Global Partners LP acquires c-stores, while Dead River Co. buys the other businesses.
Matrix Capital Markets Group Inc. (Matrix), an independent middle-market investment bank, has advised Cheshire Oil Co. LLC on the sale of its 10 “T-Bird Mini Marts” branded convenience stores located in New Hampshire and Vermont, as well as its home heating oil, HVAC and burner service, and commercial fuels businesses, which serve customers in southwestern New Hampshire.
Global Partners LP acquired the Company’s convenience stores and Dead River Co. acquired the other businesses. Nearly all of the Company’s employees were retained as part of the transactions.
Headquartered in Keene, N.H., Cheshire Oil is a fourth-generation family business that was founded in 1921 by George Robertson. Throughout the 1920’s and 1930’s, the Company operated a number of gas stations before eventually expanding into the home heating oil delivery business in the 1940’s and 1950’s.
In the mid-1980’s the Company created its T-Bird Mini Marts convenience store brand, which George’s grandson, James Robertson, and great-granddaughter, JoJi Robertson have grown into a chain of 10 high volume, highly profitable stores that all sell Citgo branded motor fuels. Over the Company’s nearly 100 years of being in business, it has developed an extremely loyal base of customers across its convenience store network and home heating oil, HVAC and burner service businesses.
Matrix provided merger and acquisition advisory services to Cheshire Oil, which included valuation advisory, marketing of the various divisions of the Company through customized, confidential, structured sale processes and negotiation of the transactions. The transactions were managed by Cedric Fortemps, managing director, and Stephen Lynch, vice president. John Duni, associate, also advised on the transactions.
James and JoJi Robertson, owners of Cheshire Oil, commented, “Mergers and acquisitions involve a great deal of critical business, legal, financial, and deal negotiation skills which Matrix brought to the table. Matrix’s knowledge of the convenience store and motor fuels market is exemplary, which was critical. Our sale was not easy and the extra effort made to see this sale through exemplifies Matrix’s professional abilities. We want to extend a heartfelt ‘THANK YOU’ to Matrix for their hard work in getting this deal to the finish line.”
Fortemps added, “We know how difficult of a decision it is to sell a long-standing family business, but we are very grateful for the opportunity to have advised the Robertson family on the successful sale of their businesses. We’re very pleased that the various businesses of the Company were acquired by buyers that understand the value of Cheshire’s employees and are eager to continue to grow on the success that the Robertsons have built.”
Angela Martin of Devine, Millimet & Branch, P.A. served as legal counsel for Cheshire Oil.