Transactions


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National Expertise

Map data represents Corner Capital engagements since 2006

Valuation, M&A, Debt Raises, Restructuring, Financial & Strategic Advisory
Clients & transactions across ~45+ states
50+ transactions over the past 5 years
Growing client advisory business for 16 years
Diverse team of former operators, company executives, and financial professionals

Select a Tombstone to view its Case Study

Service Type: Valuation Services, M&A

Client: Royce Groff Oil Company d/b/a Valley Mart

Client Description: Founded in 1969, Royce Groff Oil Company d/b/a Valley Mart is a branded petroleum marketer and convenience retailer serving consumer and commercial customers in Medina County, Texas

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.

 

Service Type: Valuation Services, M&A

Client: Laurel Oil, LLC d/b/a Rapid Express

Client Description: Founded in 1923, Laurel Oil is a fourth-generation branded petroleum marketer and convenience retailer serving communities in Jones County, MS.

The Trigger:

  • The Client sought retirement from the industry after having grown the business organically over the course of nearly 100 years.

The Project:

  • Corner Capital performed a Fair Market Valuation for Laurel Oil 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 Confidential Information Memorandum & data room. Through two rounds of extensively negotiating the most competitive Letters of Intent, Clark Oil Company, Inc. was selected as the winning bidder to acquire Laurel Oil in Corner Capital’s structured sale of the Client’s business assets.

The Solution:

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

The Result:

  • The Client’s operations and business assets were successfully marketed and sold to Clark Oil Company, Inc., which closed March 31, 2022.

Service Type: Valuation Services, M&A

Client: W.G. Johnson Oil Company

Client Description: Headquartered in Corsicana, TX, the Company was founded in 1985 when Bill Johnson purchased the distributorship and its Exxon branded agreement from its previous owner. Johnson is a fuel and lubricants distributor for the Shell and Exxon brands to independent operators across East Texas. In addition, the Company operates its own convenience retail network throughout Corsicana and East Texas.

The Trigger:

  • The Client sought retirement from the industry after growing business over the course of 36 years.

The Project:

  • Corner Capital performed a Fair Market Valuation for W.G. Johnson Oil Company and outlined strategic options for the Company. 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 Confidential Information Memorandum and data room. After negotiating the most competitive Letters of Intent, Cole Distributing Company was selected as the winning bidder to acquire W.G. Johnson Oil Company’s business assets.

The Solution:

  • Because the Company operated in multiple channels, it was able to optimize value by targeting convenience retail, lubricants & commercial fuels specialists who would value each segment appropriately to conclude a transaction.

The Result:

  • The Client’s operations and business assets were successfully marketed and sold to Cole Distributing Company and Kim’s Convenience Stores, which closed in December 2021.

Service Type: Valuation Services, M&A

Client: Classic Star Group LP and Ziptron Energy Inc.

Client Description: Multi-branded distributor of branded and unbranded motor fuels to 700 dealer accounts and 300 commercial accounts across Texas, Louisiana, Tennessee, Virginia, Kentucky, and Georgia. Formed in 1999, the Company distributes branded petroleum products including Chevron, Exxon, Mobil, Shell, Motiva, Texaco, Valero, Conoco, Phillips 66 across its two companies (Classic Star Group LP and Ziptron Energy Inc.). Both companies also distribute lubricants, propane, and motor fuels to commercial end-users in their geography, selling ~300MM gallons on an annual basis.

The Trigger:

  • The Client sought retirement from the industry after having grown the business organically and through acquisitions over the course of 22 years.

The Project:

  • Corner Capital performed a Fair Market Valuation for Classic Star Group and Ziptron Energy Inc and outlined a Structured Sale Process during 2019. After COVID interrupted the process in 2020, the Client re-engaged with Corner Capital in early 2021. Corner Capital ran a structured sale process of the Client’s business assets to a very select group of highly qualified & capable buyers.
  • 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 Confidential Information Memorandum & data room. Through two rounds of extensively negotiating the most competitive Letters of Intent, Brad Hall & Associates was selected as the winning bidder to acquire Classic Star Group LP and Ziptron Energy Inc in Corner Capital’s structured sale of the Client’s business assets.
  • Chevron had a right of first refusal (ROFR) on the business assets, and ultimately decided not to exercise or assign this right, granting Brad Hall & Associates to move forward in buying the business.

