Morgan Oil Company, Inc.

Service Type: Valuation Services, M&A

Client: Morgan Oil Company, Inc. (“Morgan Oil”, or the “Company”)

Client Description: Founded in 1935, Morgan Oil is a third-generation branded petroleum marketer, convenience retailer, and commercial fuels distributor headquartered in Nacogdoches, TX.

The Trigger:

  • The Client sought retirement from the industry after having grown the business organically over the course of 87 years.

The Project:

  • Corner Capital performed a Fair Market Valuation for Morgan Oil and outlined strategic options. The Company decided to pursue a structured sale process through Corner Capital.
  • Corner Capital sourced proposals from each of the potential buyers that it engaged under a non-disclosure agreement and sharing of the marketing material in Corner Capital’s Confidential Information Memorandum & data room. Through two rounds of extensively negotiating the most competitive Letters of Intent, Majors Management, LLC was selected as the winning bidder to acquire Morgan Oil in Corner Capital’s structured sale of the Client’s business assets.

The Solution:

  • Corner Capital worked closely with Morgan Oil from valuation, sourcing & negotiating LOIs, contractual negotiations, diligence, to closing.

The Result:

  • The Client’s operations and business assets were successfully marketed and sold to Majors Management, LLC, which closed on November 4, 2022.