Emerson Oil Company Sold to Crump Oil Company
Homer, LA. (February 1, 2019) – Emerson Oil Company has announced the sale of its convenience retail and fuel and lubricants distribution business based in Homer, Louisiana. The Company’s convenience stores, ExxonMobil branded marketer agreements, cardlocks, corporate office, bulk plants and lubricants storage facilities were purchased by Crump Oil Company effective today. Corner Capital Advisors, LLC was retained by Emerson Oil Company as the exclusive financial adviser providing valuation and structured-sale services for the Company.
Emerson Oil Company was founded in 1956 by Harvey Emerson when he sold an automotive dealership and used the proceeds to finance the start of a fuel distributorship. He was joined in that effort by his son, George, who later led the company from 1964 until the mid-1990s when his health declined although he continued in an important role until his passing in 2000. Wesley Emerson, the grandson of Harvey and son of George Emerson and current co-owner and President of Emerson Oil Company, joined the business after graduating from Louisiana Tech in 1975. For over 44 years, Wesley, his wife, and co-owner Karen, and his loyal employees steadily grew the business’ fuel volumes and profitability, while remaining an engaged participant in the local community of Homer, as well as an active member of the Louisiana Oil Marketer’s & Convenience Store Association (LOMCSA).
In purchasing the business, Crump Oil is acquiring all of the real estate interests in Emerson Oil Company and intends to retain Emerson’s employees to ensure the continuity of Emerson’s customer relationships while creating expansion opportunities within and outside of its home base of Claiborne Parish northeast of Shreveport. In addition to the real estate being acquired, Crump Oil will enter into an ExxonMobil branded marketer agreement as well as the fuel supply for its branded dealer business, unbranded dealer distribution and all commercial fuel and lubricants supply. Crump will also continue serving the CITGO branded accounts acquired in the transaction.
Wesley Emerson stated, “I am grateful for the advice that Corner Capital provided throughout the process of selling my family’s company. Don Mitchell and the whole team at Corner Capital were instrumental in helping me understand the nuances of negotiating an important transaction for me and my family. Tommy Crump runs a great business, and serves our community well, so I could not be happier that my employees and business are in good hands with Crump Oil.”
Don Mitchell of Corner Capital Advisors added, “We are excited for Wesley and his family as they enter the next phase of their lives. They built a great company over the years and our team at Corner Capital is grateful for the opportunity to assist Wesley and Karen with this transaction so they can focus on enjoying retirement.”
ABOUT CORNER CAPITAL
Since 2006, Corner Capital has been providing specialty advisory services for all refined products and to all constituencies in the Downstream Energy industry including convenience store chains, fuel wholesalers and distributors, lubricant retailers and distributors, propane and heating oil distributors, storage and transportation companies, institutional investors, and lenders.
For more information, please visit www.cornercapitalpartners.com or contact P. A. Weber III (Andy) at aweber@cornercapitalpartners.com, (805) 965-5510.