Leathers Enterprises, Inc. Acquired by Sierra Enterprises Oregon, Inc.
For Immediate Release
Austin, TX
October 12, 2023
Portland, OR – Leathers Enterprises, Inc. (“Leathers,” or the “Company”), a Shell-branded petroleum marketer and convenience retailer headquartered in Portland, OR, announced today the successful sale of its convenience retail, consignment retail, and Shell-branded distribution assets to Sierra Enterprises Oregon, Inc., an affiliate of S&S Petroleum, Inc. (“S&S”) based out of Mukilteo, WA.
Leathers Enterprises, Inc. has a long and active petroleum retailing and distribution history. Initially founded as a single dealer operation in Sandy, OR, Lila Leathers-Fitz entered the business in the 1970s with her husband and completed an outright purchase of the Company in 1991. During her ownership, Lila was responsible for the Company’s expansion and modernization until transferring ownership to her children, Brent and Kathy Leathers, upon her passing in 2022. Today, Leathers owns 24 convenience retail locations throughout the state of Oregon, with 9 Company-operated and 15 managed through dealer consignment agreements. In addition, Leathers owns and operates 6 transports and trailers utilized for fuel distribution to its locations. Leathers prides itself on excellence in operations, including its transportation business, proprietary software systems through Snowbird, and strict repair and maintenance team, which works closely with its store operations and compliance with Oregon regulatory agencies. The Company also distributes fuel through its CFN contract, operates a U-Haul franchise, and offers proprietary and locally licensed branded food service operations at its locations.
Brent and Kathy Leathers stated: “With today’s transaction, we honor the career of our mother, Lila Leathers, and all of her investments of time and treasure into this Company. We believe S&S values the generational legacy of our Company and will continue Leathers’ long-standing tradition of excellent operations and serving our customers. We are also pleased to commend the Corner Capital team for their stewardship during this process. Their intimate expertise in operations, competitive sale structuring, and transaction management provided great comfort to our family and employees throughout the process.”
S&S Petroleum, Inc. is a leader of quality fuel and convenience store services in the Pacific Northwest, as well as California and Idaho. Established in 1998, they have expanded to now include over 100 locations. S&S Petroleum’s extensive portfolio features partnerships with industry leaders like Marathon, Mobil, 7-Eleven, Arco AM/PM and Shell, reflecting its dedication to delivering top-tier fuel and convenience store services. Rania Dahabreh, President of S&S Petroleum, expressed her enthusiasm for the acquisition saying “We are thrilled to welcome Leathers team into the S&S Petroleum family. This acquisition strengthens our commitment to building our presence in the Pacific Northwest while providing exceptional service and value to our customers and partners.”
Corner Capital provided its Valuation, Strategic Advisory, and Mergers & Acquisitions Services to the Leathers family. The transaction was managed by Barton Taylor, Ben Achilles, and P. A. (Andy) Weber III. Andy Weber of Corner Capital stated: “Brent and Kathy successfully navigated a complex and emotional transition of their legacy business, and they have been genuinely invested in supporting S&S’ future success of the Company. We are grateful to have earned the Leathers’ trust to assist in this project and are excited to see their team and people prosper under S&S.”
The Leathers’ legal counsel was provided by John Houlihan of Houlihan Law, Seattle, WA. www.houlihan-law.com
S&S’ legal counsel was provided by Fred Whitaker of Cummins and White, Newport Beach, CA. www.cumminsandwhite.com
FOR FURTHER INFORMATION
P. A. Weber III (Andy), Corner Capital, aweber@cornercapitalpartners.com
Carl Ray Polk, Jr., Corner Capital, crpolkjr@cornercapitaladvisors.com
Barton Taylor, Corner Capital btaylor@cornercapitaladvisors.com
About Corner Capital
Formed in 2006, Corner Capital provides national transactional advisory services to all constituents in the Downstream Energy, Multi-Unit Retail, Business Services, and Distribution industries. Our national market coverage serves clients with staff in Texas, California, and Florida. For more information, please visit http://www.cornercapitalpartners.com/ or contact P. A. Weber III (Andy) at aweber@cornercapitalpartners.com, (805) 965-5510.