05.06.20 Wednesday
We are just checking in
By: P. A. (Andy) Weber III
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On behalf of our Corner Capital team members, we first wish you, your families, and employees to be safe and healthy during this interesting and uncertain time. Equally important at this point is that we hope your business remains as healthy as possible and prepared to safely and successfully re-emerge when the COVID-19 restrictions are eased.

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02.13.20 Thursday
Transaction Announcement: Nimocks Oil Company, Inc., dba Circle N Markets, sells to Jordan’s Kwik Stop, Inc.
By: P. A. (Andy) Weber III
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Forrest City, AR (February 5, 2020) – Nimocks Oil Company, Inc., dba Circle N Market (the “Company”) has announced the successful sale of all of its convenience stores and related assets to Jordan’s Kwik Stop, Inc. effective February 5, 2020. Corner Capital is pleased to have provided business valuation services and its structured sale process to assist Nimocks Oil Company in its corporate efforts.

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02.05.20 Wednesday
Transaction Announcement: The McPherson Companies, Inc. Divests its Dealer Fuel Distribution Business
By: P. A. (Andy) Weber III
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Birmingham, AL (February 4, 2020) – The McPherson Companies, Inc. of Birmingham, AL, (the “Company”) has announced the successful sale of its Dealer Fuel Distribution business to Majors Management, LLC and its affiliates. In 2018 the Company initiated a strategic review of all business segments, leading to its conclusion to direct its resources towards its Mobil and Proteck lubricants, commercial fueling, and Fuelz fleet card program as it expands along the Gulf Coast in those trade channels. Corner Capital is pleased to have provided strategy and benchmarking advisory, business valuation services and its structured sale process to assist The McPherson Companies in its corporate efforts.

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12.27.19 Friday
Transaction Announcement: Tyree Oil, Inc. Acquires Commercial Fuels & Lubricants Assets from GP Energy
By: P. A. (Andy) Weber III
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Grants Pass, OR (December 27, 2019) – Colvin Oil I, LLC dba GP Energy (the “Company”) has announced the successful sale of its commercial fuels and lubricants business segment to Tyree Oil, Inc. (“Tyree”) The Company divested these assets to further align its focus on its retained convenience retailing, branded fuel distribution, and transportation businesses. Corner Capital provided valuation and structured sale services to Colvin Oil I, LLC in support of the Company’s strategy.

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12.20.19 Friday
Transaction Announcement: Sumitomo Machinery Corp. of America Acquires LUFTEX GEARS, Manufacturing & Services. Nation’s Leading Industrial Gearbox Manufacturer Extends Reach into the Southwest with Latest Acquisition
By: P. A. (Andy) Weber III
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Chesapeake, VA (Nov. 20, 2019) – Sumitomo Machinery Corp. of America (SMA), one of the nation’s leading industrial gearbox manufacturers, is pleased to announce the acquisition of LUFTEX GEARS, Manufacturing & Services, headquartered in Lufkin, Texas. This represents the first domestic acquisition for Sumitomo Machinery Corp. of America since its creation in 1966.

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11.19.19 Tuesday
Transaction Announcement: East Texas Fuels, Inc. selling its convenience retail assets to Quick Track
By: P. A. (Andy) Weber III
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Marshall, Texas (November 18th, 2019) – East Texas Fuels, Incorporated (the “Company”) has announced the sale of its convenience retail business assets. The Company’s retail convenience stores were acquired by Quick Track Incorporated effective today. Corner Capital Advisors, LLC was retained by East Texas Fuels as the exclusive financial advisor, providing valuation and structured-sale services for the Company.

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10.14.19 Monday
Transaction Announcement: Mickey’s Enterprises Inc. Selling its Convenience Retail Assets
By: P. A. (Andy) Weber III
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Killeen TX. (August 21, 2019) – Mickey’s Enterprises, Inc. has announced that it has executed a definitive sale agreement for, and has subsequently closed on, its convenience retail and fuel distribution business assets, laundromats, and car washes effective August 26, 2019. Corner Capital Advisors, LLC was retained by Mickey's Enterprises Inc. as the exclusive financial advisor, providing valuation and structured-sale services for the Company.