The Solution:

  • Corner Capital worked closely with Classic Star Group LP and Ziptron Energy Inc from valuation, sourcing & negotiating LOIs, contractual negotiations, diligence, to closing.

The Result:

  • The Client’s operations and business assets were successfully marketed and sold to Brad Hall & Associates, which closed October 1, 2021.

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.

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

ClientWag-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 Trigger:

  • 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.

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.

The Solution:

  • 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 Result:

  • The Company’s operations and business assets were successfully marketed and sold to a single buyer. Refuel closed the transaction on June 22, 2021.

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

Client: Story Distributing Company

Client Description: Exxon, Phillips 66, and Sinclair branded and unbranded fuel distributor and convenience retailer of 12 Casey’s Corner convenience stores within Bozeman and Billings, Montana. The Company supplied wholesale fuel to dealer accounts and commercial fuel and lubricants products to customers across the state of Montana.

The Trigger:

  • The Client sought retirement from the industry and inquired as to the Company’s valuation and timing for a strategic sale process, while concerned about the future tax treatment of a sale if the process were deferred several years.

The Project:

  • Corner Capital performed a Fair Market Valuation for Story Distributing and outlined a structured sale process that should yield optimal value to the family, while considering their desire to retain long term rental income in a rapidly appreciating real estate 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, Parkland Fuels was chosen as the winning bidder in the structured sale.
  • Upon executing the Letter of Intent with Parkland, Story Distributing entered an extensive diligence process with KPMG leading a quality of earnings for Parkland. Corner Capital led the diligence responses & business negotiations that led to signing of a favorable asset purchase agreement between Story Distributing & Parkland.

The Solution:

  • Corner Capital worked closely with its Client across all facets of the transaction process from diligence, negotiating the contractual agreements with Parkland, to closing.
  • The Client sought to retain the fee real estate at a number of the convenience stores and bulk plant facilities and lease the properties under a long-term master lease agreement with Parkland as the tenant operator. Corner Capital structured the purchase price and lease to meet the desires of the Client to seek balancing liquidity in optimizing after-tax net proceeds from the sale with stable current income & tax efficient estate planning post-Closing.

The Result:

  • The Company’s operations and business assets were successfully marketed and sold to a single buyer. Parkland USA (TSX: PKI) closed on the transaction on February 1, 2021.
 

Transaction Announcement
Putnam Co. & Acorn Markets, Inc. sells to United Refining Company of Pennsylvania

Wellsboro, PA (December 1, 2020) - Acorn Markets, Inc and Putnam Co., (the “Company”) has announced the successful sale of its convenience retailing and ExxonMobil branded fuel distribution business assets to United Refining Company of Pennsylvania and its affiliates. Prior to the beginning of the COVID-19 pandemic, the Company requested Corner Capital’s valuation and strategic advisory services to assist the Company in scenario planning. Despite the pandemic, the Company elected to market its 80-year-old business in a structured sale M&A process.

Ed Owlett, President and CEO of the Company commented upon the closing of the sale, “This transaction represents the conclusion of a thoughtful strategic process undertaken in a tumultuous climate. Our family and employees are pleased with the end-result as 2020 comes to a close. Corner Capital’s advice and assistance proved to be a critical factor in our successful exit.”

Founded in 1938 by G. Mason Owlett and William A. Ridge as an Esso branded gasoline distributorship and named after Putnam Township in Tioga County, Pennsylvania, Acorn Markets became a regional retail brand in Northern Pennsylvania known for its reliable & unique food service offerings, excellent customer service, and quality fuel retailing with the Exxon brand. The sale included all of the Company’s convenience retail assets along with its ExxonMobil branded fuel distribution assets.

