. "It was very important to us to take care of the people that worked with us to build the company."
Looking forward, Hart said he has outstanding concerns to deal with at Peterborough Oil Co. "There are environmental issues that built up over the years that we need to follow up on and unwind," he said, adding "I'm not fully done yet and still have a few things on my plate."