Transaction Announcement: Recapitalization & Acquisition Services
Harlingen, TX. (May 24th, 2019) – Corner Capital Advisors, LLC is pleased to announce the successful refinance and transition of ownership to the next generation of family-owned Hinogas (the “Company”), a propane distributor in South Texas. Corner Capital Advisors, LLC was retained by Hinogas as the exclusive financial adviser providing valuation and structured-financing services for the Company.
In 1963, Alejandro Hinojosa, Sr. founded Hinogas by purchasing one propane bobtail truck and delivering propane to mostly rural customers in Cameron and Willacy Counties of South Texas. Mr. Hinojosa did everything himself in those days: he was the mechanic, dispatcher, accountant, receptionist, service technician and driver, delivering the product to hundreds of homes. Over time, Alejandro Sr. began to receive a reputation as a hard-working, reliable and honest person who would always be there no matter the weather conditions to dependably deliver propane gas. Honoring and upholding the same values as Alejandro Sr., Alex Hinojosa Jr. plans to continue the successful growth of the Company that his father built after refinancing the Company and purchasing all the outstanding shares.
As the new owner of the family’s business, Alex Hinojosa, Jr. commented “I appreciate the advice that Rick, Andy, and the Corner Capital team provided throughout the process of transitioning and structuring my acquisition of our family’s business. We continue to expand Hinogas, and I look forward to serving our customers across the Rio Grande Valley from Brownsville, Harlingen, to Port Isabel, and beyond with a growing platform of energy service offerings.”
Rick Golman, who managed the transaction for Corner Capital, stated “We were pleased to be given the opportunity to assist the Hinojosa family as they pass ownership onto the next generation. It has been a pleasure to work with Alex Hinojosa Jr., and we are excited to see him further grow Hinogas over the years ahead.”
ABOUT CORNER CAPITAL
Since 2006, Corner Capital has been providing specialty advisory services for all refined products and to all constituencies in the Downstream Energy industry including convenience store chains, fuel wholesalers and distributors, lubricant retailers and distributors, propane and heating oil distributors, storage and transportation companies, institutional investors, and lenders.
For more information, please visit www.cornercapitalpartners.com or contact P. A. Weber III (Andy) at aweber@cornercapitalpartners.com or (805)965-5510