Corner Capital is pleased to have been a part of Acorn Markets’ strategic asset divestiture,” stated Kevin Henrick of Corner Capital, “and we are especially honored to have had the opportunity to work with a client relationship dating back over 20 years. We are appreciative of the trust that Ed and Beth had in Corner Capital assisting them as they move towards their next chapter.”

Williams Mullen served as legal counsel to Acorn Markets / Putnam in the sale.

ABOUT PUTNAM CO. AND ACORN MARKETS, INC.
Putnam has been a fuel distributor since 1938, and a branded marketer for ExxonMobil since the late 1980’s. In the early 1980’s, the Company built its first Acorn Markets store, and gradually focused on convenience retailing throughout the years. The stores serve an 8-county region in north-central and north-eastern Pennsylvania along with two stores in southern New York state. Acorn Markets | Home

ABOUT CORNER CAPITAL
Since 2006, Corner Capital provides financial and strategic advisory services to entrepreneurs, operating companies, financial institutions, and investors in all segments of the Downstream Energy Industry and including Convenience Retailing and all multi-unit retail formats. For more information, please visit http://www.cornercapitalpartners.com/ or contact P. A. Weber III (Andy) at aweber@cornercapitalpartners.com(805) 965-5510.

ABOUT WILLIAMS MULLEN
Williams Mullen is a full-service law firm with approximately 240 attorneys in offices across North Carolina, South Carolina, Virginia and Washington, D.C. Otto Konrad, partner at Williams Mullen, focuses on finance, corporate law, mergers and acquisitions and commercial real estate. For more information, please visit williamsmullen.com or contact Otto Konrad at okonrad@williamsmullen.com(804) 420-6093.

ABOUT UNITED REFINING OF PENNSYLVANIA
United Refining Company is an independent refiner and marketer of petroleum products based in Warren, PA, and operates over 350 retail outlets in Pennsylvania, Ohio, and New York, including Kwik Fill, Red Apple Food Marts, and Country Fair retail brands. URC - United Refining Company

Transaction Announcement
H&M Wholesale, Inc. sells to Classic Star Group, LP

College Station, Texas (December 1, 2020) - H&M Wholesale, Inc. (the “Company” or “H&M”) has announced the successful sale of its convenience retail, ChevronTexaco and Shell branded fuel distribution, and commercial business assets to Classic Star Group, LP (“Classic Star”) of Fort Worth, Texas and its affiliates. In 2019 H&M retained Corner Capital’s valuation and strategy services to develop strategic options for its shareholders. After analysis and consideration, the Company elected to pursue a structured sale process for its business assets.

Ms. Mary Walker, Owner of H&M Wholesale, Inc. commented upon the closing of the transaction, “We have had a long and fruitful journey in the industry and look forward to a new chapter as we transition our business to a like-minded neighbor that shares our passion for the business and will take good care of our customers in the Brazos Valley area. Our family is pleased with the end-result and Corner Capital’s advice and assistance proved to be a critical factor in our successful exit.”

H&M was founded in 1960 by Hoover Alford who began his history with Texaco as a Consignee. In 1980, Texaco was selling their real estate and equipment assets to their agents, so Hoover Alford and his wife, Mary Walker, took advantage of this opportunity and incorporated their business as H&M Wholesale, Inc. Mary Walker was later joined by her son, James Boedecker, and the two continued growing their retail business and invested in many dealer-owned retail operations.

“Having known the H&M family for over a decade,” stated Carl Ray Polk, Jr. of Corner Capital, “we were honored to assist them in their efforts. The community will miss their contributions, but we appreciate their trust in managing their transaction. Mary Walker, and her son James Boedeker were outstanding to work with.”

