Sun Pacific Energy, Inc. Acquired by PacWest Energy, LLC.
For Immediate Release
Austin, TX
December 7, 2023
Kennewick, WA – Sun Pacific Energy, Inc. (“Sun Pacific,” or the “Company”), a leading Pacific Northwest branded petroleum marketer and convenience retailer headquartered in Kennewick, WA, announced today the successful sale of its convenience retail, dealer wholesale, and transportation assets to PacWest Energy, LLC (“PacWest”), based in Meridian, ID. PacWest acquired Sun Pacific’s 9 large-format convenience retail stores, over 130 branded dealer accounts and all transportation rolling stock.
Spanning three generations and headquartered in Kennewick, WA, Sun Pacific Energy has grown to become one of the largest distributors of branded and unbranded motor fuels in the Pacific Northwest. Sun Pacific’s company-operated Sun Market stores have become a well-known destination in its concentrated, stable demographic with rapid population growth expected to continue throughout the next decade. The Company’s newly constructed, large-format Sun Market stores have a stellar track record of serving customers throughout the Tri-Cities market in eastern Washington, and Sun Pacific holds a dominant market share for branded fuel distribution in the greater Seattle area. Craig and Chris Eerkes stated: “Today’s transaction represents the culmination of a lifetime of industry operations and investment, dating from my father’s founding of the business in 1956 by Jerry Eerkes. We are pleased that the PacWest team has retained almost all of our field and office staff, where many new opportunities abound with a company of PacWest’s size and scope.”
Jackson Energy, PacWest Energy and Jacksons Food Stores Inc. own, operate, and supply stores across nine western states. The companies are vertically integrated, supplying fuel to locations in nine states through Jackson Energy to customers and Jacksons Food Store locations.
Corner Capital provided its Valuation, Strategic Advisory, and Mergers & Acquisitions services to the Eerkes family. The transaction was managed by Carl Ray Polk, Jr., Sean Stewart, CFA, and Ben Achilles. Carl Ray Polk, Jr. of Corner Capital stated: “Having known Craig, his wife Marilee, his son Chris, and their families for over 25 years, we were truly honored to advise their family through the strategic sale process. Craig has committed his time and talents to this industry on a state, regional and national level, his contributions to our industry have been second to none. We believe his selection of PacWest and the
Jackson team provided a fantastic outcome and opportunity for both parties”.
The Eerkes’ 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
Sean Stewart, CFA, Corner Capital sstewart@cornercapitaladvisors.com
About Corner Capital
Formed in 2006, Corner Capital provides national transaction 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.