Wag-A-Bag, LLC. Round Rock, Texas.
Service Type: Strategy Services, Valuation Services, M&A
Client: Wag-A-Bag, LLC. Round Rock, Texas.
Client Description: Shell and Valero branded convenience retailer of 18 Wag-A-Bag convenience stores within the Austin Metro Area. The Company was founded in 1964 by Virgil Rabb IV and it has grown alongside the Central Texas community.
- The Client sought retirement from the industry and the increased capital demands to keep up with the rapid market growth. The Company requested a Strategy and Valuation Services to explore its options. The family subsequently decided to proceed to a Structured Sale Process and began estate planning parallel to the project.
- Corner Capital performed a Fair Market Valuation for Wag-A-Bag and outlined a Structured Sale Process that could yield optimal value to the family while creating the opportunity to release the branded fuel supply to the open market.
- Corner Capital sourced proposals from several national & international strategic and private equity sponsored convenience retailer & wholesale fuels companies. Through extensive negotiations and thorough vetting of a Letter of Intent, Refuel Operating Co.(Refuel) was chosen as the winning bidder in the structured sale.
- Upon executing the Letter of Intent with Refuel, Wag-A-Bag entered an extensive diligence process with Grant Thornton leading a quality of earnings review for Refuel. Corner Capital managed the diligence responses & business negotiations that led to the signing of a favorable asset purchase agreement between Wag-A-Bag & Refuel.
- Corner Capital worked closely with Wag-A-Bag across all facets of the transaction process from strategy to diligence, LOI & contractual negotiations, to closing.
- The Company’s operations and business assets were successfully marketed and sold to a single buyer. Refuel closed the transaction on June 22, 2021.