ABOUT H&M WHOLESALE, INC.
H&M has been a fuel distributor since 1960 and a convenience retailer since 1980. In 1980, the Company began operating its first store and continued focusing on both convenience retail and fuel distribution throughout the years. H&M is a family-owned company that has dedicated itself to serving the Brazos Valley and surrounding areas. H&M Wholesale

ABOUT CORNER CAPITAL
Since 2006, Corner Capital has provided financial and strategic advisory services to entrepreneurs, operating companies, financial institutions, and investors in all segments of the Downstream Energy Industry and including Convenience Retailing and all multi-unit retail formats. For more information, please visit http://www.cornercapitalpartners.com/ or contact P. A. Weber III (Andy) at aweber@cornercapitalpartners.com(805) 965-5510.

ABOUT CLASSIC STAR GROUP, LP
Classic Star Group, L.P. is a fuel wholesaler based in Fort Worth, Texas. Founding in 1999, Classic Star Group supplies fuel to over 600 customers in 7 states. The goal of Classic Star Group is to assist owners of gas stations and c-stores to grow their business by supplying branded and unbranded fuel and other services to give them a competitive advantage in the marketplace. For more information please visit the Company website here.

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

Client: Nimocks Oil Company / Circle N Market

Client Description: Nimocks Oil Company, Inc. operated 11 convenience retail facilities in Eastern Arkansas, in addition to owning several dealer-operated properties, distributing Exxon and Mobil branded fuels, and utilized creative food service programs to meet the needs of its communities and customers. The Company is especially proud of its proprietary food service programs which complement its Subway and Baskin Robbins offerings.

The Trigger:

  • The Nimocks family began considering their strategic and personal goals several years in advance of the transaction. Corner Capital worked with the family throughout their thought-process, providing several valuations and strategic considerations over a two-year period. Ultimately, the family decided to engage key regional and strategic buyer targets to determine the viability of a sale.

The Project:

  • Corner Capital was retained by the Nimocks family to provide estimated Fair Market Valuations under several scenarios. After consideration of both family and business objectives, the family determined to move forward at an opportune market time in an effort to understand the demand and value for their business. In addition to assisting the family in its planning efforts, Corner Capital presented several exit scenarios to the family for its consideration.

The Solution:

  • Corner Capital identified certain non-strategic assets for alternative use, in addition to outlining a structured sale process timeline for the Company’s consideration. Additionally, the family was very selective with target recipients and Corner Capital identified a set of targets for the Company’s review. Ultimately the Company received multiple competitive proposals, and Corner Capital worked with those targets to ensure key terms and conditions were met regarding the family’s criteria and treatment of employees and the Company’s community.

The Result:

  • The Nimocks family achieved their value, staff, and community objectives through Corner Capital’s process, and selected Jordan’s Kwik Stop as the best steward of the Company’s assets.

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

Client: The McPherson Companies, Inc

Client Description: Founded in Oneonta, Alabama in 1971, The McPherson Companies, Inc. (“TMC”) has organically and acquisitively grown to become a leading full-service petroleum products and services company covering the southeastern US.

The Trigger:

  • After strategically reviewing its diversified business segments, TMC’s management decided to exit its Dealer Fuel Distribution business to concentrate efforts towards its branded lubricants, commercial fueling, and Fuelz fleet card businesses. TMC is one of the largest independent lubricant distributors in the country with ~16 million gallons distributed on an annual basis.

The Project:

  • Corner Capital was retained by The McPherson Companies to provide a strategic assessment of the Company’s Dealer Fuel Distribution business including benchmarking across all operating levers of the business with a formal presentation to the Board of Directors. Additionally, the Company requested an Estimated Fair Market Valuation for the Company. Upon review of the above, the Board directed Corner Capital to proceed with its Structured Sale Services to identify key strategic acquirers for the Company’s consideration and ultimately lead the Company through a broad structured sale auction process.

The Solution:

  • Corner Capital executed a competitive structured sale process to the most strategically acquisitive target groups and facilitated the transaction from initial marketing, diligence, and negotiating the definitive agreements to closing.

