Transaction Announcement: H&M Wholesale, Inc. sells to Classic Star Group, LP
College Station, Texas (December 1, 2020) – H&M Wholesale, Inc. (the “Company” or “H&M”) has announced the successful sale of its convenience retail, ChevronTexaco and Shell branded fuel distribution, and commercial business assets to Classic Star Group, LP (“Classic Star”) of Fort Worth, Texas and its affiliates. In 2019 H&M retained Corner Capital’s valuation and strategy services to develop strategic options for its shareholders. After analysis and consideration, the Company elected to pursue a structured sale process for its business assets.
Ms. Mary Walker, Owner of H&M Wholesale, Inc. commented upon the closing of the transaction, “We have had a long and fruitful journey in the industry and look forward to a new chapter as we transition our business to a like-minded neighbor that shares our passion for the business and will take good care of our customers in the Brazos Valley area. Our family is pleased with the end-result and Corner Capital’s advice and assistance proved to be a critical factor in our successful exit.”
H&M was founded in 1960 by Hoover Alford who began his history with Texaco as a Consignee. In 1980, Texaco was selling their real estate and equipment assets to their agents, so Hoover Alford and his wife, Mary Walker, took advantage of this opportunity and incorporated their business as H&M Wholesale, Inc. Mary Walker was later joined by her son, James Boedecker, and the two continued growing their retail business and invested in many dealer-owned retail operations.
“Having known the H&M family for over a decade,” stated Carl Ray Polk, Jr. of Corner Capital, “we were honored to assist them in their efforts. The community will miss their contributions, but we appreciate their trust in managing their transaction. Mary Walker, and her son James Boedeker were outstanding to work with.”
ABOUT H&M WHOLESALE, INC.
H&M has been a fuel distributor since 1960 and a convenience retailer since 1980. In 1980, the Company began operating its first store and continued focusing on both convenience retail and fuel distribution throughout the years. H&M is a family-owned company that has dedicated itself to serving the Brazos Valley and surrounding areas. H&M Wholesale
ABOUT CORNER CAPITAL
Since 2006, Corner Capital has provided financial and strategic advisory services to entrepreneurs, operating companies, financial institutions, and investors in all segments of the Downstream Energy Industry and including Convenience Retailing and all multi-unit retail formats. For more information, please visit http://www.cornercapitalpartners.com/ or contact P. A. Weber III (Andy) at firstname.lastname@example.org, (805) 965-5510.
ABOUT CLASSIC STAR GROUP, LP
Classic Star Group, L.P. is a fuel wholesaler based in Fort Worth, Texas. Founding in 1999, Classic Star Group supplies fuel to over 600 customers in 7 states. The goal of Classic Star Group is to assist owners of gas stations and c-stores to grow their business by supplying branded and unbranded fuel and other services to give them a competitive advantage in the marketplace. For more information please visit the Company website here.