Service Type: Strategy Services, Valuation Services, M&A
Client: Nimocks Oil Company / Circle N Market
Client Description: Nimocks Oil Company, Inc. operated 11 convenience retail facilities in Eastern Arkansas, in addition to owning several dealer-operated properties, distributing Exxon and Mobil branded fuels, and utilized creative food service programs to meet the needs of its communities and customers. The Company is especially proud of its proprietary food service programs which complement its Subway and Baskin Robbins offerings.
- The Nimocks family began considering their strategic and personal goals several years in advance of the transaction. Corner Capital worked with the family throughout their thought-process, providing several valuations and strategic considerations over a two-year period. Ultimately, the family decided to engage key regional and strategic buyer targets to determine the viability of a sale.
- Corner Capital was retained by the Nimocks family to provide estimated Fair Market Valuations under several scenarios. After consideration of both family and business objectives, the family determined to move forward at an opportune market time in an effort to understand the demand and value for their business. In addition to assisting the family in its planning efforts, Corner Capital presented several exit scenarios to the family for its consideration.
- Corner Capital identified certain non-strategic assets for alternative use, in addition to outlining a structured sale process timeline for the Company’s consideration. Additionally, the family was very selective with target recipients and Corner Capital identified a set of targets for the Company’s review. Ultimately the Company received multiple competitive proposals, and Corner Capital worked with those targets to ensure key terms and conditions were met regarding the family’s criteria and treatment of employees and the Company’s community.
- The Nimocks family achieved their value, staff, and community objectives through Corner Capital’s process, and selected Jordan’s Kwik Stop as the best steward of the Company’s assets.