For Immediate Release
November 4, 2022
NACOGDOCHES, TX – Morgan Oil Company, Inc. (“Morgan Oil”, or the “Company”), a Chevron-branded petroleum marketer, convenience retailer, and commercial fuels distributor headquartered in Nacogdoches, TX, announced today the successful sale of its convenience retail, dealer wholesale, commercial fuel supply, and Chevron branded distribution assets to Majors Management, LLC and its affiliates (“Majors”) of Lawrenceville, GA.
Founded in 1935, Morgan Oil’s long history of marketing Chevron and unbranded petroleum products has earned the Company a stellar reputation within the East Texas communities it serves. Today, Morgan Oil operates 10 Chevron-branded convenience stores, supplies approximately 10 dealer locations, and delivers commercial fuels and lubricants to commercial customers through its distribution fleet and bulk plant facility in Nacogdoches, TX. In addition to fuel distribution, Morgan Oil prides itself on retail operations, offering a mix of convenience store staples and food service offerings that cater to the local market. The Company’s retail locations also serve local government agencies and other commercial accounts through Morgan Oil’s proprietary fuel card offering.
Ed Morgan, President of Morgan Oil Company, Inc., stated: “We feel honored to have served the people of Nacogdoches, Lufkin and the surrounding East Texas communities for the last 87 years, and I am thankful to have worked with the exceptional people who helped build Morgan Oil into what it is today. I believe Majors values the relationships we’ve built over three generations in the business and will continue Morgan Oil’s long-standing tradition of excellent customer service. We are also pleased to commend our advisory firm Corner Capital, who helped us navigate through every step of the transaction process, and we appreciate their “hands-on” service, deep knowledge of our business, and industry expertise.”
Majors Management, LLC supplies motor fuel to approximately 1,200 locations and controls the real estate on over 600 properties. Majors distributes hundreds of millions of gallons of motor fuels per year, covering 16 states in the Southeast, Texas, Great Lakes, and Mid-Atlantic Regions. Ben Smith, President of Majors Management, LLC, said: “Ed’s family and team have built a great organization, and should take pride in the quality of service they provide their customers. We are honored to build upon their success and legacy of service to the people of East Texas. We were also pleased to work with another seller represented by the first-class team at Corner Capital.”
Corner Capital Advisors, LLC (“Corner Capital”) provided merger and acquisition advisory services to Morgan Oil, which included valuation advisory, marketing the business assets through a structured sale process, and transaction negotiation. The transaction was managed by Carl Ray Polk, Jr. and Sean Stewart, CFA. Carl Ray Polk, Jr. of Corner Capital stated: “I’ve known Ed and his family for more than 30 years. Having the opportunity to assist and advise the Morgan family on the structured sale of their enterprise has been a true honor. They’ve built an incredible business and we are happy for their successful outcome.”
Kenneth Deppisch from Deppisch Law Firm served as legal counsel for Morgan Oil Company, Inc.
FOR FURTHER INFORMATION
P. A. Weber III (Andy), Corner Capital, firstname.lastname@example.org
Carl Ray Polk, Jr., Corner Capital, email@example.com
Sean Stewart, CFA, Corner Capital firstname.lastname@example.org
About Corner Capital
Formed in 2006, Corner Capital provides transactional advisory services to all constituents in the Downstream Energy, 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 email@example.com, (805) 965-5510.