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.
The Broach family has been associated with petroleum marketing since 1924 when J.S. Broach became the first Sinclair Oil and Refining Company bulk agent in Brazos County, Texas. In 1974, J.S. Broach’s son, Kelley, took over the business when he resigned from the Texas A & M University system and assumed the business assets. Over the next decade, Broach Oil Company became one of the largest wholesale fuel distributors in Texas. In 1982, the company acquired a Shell jobbership and became the largest distributor of Shell products in the Eastern part of Texas. Kelley’s sons, Donald Broach (President & CEO) and Kenny Broach (Vice - President) have led and grown the business over the past 30 years.
Donald Broach, CEO of Brenco Marketing Corporation said, “Selling our family’s business was a tough and emotional experience. We were pleased to work with the Sunoco team through this transition, and we know that our customers are in good hands. The team at Corner Capital provided invaluable assistance to our company and our family throughout our entire process. Their expertise and professionalism helped get a complicated transaction across the finish line.”
In assisting Brenco Marketing, Carl Ray Polk, Jr. stated “I’ve known and respected the Broach family for twenty-five years – we appreciate their confidence and trust in helping them with this process. Don and Kenny built a great company that will be in good hands as our industry continues to evolve.”
About Corner Capital
Founded in 2006, Corner Capital provides investment banking advisory services to entrepreneurs, operating companies, financial institutions, and professional investors, specifically focused on the downstream segment of the oil and gas industry.
About Sunoco LP
Sunoco LP (NYSE: SUN) is a master limited partnership that distributes motor fuel to approximately 9,900 retail stores, commission agent locations, independent dealers, commercial customers and distributors located in more than 30 states. SUN’s general partner is owned by Energy Transfer Equity, L.P. (NYSE: ETE).