The Result:

  • The Company yielded strong consideration for its Dealer Fuel Distribution segment, and successfully concluded the transaction with Majors Management. Corner Capital and The McPherson Companies identified Majors Management as a strategic and experienced distributor to build on TMC’s legacy relationships with dealers across the Southeast.

Service Type: M&A

Client: Colvin Oil I, LLC (“Colvin Oil” or “Company”)

Client Description: Founded in Grants Pass, Oregon in 1960, Colvin Oil Company has grown to become a premier convenience retailer, branded dealer wholesaler, and commercial fuels and lubricants supplier throughout the state of Oregon. In 2017, Colvin Oil I, LLC and other affiliates of the Andretti Petroleum acquired Colvin Oil Company from the founding family.

The Trigger:

  • After 18 months of operating the commercial fuels and lubricants business, management decided the segment was non-strategic to the future of the Company.

The Project:

  • Corner Capital was retained by Colvin Oil to provide an estimate of Fair Market Value for the segment, and conduct a strategically selective process to find a buyer that did not compete in Colvin’s retained trade channels and geography.

The Solution:

  • Corner Capital executed a sequential sale process to select distributors in the Pacific Northwest that met Colvin’s divestiture criteria.

The Result:

  • Corner Capital and Colvin Oil identified Tyree Oil as a strategic and experienced operator to build on the business and relationships Colvin Oil developed in the trade channel, while mutually outlining future partnership opportunities in Oregon.

Service Type: M&A

Client: East Texas Fuels, Inc. (“ETF”)

Client Description: Chevron and Exxon branded convenience retailer operating convenience retail locations throughout East Texas and Marshall, Texas, among other upstream and downstream energy investments. Founded in 1992, ETF served numerous East Texas communities throughout its history and created a long-lasting legacy of customer service over the family’s 27 years in business.

The Trigger:

  • Owner, Steve Howell, desired to exit the convenience store retail business in order focus on other energy investments.

The Project:

  • Corner Capital was retained by ETF to provide an estimated Fair Market Valuation for the assets under a structured process. In addition, Corner Capital identified both regional and super-regional Targets for consideration as qualified buyers.

The Solution:

  • Corner Capital executed a structured sale process to the most strategically acquisitive target groups and facilitated the transaction from initial marketing, diligence, and negotiating the definitive agreements to closing.

The Result:

  • Corner Capital and ETF evaluated and ultimately selected a single buyer for this transaction whose relationship with major fuel distributors enabled a competitively-valued combination solution. Corner Capital successfully guided ETF through Chevron’s qualification and Right of First Refusal assessment, which allowed Quick Track to proceed with its original purchase agreement on the Transaction.

Service Type: M&A

Client: Mickey’s Convenience Foods (“Mickey’s”)

Client Description: Convenience retailer and Chevron distributor, operating 15 Mickey’s convenience stores with Chevron branded gasoline as well as 2 standalone car washes and 3 laundromats. Founded in 1947, Mickey’s served the Killeen and Fort Hood markets through its excellent service, stellar local reputation, and popular grab-and-go food service.

The Trigger:

  • The Client sought retirement from the industry and requested Corner Capital to perform initial valuation services, and consequently proceeded to a structured sale process.

The Project:

  • Determine a Fair Market Valuation for Mickey’s and identify key strategic acquirers for the Company’s consideration to conduct a broad structured sale auction process with Corner Capital as the exclusive advisor.
  • The Company and Corner Capital were concerned about Chevron’s execution and assignment of its Right of First Refusal (ROFR) embedded in Chevron’s Branded Marketer Agreement (BMA).

The Solution:

  • Corner Capital executed a structured sale process to the most strategically acquisitive target groups, both national and local. Corner Capital facilitated the transaction from initial marketing, diligence, negotiating the definitive agreements to closing.
  • All assets, operations, and contracts of the Company were marketed in the sale.
  • The buyer, also a Chevron distributor, was selected after intense competition to secure the transaction.

