Sun Pacific Energy, Inc. Asset Sale to Pac West Energy, LLC

Service Type: Valuation Services, M&A

Client: Sun Pacific Energy, Inc. (“Sun Pacific”, or the “Company”)

Client Description: Sun Pacific Energy is a third-generation branded petroleum marketer, convenience retailer, and dealer wholesale fuels distributor headquartered in Kennewick, WA.

The Trigger:

• The Client sought retirement from the industry after having grown to become one of the largest distributors of branded and unbranded motor fuels in the Pacific Northwest.
• The Company was reluctant to conduct a broad structured sale process, due to concerns of employee retention, length of process, and confidentiality leaks.

The Project:

• Corner Capital, with the Company’s approval, provided PacWest with an exclusive pre-process preview of the structured sale. The parties came to a general agreement prior to a broad sale process due to PacWest’s supply, logistics, and retail operation synergies.
• Corner Capital achieved favorable transaction terms through extensive negotiations of the Letters of Intent (LOI) and Purchase and Sale Agreements (PSA). The firm provided guidance to the Company throughout the closing procedure, ultimately ensuring the successful completion of a structured sale of Sun Pacific’s business assets.
• Established a strike price through an auction-like process, negotiated LOI to identify terms & proceeded to formal diligence & closing all within 60 days.

The Solution:

• Corner Capital worked closely with Sun Pacific from valuation, sourcing & negotiating LOIs, contractual negotiations, diligence, to closing.

The Result:

• The Client’s convenience retail, dealer wholesale, and rolling stock assets were successfully marketed and sold to PacWest Energy, LLC which closed December 7, 2023.