Herndon Oil Corporation, Abbeville, AL.

Service Type: Strategy Services, Valuation Services, M&A

Client: Herndon Oil Corporation, Abbeville, AL.

Client Description: Shell branded convenience retailer of 13 Southern Trader convenience stores within South Alabama and Florida. Headquartered in Abbeville, AL, Herndon Oil Company traces its roots back to the late 1950’s when two brothers, C.S. Herndon and A.W. Herndon, decided to supply their own grocery stores with petroleum products.

The Trigger:

  • The Client sought retirement from the industry after having grown the business through over 70 years of service to the local communities, and previously exiting its Florida and Northern Alabama retail operations over the past 10 years.

The Project:

  • Corner Capital performed a Fair Market Valuation for Herndon Oil and outlined a Structured Sale Process with the expectations and intentions to yield optimal value to the family.
  • Corner Capital sourced proposals from several national strategic and privately held convenience retailer & wholesale fuels companies. Through extensive negotiations and a thorough vetting of multiple Letters of Intent, Tri Star Energy was selected to acquire Southern Traders stores through a structured sale of the Company’s business assets.

The Solution:

  • Corner Capital worked closely with Herndon across all facets of the transaction process from valuation, strategy, LOI, contractual negotiations, diligence, to closing.

The Result:

  • The Company’s operations and business assets were successfully marketed and sold to Tri Star Energy, which closed September 1, 2021.