The Result:

  • Despite the selection of the winning bidder and an expired Chevron BMA, Chevron promptly exercised what it believed to be a valid ROFR. The Company ultimately agreed to Chevron’s exercise and assignment to a third-party purchaser of its choice.
  • Corner Capital advised the Company through this challenging process and ultimately consummated the transaction to the satisfaction of Mickey’s.

Service Type: M&A, Recapitalization

Client: Hino Gas Sales, Inc. (“Hino”)

Client Description: Hino Gas Sales, Inc.
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.

The Trigger:

  • Alejandro Hinojosa, Sr., passed away in 2016 leaving the shares of the Company to his wife. Mrs. Hinojosa had worked in the Company for over 30 years as well, and entertained retirement in 2018. Mrs. Hinojosa did not want to sell the Company to an outsider, yet she also wanted to obtain a fair market value for the enterprise. She and Alex Hinojosa, Jr. approached Corner Capital to facilitate a family ownership transition.

The Project:

  • Through Corner Capital’s expertise and prior projects in the propane industry, Corner Capital performed an independent, estimated Fair Market Valuation of the Company.
  • Subsequently, Corner Capital facilitated negotiations between Mrs. Hinojosa and her son Alex Jr. to arrive at a valuation agreeable to both parties.
  • Corner Capital then developed several structures which would facilitate the transition, considering cash compensation, real estate assets, debt financing, and equipment financing.

The Solution:

  • Corner Capital created a structure that satisfied Mrs. Hinojosa that her retirement and cash needs were sufficient, while also obtaining debt financing through the Company’s assets. Corner Capital also structured the real estate assets of the Company such that both parties were able to utilize those assets as part of the transition purchase price.

The Result:

  • The Company was successfully transition to Alex Hinojosa, Jr. in May 2019, and thus able to carry on its family tradition of excellent service and long-term reputation in the South Texas markets.
  • The Company has new banking relationships which will facilitate its continued growth plans into new markets and energy channels.

Service Type: M&A

Client: Brenco Marketing Corporation (“Brenco”)

Client Description: Wholesale fuels business that distributes approximatly 95 million gallons annually to nearly 160 dealer and commission-marketer gas station accounts, and 100 commercial accounts throughout Central and East Texas.

The Trigger:

  • The Client sought retirement from the industry.

The Project:

  • Perform a Fair Market Valuation for Brenco and proceed to a broad structured auction sale process with Corner Capital as the exclusive advisor.

The Solution:

  • Corner Capital executed a structured sale process to the most strategically acquisitive target wholesale fuel distributor groups in the downstream energy industry, and facilitated the transaction from initial marketing, diligence, and negotiations of the definitive agreements to closing.
  • All assets, operations, and contracts of the Company were marketed in the sale.

The Result:

  • The Company’s operations were successfully marketed and sold to a single buyer. Sunoco LP (NYSE: SUN) was selected as the sole-purchaser, and successfully closed the transaction.

Service Type: M&A

Client: Sandford Energy, LLC and Sandford Transportation, LLC (“Sandford”)

Client Description: Frack fuel distributor and transportation provider for exploration, drilling and oil field services customers, primarily in basins in Texas, New Mexico, Oklahoma, Kansas, Arkansas, Louisiana and Mississippi.

The Trigger:

  • The Client sought retirement from the industry.

The Project:

  • Perform a Fair Market Valuation for Sandford, and proceed to a targeted, structured sale process with Corner Capital.

The Solution:

  • Corner Capital executed a structured sale process to a discrete target group, to ensure confidentiality and expedite the timeline to closing.
  • All assets, operations, employees, and contracts of the Company were marketed in the sale.

The Result:

  • The Company’s operations were successfully marketed and sold to a single buyer. Sunoco LP (NYSE: SUN) was selected as the sole-purchaser, and used Sandford as a platform acquisition for their energy services operations.

Service Type: M&A

Client: ER Energy, Inc. (“Eel River”)

Client Description: Propane distributor to over 10,000 residential and commercial end-users, with terminals and customers throughout Northern California, Reno NV, and the Sierra Mountain range of central California.

