Case Study: Matrix Announces the Successful Sale of H.A. Mapes, Inc.

H.A. Mapes, Inc. (“H.A. Mapes” or the “Company”) was a leading petroleum marketer, convenience store operator, and fuels distributor that operated throughout New England.

The Company was founded in 1936 as a heating oil provider that served customers in Springvale, Maine and the surrounding areas. Heating oil was H.A. Mapes’ primary focus until the 1980s, at which point the Company added a motor fuels distribution business. The Company divested its heating oil supply business in the early 2000s and began building out its convenience retail operations in 2016.

The objective was to customize, execute, and complete a confidential sale process in a way that would allow H.A. Mapes to realize maximum after-tax value.

In 2019, the Company engaged Matrix to analyze a potential sale of the Company. Matrix provided a market valuation and advised on possible ways to better position the Company to derive additional value in the event of a sale. The shareholders of the Company decided to focus on implementing related initiatives to maximize the value of a future sale.

After executing many of the suggestions provided by Matrix, the Company re-engaged Matrix in 2022 to update the previous valuation work. After reviewing an updated valuation, the shareholders elected to retain Matrix to facilitate the sale of the Company.


Matrix provided merger and acquisition advisory services to H.A. Mapes, which included valuation advisory, marketing the business through a confidential, structured sale process, and negotiation of an asset purchase agreement.

Multiple competitive offers were received and Nouria Energy Retail, an affiliate of Nouria Energy, was selected as the buyer.

At the time of the sale, the Company’s asset base consisted of 13 retail locations, approximately 80 wholesale customers, and a sizeable fuels transportation business.

Matrix coordinated the due diligence and closing process and the transaction with Nouria Energy closed in August 2023.



Spencer P. Cavalier

Co-Head of Downstream Energy & Convenience Retail Investment Banking

(667) 217-3320

Richmond • Baltimore • New York

About Matrix Capital Markets Group, Inc.

Founded in 1988, Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA, with additional offices in Baltimore, MD and New York, NY. Matrix provides merger & acquisition and financial advisory services for privately-held, private-equity owned, not-for-profit and publicly traded companies. Matrix’s advisory services include company sales, recapitalizations, capital raises of debt & equity, corporate carve outs, special situations, management buyouts, corporate valuations and fairness opinions. Matrix serves clients in a wide range of industries, including automotive aftermarket, building products, car washes, consumer products, convenience retail, downstream energy, healthcare and industrial products. For additional information or to contact our team members, please visit

Securities offered by MCMG Capital Advisors, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA & SIPC