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.

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 [email protected], (805) 965-5510.

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“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
“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.
“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
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-Jeffrey Magness, Magness Oil Company
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