The Trigger:

  • The Client initially sought a financial restructuring of the Company, but upon review of a Fair Market Valuation, decided to pursue a targeted sale of its assets.

The Project:

  • Perform a Fair Market Valuation, seek an optimal restructured balance sheet for the Company. Upon further negotiations between Creditors and the Owner, pursue a targeted sale process of the Eel River’s assets to a strategic industry acquirer with Corner Capital providing advisory services on behalf of the Owner from diligence to closing of the transaction.

The Solution:

  • Corner Capital executed a targeted sale of Eel River’s assets to Thompson Gas LLC, to ensure confidentiality, expedite the timeline to closing, and create a solution that fit the needs of all parties.

The Result:

  • The Company’s assets and operations were successfully sold to a single buyer. Thompson Gas LLC was the sole-purchaser, and the prior Owner entered into a multi-year consulting arrangement to assist with providing strategic guidance post-closing.

Service Type: Transaction Advisory

Client: Pester Marketing Company, Inc., and affiliate Limited Partner entities

Client Description: Operates 119 convenience retail facilities across Colorado, Nebraska, New Mexico, Kansas and Washington. Pester also provides motor fuel products under several national and regional brands including Conoco, 76, Phillips 66, ExxonMobil, Shell, and Alta Fuels.

The Trigger:

  • The Client submitted a successful bid for the business assets of Western Convenience Stores, Inc., and its affiliates, under the expectations of an expedited closing.

The Project:

  • Pester engaged Corner Capital to provide Transactional Advisory Services including structuring for acquisition facilities to fund the Closing. Corner Capital assisted Pester with negotiation of the Purchase and Sale Agreement, all diligence review and underwriting, sourcing financing partners, and the Closing.

The Solution:

  • Through its strong relationships in the industry and with institutional investors, Corner Capital structured a flexible acquisition facility for Pester, allowing Pester to work through strategic and non-strategic stores in the portfolio on a post-closing basis.
  • Corner Capital worked closely with its Client across all facets of the transaction process from diligence, negotiating the financing facility and purchase agreement, to closing.

The Result:

  • Corner Capital’s Client successfully expanded their retail operations’ footprint in the State of Colorado and Nebraska, due to its ability to Close on Pester’s committed time frame.
  • The Client secured a fuel supply contract from Phillips 66, and reimaged the acquired convenience store assets to their Alta brand, complementing the Phillips 66 motor fuel brand.

Service Type: M&A

Client: Denny Oil Company, Inc. (various real estate holding companies, Denny Transport, LLC)

Client Description: Six (6) company-operated ‘Check Point’ c-stores; dealer operated stores; 126 branded/unbranded dealer accounts; commercial and lubricants businesses.

The Trigger:

  • For family and competitive reasons, the Company decided to explore its market value and a potential structured sale. The Principal also owned, outside of the business, other business holdings and commercial real estate.

The Project:

  • The Company had its start in 1972 and served over 350 retail and commercial customers throughout Texas, including the metropolitan areas of Dallas and Houston, and Louisiana.
  • After performing a Fair Market Valuation for Denny Oil Company, the Principal decided in the Company’s best interest to divest of the Company’s assets through a structured sale process with Corner Capital.

The Solution:

  • Corner Capital executed a highly competitive structured sale process to a discrete target group, to ensure confidentiality and expedite the timeline to closing.
  • All assets of the Company and its business lines were marketed along the Company’s three primary business lines - Convenience Retail, Dealer Fuel Supply, and Commercial Fuels & Lubricants.
  • To optimize the value of the transaction, the buyers could purchase single or multiple business lines in the transaction.

The Result:

  • The Company’s operations were successfully marketed and sold to a single buyer.
  • Sunoco LP was selected as the sole-purchaser, and will reimage all Check Point stores to the Stripes® Brand.

Service Type: M&A

Client: Kolkhorst Petroleum, Inc.

Client Description: Family-run Texas wholesaler and owner of ‘Rattlers’ convenience store chain. Located in the Brazos Valley with additional operations in commercial fuel, lubricants, and transportation.

