12.02.20 Wednesday
Transaction Announcement: Putnam Co. & Acorn Markets, Inc. sells to United Refining Company of Pennsylvania
By: P. A. (Andy) Weber III

Wellsboro, PA (December 1, 2020) - Acorn Markets, Inc and Putnam Co., (the “Company”) has announced the successful sale of its convenience retailing and ExxonMobil branded fuel distribution business assets to United Refining Company of Pennsylvania and its affiliates. Prior to the beginning of the COVID-19 pandemic, the Company requested Corner Capital’s valuation and strategic advisory services to assist the Company in scenario planning. Despite the pandemic, the Company elected to market its 80-year-old business in a structured sale M&A process.

Ed Owlett, President and CEO of the Company commented upon the closing of the sale, “This transaction represents the conclusion of a thoughtful strategic process undertaken in a tumultuous climate. Our family and employees are pleased with the end-result as 2020 comes to a close. Corner Capital’s advice and assistance proved to be a critical factor in our successful exit.”

Founded in 1938 by G. Mason Owlett and William A. Ridge as an Esso branded gasoline distributorship and named after Putnam Township in Tioga County, Pennsylvania, Acorn Markets became a regional retail brand in Northern Pennsylvania known for its reliable & unique food service offerings, excellent customer service, and quality fuel retailing with the Exxon brand. The sale included all of the Company’s convenience retail assets along with its ExxonMobil branded fuel distribution assets.

Corner Capital is pleased to have been a part of Acorn Markets’ strategic asset divestiture,” stated Kevin Henrick of Corner Capital, “and we are especially honored to have had the opportunity to work with a client relationship dating back over 20 years. We are appreciative of the trust that Ed and Beth had in Corner Capital assisting them as they move towards their next chapter.”

Williams Mullen served as legal counsel to Acorn Markets / Putnam in the sale.

About Putnam Co. and Acorn Markets, Inc.

Putnam has been a fuel distributor since 1938, and a branded marketer for ExxonMobil since the late 1980’s. In the early 1980’s, the Company built its first Acorn Markets store, and gradually focused on convenience retailing throughout the years. The stores serve an 8-county region in north-central and north-eastern Pennsylvania along with two stores in southern New York state. Acorn Markets | Home

About Corner Capital

Since 2006, Corner Capital provides financial and strategic advisory services to entrepreneurs, operating companies, financial institutions, and investors in all segments of the Downstream Energy Industry and including Convenience Retailing and all multi-unit retail formats. For more information, please visit http://www.cornercapitalpartners.com/ or contact P. A. Weber III (Andy) at [email protected], (805) 965-5510.

About Williams Mullen

Williams Mullen is a full-service law firm with approximately 240 attorneys in offices across North Carolina, South Carolina, Virginia and Washington, D.C. Otto Konrad, partner at Williams Mullen, focuses on finance, corporate law, mergers and acquisitions and commercial real estate. For more information, please visit williamsmullen.com or contact Otto Konrad at [email protected], (804) 420-6093.

About United Refining of Pennsylvania

United Refining Company is an independent refiner and marketer of petroleum products based in Warren, PA, and operates over 350 retail outlets in Pennsylvania, Ohio, and New York, including Kwik Fill, Red Apple Food Marts, and Country Fair retail brands. URC - United Refining Company

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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.”
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“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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“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.”
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