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.

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).

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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 helped me with a complex transition of our convenience retail business in 2013, which was a critical component of our succession planning. We were so pleased with their industry knowledge and structuring expertise that we engaged them again to assist us in the transition of our wholesale fuel supply business.”
-Ed Few, Jasper Oil Company
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-Jeffrey Magness, Magness Oil Company
“Brookshire Brothers utilized Corner Capital Advisors for valuation and structured sale of 26 of our convenience stores. Corner Capital’s knowledge of the industry and attention to our assets was critical to our successful closing. We relied on their services and expertise for the entire process.”
-Jerry Johnson, President and CEO – Brookshire Brothers, LTD
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-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
“Under time and financial pressure, Andy was able to quickly grasp not only the operating issues with Appco, but weave through the difficult negotiations with landlords, suppliers, and creditors while ensuring the majority of the employees were taken care of throughout the process. I’d highly recommend Corner Capital’s services for any distressed situation, in any part of the country.”
- Mark Dessauer, Counsel for Appco
“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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