Royce Groff Oil Company d/b/a Valley Mart

The Trigger:

• Client sought retirement from the industry after having grown the business organically over the course of over 50 years, but wanted to retain long-term cash flow from ownership of the real estate underlying the business assets.

The Project:

• Corner Capital performed a Fair Market Valuation for Royce Groff Oil Company and outlined strategic options. The Company decided to pursue a structured sale process through Corner Capital.
• Corner Capital sourced proposals from each of the potential buyers that it engaged under a non-disclosure agreement and sharing of the marketing material in Corner Capital’s Information Memorandum and data room. Through two rounds of extensively negotiating the most competitive Letters of Intent, Texas Enterprises, Inc. Was selected as the winning bidder to acquire Royce Groff Oil Company in Corner Capital’s structured sale of the Client’s business assets.

The Solution:

• Corner Capital worked closely with Royce Groff Oil Company from valuation, sourcing and negotiating LOIs, contractual negotiations, diligence, to closing.

The Result:

• The Client’s operations and business assets were successfully marketed and sold to Texas Enterprises, Inc., which closed April 1, 2022.
• Corner Capital structured Net Leases for the real estate properties underlying the convenience retail and bulk plant assets, providing long-term income for members of the Client’s family.