Royce Groff Oil Company sells Retail, Wholesale and Commercial Assets to Texas Enterprises, Inc.
For Immediate Release
Austin, TX
April 6, 2022
CASTROVILLE, TX – Royce Groff Oil Company and Affiliates (“RGOC”), a branded petroleum marketer and convenience retailer in Medina County, TX, announced today the successful sale of its convenience retail (operating under the “Valley Mart” brand), branded distribution, and commercial fuel assets to Texas Enterprises, Inc. (“Texas Enterprises”) of Austin, TX.
Founded in 1969 by Royce Groff, RGOC’s long history of marketing branded and unbranded petroleum products has earned the Company a stellar reputation within the communities it serves. Royce Groff began his career in the petroleum business on November 1, 1969 when he became a commission agent with the old Humble Oil & Refining Company – now ExxonMobil. Royce started with one bulk plant and one bobtail delivery truck. Initial customers were farmers, ranchers, and other commercial accounts, along with a few small dealer-owned and operated “Humble” branded service stations. Since 1969, the company’s goal has always been to give customers quality service and products at competitive prices. Today they operate 13 Valley Mart stores, supply over 70 dealer locations, and deliver commercial fuel and lubricants through 5 bulk plant facilities in Castroville, Jourdanton, Devine, Boerne, and Eagle Pass.
Celebrating its 50th anniversary in 2019, the company and its employees (including 7 Groff family members) have always been active in the communities they serve in addition to being a reliable supplier of fuels, lubricants, and other auto-related products. Long-term participation, leadership, and memberships include the St. Louis Catholic Church in Castroville, the Castroville City Council, the Castroville Economic Development Board, the Medina Valley School Board, the Medina Valley Youth Baseball Association, American Legion Post 460, Cub & Boy Scouts, and the Castroville Chamber of Commerce. Royce was also named Citizen of the Year for 2019. Royce Groff Oil Company has been a long-standing member of the Texas Food and Fuel Association (TFFA) and the National Association of Convenience Stores (NACS).
Texas Enterprises, Inc (“TEI”) is a fifth-generation family-owned and operated company. Originally founded by James Link Calhoun (first-generation) in 1921 as Bay Oil Company in Houston, TX, TEI distributes petroleum and lubricant products with offices across ten locations in Texas and New Mexico. TEI is currently led by Ford Smith Jr. and is headquartered in Austin, Texas. With over 250 employees, TEI serves constituencies across several industries, including automotive, mechanical, and construction.
Corner Capital Advisors, LLC (“Corner Capital”) provided merger and acquisition advisory services to RGOC, which included valuation advisory, marketing the business assets through a structured sale process, and transaction negotiation. The transaction was managed by Don Mitchell, who stated: “I have known the Groff family for more than 35 years, so we were honored to assist them through this process. They have been valued members in their communities and will continue being active through other activities and retirement. We thank RGOC and Texas Enterprises and wish them both the very best going forward.” RGOC founder Royce Groff added: “We appreciate the knowledge, professionalism, and leadership Corner Capital showed throughout our valuation and sale processes. Their teamwork and ongoing communications were a great help that got us to a successful closing”.
FOR FURTHER INFORMATION
P. A. Weber III (Andy), Corner Capital, aweber@cornercapitalpartners.com
Don Mitchell, Corner Capital, dmitchell@cornercapitaladvisors.com
Barton Taylor, Corner Capital, btaylor@cornercapitaladvisors.com
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 aweber@cornercapitalpartners.com, (805) 965-5510.