Mutual Oil Co., Brockton, Mass., announced last week a sale of its branded contract dealer business, comprising more than 150 dealer supply contracts and transportation fleet. The dealer supply contracts and structured agreements have been sold to an undisclosed purchaser. Mutual’s transportation business, comprised of 22 transports, also was sold to an undisclosed purchaser.
Founded in 1937, Mutual has grown to become one of the largest and most diversified privately held petroleum distributors in the U.S. The company is owned and operated by Ed Rachins and Steve Shaer. Mr. Shaer’s son, Jon Shaer, has managed and grown the branded supply business over the last several years. The primary reason for the divestment is for Mutual to focus exclusively on its rapidly growing unbranded fuels’ supply and trading business, which is now in most states along the East Coast. Matrix Capital Markets Group provided merger and acquisition advisory services to Mutual Oil.