Service Type: M&A
Client: ER Energy, Inc. (“Eel River”)
Client Description: Propane distributor to over 10,000 residential and commercial end-users, with terminals and customers throughout Northern California, Reno NV, and the Sierra Mountain range of central California.
- The Client initially sought a financial restructuring of the Company, but upon review of a Fair Market Valuation, decided to pursue a targeted sale of its assets.
- Perform a Fair Market Valuation, seek an optimal restructured balance sheet for the Company. Upon further negotiations between Creditors and the Owner, pursue a targeted sale process of the Eel River’s assets to a strategic industry acquirer with Corner Capital providing advisory services on behalf of the Owner from diligence to closing of the transaction.
- Corner Capital executed a targeted sale of Eel River’s assets to Thompson Gas LLC, to ensure confidentiality, expedite the timeline to closing, and create a solution that fit the needs of all parties.
- The Company’s assets and operations were successfully sold to a single buyer. Thompson Gas LLC was the sole-purchaser, and the prior Owner entered into a multi-year consulting arrangement to assist with providing strategic guidance post-closing.