Service Type: M&A
Client: East Texas Fuels, Inc. (“ETF”)
Client Description: Chevron and Exxon branded convenience retailer operating convenience retail locations throughout East Texas and Marshall, Texas, among other upstream and downstream energy investments. Founded in 1992, ETF served numerous East Texas communities throughout its history and created a long-lasting legacy of customer service over the family’s 27 years in business.
- Owner, Steve Howell, desired to exit the convenience store retail business in order focus on other energy investments.
- Corner Capital was retained by ETF to provide an estimated Fair Market Valuation for the assets under a structured process. In addition, Corner Capital identified both regional and super-regional Targets for consideration as qualified buyers.
- Corner Capital executed a structured sale process to the most strategically acquisitive target groups and facilitated the transaction from initial marketing, diligence, and negotiating the definitive agreements to closing.
- Corner Capital and ETF evaluated and ultimately selected a single buyer for this transaction whose relationship with major fuel distributors enabled a competitively-valued combination solution. Corner Capital successfully guided ETF through Chevron’s qualification and Right of First Refusal assessment, which allowed Quick Track to proceed with its original purchase agreement on the Transaction.