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06.04.19 Tuesday
Transaction Announcement: Recapitalization & Acquisition Services
By: P. A. (Andy) Weber III
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Harlingen, TX. (May 24th, 2019) – Corner Capital Advisors, LLC is pleased to announce the successful refinance and transition of ownership to the next generation of family-owned Hinogas (the “Company”), a propane distributor in South Texas. Corner Capital Advisors, LLC was retained by Hinogas as the exclusive financial adviser providing valuation and structured-financing services for the Company.

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04.19.19 Friday
Empire Petroleum Appoints Rick Golman as new CEO
By: P. A. (Andy) Weber III
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Dallas, TX. (April 15, 2019) – Empire Petroleum Partners, LLC (“Empire,” “the Company”) has announced the appointment of Rick Golman as its new Chief Executive Officer. Rick will also be joining Empire’s Board of Directors.

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02.01.19 Friday
Emerson Oil Company Sold to Crump Oil Company
By: P. A. (Andy) Weber III
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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.

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10.17.18 Wednesday
Sunoco LP Completes the Acquisition of BRENCO Marketing Corporation’s Fuel Distribution Business
By: P. A. (Andy) Weber III
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College Station, Texas - Corner Capital Advisors is pleased to announce the successful sale of Brenco Marketing Corporation (“Brenco”) to Sunoco LP (NYSE: SUN) effective October 16th, 2018. The acquired wholesale fuels business distributes approximately 95 million gallons of gasoline and diesel annually across a network of approximately 160 dealer and commission agent-operated locations and 100 commercial accounts in Central, Southeastern and Eastern Texas. Brenco additionally conveyed the fee-simple interests in 6 company-owned commission agent-operated locations and entered into a bulk plant lease with Sunoco as the lessee in this transaction. The acquisition is consistent with Sunoco’s strategy of utilizing its scale to grow its core fuel distribution business.

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06.26.18 Tuesday
ER Energy, Inc. Sale to Thompson Gas, LLC Press Release
By: P. A. (Andy) Weber III
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Ukiah, CA. – Eel River Energy, Inc. (“ER Energy”), is pleased to announce the successful sale of its propane business and distribution assets to ThompsonGas, LLC (“Thompson”) effective today. ER Energy distributes propane to over 10,000 residential and commercial end-users, with terminals and customers throughout Northern California, Reno NV, and the Sierra Mountain range of central California. The acquisition by Thompson provides another strong foothold for the growing company and its expanding presence on the West Coast.

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01.18.18 Thursday
Pester Marketing Company Acquires Market Competitor
By: P. A. (Andy) Weber III
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Denver, CO. (January 18, 2018) – Western Convenience Stores, Inc. has announced the sale of all of its convenience stores and gasoline stations to Denver-based Pester Marketing Company today. Western currently operates 42 locations in and around Denver, Colorado Springs, Pueblo, Grand Junction, Colorado mountain resort locations and Western Nebraska.

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05.03.17 Wednesday
Andretti Petroleum Group expands into Oregon and Washington
By: P. A. (Andy) Weber III
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San Carlos, CA (May 2, 2017) – The Andretti Petroleum group and Lane Colvin have acquired the assets of Colvin Oil Company. The transaction combines the resources of two strong company owned-company operated retail chains and fuel supply organizations.

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10.17.16 Monday
Nacogdoches, TX / Santa Barbara, CA - Press Release
By: P. A. (Andy) Weber III
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Denny Oil Company, Inc., owner of the Check Point convenience store chain, is pleased to announce that it has closed a transaction with certain affiliates of Sunoco LP to sell its Check Point convenience store chain that operates throughout East Texas and West Louisiana, primarily distributing Exxon and Shell branded fuel, its network of Company-owned, Dealer-operated convenience stores, its commercial fuels and lubricants business, and 126 dealer accounts to which the company supplied branded and unbranded fuel. The Check Point stores will be reimaged to the Stripes brand, and the dealer locations will retain their current fuel brands through Sunoco’s wholesale branded fuel marketer agreements. Corner Capital provided valuation and strategic M&A advisory services throughout the process to Dick Rudisill and Denny Oil Company.

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10.02.16 Sunday
Rick Golman - Press Release
By: P. A. (Andy) Weber III
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Corner Capital Advisors, LLC is extremely pleased to announce that Rick Golman has joined its team as Senior Vice President, Business Development. Rick brings a long and successful career in Downstream Energy to the firm, most recently as a Board member of Empire Petroleum Partners, LLC where he served for over 4 years.

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06.24.16 Friday
Kolkhorst - Press Release
By: P. A. (Andy) Weber III
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Kolkhorst Petroleum Company, owner of the Rattler’s convenience store chain, is pleased to announce that it has closed a transaction with certain affiliates of Sunoco LP to sell its 14 Rattlers convenience stores that operate throughout Central and South Texas, primarily distributing Exxon, Shell and Valero branded fuel and 34 dealer accounts to which the company supplied branded and unbranded fuel.

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05.06.16 Friday
Southwest Fuel & Convenience Expo
By: P. A. (Andy) Weber III
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Southwest Fuel & Convenience Expo, Tuesday, May 10th 11am - 12pm

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03.21.16 Monday
Kolkhorst - Press Release
By: P. A. (Andy) Weber III
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Kolkhorst Petroleum, Inc., owner of the “Rattlers” convenience store chain, is pleased to announce that it has executed a purchase agreement with certain affiliates of Sunoco LP (“SUN”) to sell its 14 Rattlers convenience stores along with its wholesale motor fuel distribution business.

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03.21.16 Monday
What does 2016 hold in the M&A Marketplace?
By: P. A. (Andy) Weber III
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2015 has been a busy year for mergers and acquisitions in the downstream energy industry. Since October 2014, when oil prices dropped over 40%, six oil and gas companies have filed for bankruptcy. Debt service, which can be 10%+ of revenue, is often the culprit as well as poorly performing gas service bonds in the high-yield energy index. Most recently, Sabine Oil & Gas Corp. sought Chapter 11 bankruptcy protection, making it the sixth and largest US oil producer to file as a result of cheap crude oil prices.

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02.25.16 Thursday
Demand for Downstream MLP units in the 2016 Market
By: P. A. (Andy) Weber III
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2015 was an interesting year for mergers and acquisitions in the downstream energy industry. In a market where MLPs are common, low oil prices and threats of rising interest rates put a pause in MLP creation and certain companies going public.

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02.01.16 Monday
What Downstream Lenders Should Know about Regional Differences in Convenience
By: P. A. (Andy) Weber III
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Master Limited Partnerships (MLPs) have been around for decades. However, in 2008, the IRS ruled that certain downstream energy assets, such as wholesale fuel sales to end users (dealers) and real estate associated with downstream assets, would qualify for MLP treatment. This served as a catalyst to spur investment and organizational structures to take advantage of the tax advantage offered by MLP entities. Since then, multiple downstream MLPs have issued units to investors in the capital markets.

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01.25.16 Monday
Current State of Downstream Master Limited Partnerships and M&A Activity in 2016
By: P. A. (Andy) Weber III
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Master Limited Partnerships (MLPs) have been around for decades. However, in 2008, the IRS ruled that certain downstream energy assets, such as wholesale fuel sales to end users (dealers) and real estate associated with downstream assets, would qualify for MLP treatment. This served as a catalyst to spur investment and organizational structures to take advantage of the tax advantage offered by MLP entities. Since then, multiple downstream MLPs have issued units to investors in the capital markets.

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01.13.16 Wednesday
Interview: Andy Weber, Corner Capital (By Retail Petroleum)
By: P. A. (Andy) Weber III
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For this month’s Master Class Interview, we talked with Andy Weber, the founder of Corner Capital — a national advisory firm providing transactional, financial, and industry-related services to the domestic Downstream Energy industry and its related infrastructure.

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12.22.15 Tuesday
Marketing Strategies for Modern Convenience Stores
By: P. A. (Andy) Weber III
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There’s been a lot of press coverage lately about “modern” convenience stores. The verdict seems to be that convenience stores of the future are very individual focused, offer healthy options, and embrace technology. Those are all great attributes, but how do convenience store chains need to change their marketing to communicate their evolving value to customers?

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12.07.15 Monday
Diesel Production for Tomorrow’s Vehicles
By: P. A. (Andy) Weber III
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It seems that every week there is new news about the rise or fall of diesel demand. As far as U.S. demand goes, diesel is not as popular as it is in other countries. A very small percentage of light duty vehicles (LDVs) use diesel compared to countries where diesel is more popular; however, diesel engines are on the rise in the U.S.

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12.04.15 Friday
Johnson Oil Company - FS Holdings Sale Press Release - December 1 2015
By: P. A. (Andy) Weber III
0 Comments

Johnson Oil Company (“JOC”) is pleased to announce that F.S. Holdings, Inc., parent company of Texas Enterprises, Inc., has acquired its commercial fuel, transport and branded lubricants businesses.

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11.23.15 Monday
How Convenience Stores Can Keep Up with the Times
By: P. A. (Andy) Weber III
0 Comments

Corner Capital not only understands trading multiples in the industry, but the importance of keeping your c-store (or marketing strategies) relevant. In today’s world of ultra-convenience, traditional convenience stores have to continually evolve in order to stay relevant. There are a lot of stores re-imagining the traditional model to set themselves apart and offer consumers more variety and choices.

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10.08.15 Thursday
Industry Insight- Hercules
By: P. A. (Andy) Weber III
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As downstream energy advisors, Corner Capital stays current on major news and legal cases within the industry. With the decline in oil prices, and many upstream oil companies threatened with bankruptcy, it is enlightening to see a success story.

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“Andy Weber and his team at Corner Capital have done exceptional work supporting transactional, valuation, and various proprietary initiatives at our companies. Andy’s extensive industry experience, technical competence, and practical "real world" approach is a valued resource to our organization. The Corner Capital team consistently delivers-----and always in a most timely and impactful manner.”
-M.J. Castelo, Managing Member & President – Andretti Petroleum LLC / Peninsula Petroleum LLC / Humboldt Petroleum Inc.
“Corner Capital demonstrated patience and persistence in our negotiations over a year’s time, solving a complex structuring project. The end result was a tremendous amount of value and a great long-term relationship.”
-Rene Anabi, Anabi Holdings North Master, LLC
“Lard Oil recently engaged Corner Capital Advisors on two projects, first to assist in an acquisition opportunity and the other to manage the process to refinance our Sr. term and revolver facilities. The CCA team brought a wealth of knowledge and expertise and did so under our strict timelines and expectations. I have no reservations of recommending their firm and intend to engage with them as other opportunities present themselves.”
-Johnny Milazzo, President and CEO – Lard Oil Co., Denham Springs, LA
“On several occasions, we were approached with different opportunities to exit the industry. Before giving any real consideration to any of those options, my family engaged Corner Capital to provide a Fair Market Valuation for our business. As a result, we furthered our engagement to allow Corner Capital to manage the structured process for our exit strategy. Their knowledge, industry experience, and personal touch provided Lois and me the comfort needed to successfully close our transaction with Sunoco. Without a doubt, a wise decision on our part to bring the Corner Capital team into our process.”
-Jim Kolkhorst, Kolkhorst Petroleum & Rattlers Convenience Stores, Texas
“The folks at Corner Capital demonstrated great leadership and industry knowledge managing our financing requests. I was able to consolidate my debt structure, reduce costs, and create capacity to meet our growth needs. I’ve recommended them to my peers and my customers.”
-Jeffrey Magness, Magness Oil Company
“Corner Capital led us through a strategic analysis of our branded dealer business, interfacing with our Board throughout. When the Board determined to exit that segment, Corner Capital expeditiously executed our structured sale process and outperformed our value expectations.”
-Ken McPherson, The McPherson Companies, Alabama
“Corner Capital successfully negotiated and facilitated my refi project and helped me find additional capital to support my ongoing growth plans. They managed all aspects of the project very well and I would not hesitate to use them again or to recommend them to other marketers.”
-Carlos Garza, La Lomita
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