The Trigger:

  • The Company received a buyout offer from a large competitor, and the Company was unsure whether the value represented a competitive market offer. For family and competitive reasons, the Company decided to investigate its market value and a potential structured sale.

The Project:

  • The Company was founded in 1982 and began as a wholesaler of gasoline, diesel, oil, and grease products for agricultural and industrial customers. The Company expanded to convenience retail in 1992, eventually leading to the founding of Rattlers convenience stores in 2004.
  • The Company engaged Corner Capital Advisors to provide a Fair Market Valuation of its retail and dealer wholesale business, and ultimately proceeded with a structured sale.

The Solution:

  • Corner Capital provided a structure for the Company to retain its commercial fueling and other businesses, while marketing the retail and dealer business segments. Additionally, the Company retained the operations, but not the real estate, related to its franchise restaurant chains co-located on a number of its C-store properties.
  • Corner Capital conducted a structured sale process to a discrete target group, to ensure confidentiality and expedite the timeline to closing.

The Result:

  • The Company’s retail and dealer wholesale operations were successfully marketed and sold to a single buyer.
  • Sunoco LP was selected as the sole-purchaser, and will reimage all Rattlers stores to the Stripes brand.
  • The Company was able to yield a sale valuation approximately 35% higher than the original offer, while retaining its QSR operations and commercial fueling (bobtail) business.

Service Type: Refinance

ClientS&S Fuel Holdings, LLC

Client Description: 7-Eleven branded “City Stop” convenience store chain located in the Las Vegas MSA.

The Trigger:

  • The Company sought to refinance approximately $14MM of subordinated debt.

The Project:

  • The Company engaged Corner Capital Advisors to refinance $14MM of mezzanine debt for its 11 convenience stores all located in the Las Vegas MSA.

The Solution:

  • Corner Capital sourced partnership capital, and additional funding to pay-off the existing subordinated debt.

The Result:

  • Corner Capital successfully negotiated a pay-off with the existing subordinated lender.
  • The refinancing terms accommodated the Company’s desired cash flow needs, and were acceptable to its lender resulting in a successfully negotiated payoff.

Service Type: M&A

Client: Johnson Oil Company

Client Description: Commercial fuels and lubricants distributor, with assets including bulk plants, trucking operations, and a repackaging facility.

The Trigger:

  • The founding shareholder passed away at the age of 83, leaving the entire Company to his widow. Prior to passing, numerous assets were conveyed to his children and grandchildren as part of advanced estate planning. The founder also owned, outside of the business, multiple cattle ranches and oil field assets.

The Project:

  • Following a divestiture of its Retail Convenience and Dealer Fuel Supply businesses, the Company sought to finalize its ongoing M&A process through the sale of its Commercial Fuels & Lubricants business.
  • The Company’s earlier divestiture left the existing business with disproportionate overhead expenses, as its corporate infrastructure was originally designed to sustain a much larger company.
  • Corner Capital was tasked with executing a swift divestiture of the remaining business in order to prevent a loss of value to the Company.

The Solution:

  • The Commercial Fuels & Lubricants business was marketed to potential strategic and financial buyers within Corner Capital’s industry network, with a focus on seeking a buyer capable of closing within the required timeline.

The Result:

  • F.S. Holdings, an affiliate of Allied Sales Company, was selected as the acquirer of the Company’s Commercial Fuels & Lubricants business.
  • As a strategic buyer, F.S. Holdings had the capacity to integrate the Company’s remaining asset class into its corporate structure, maximizing value for both parties.
  • The Company’s management team was retained as part of the acquisition.
  • Corner Capital executed on the final phase of its original M&A strategy, delivering on the Johnson family’s request for liquidation while optimizing the Company’s value.

Service Type: M&A

Client: Brookshire Brothers

Client Description: Regional grocery store chain throughout Texas and Louisiana that also operates convenience retail, dealer wholesale, and commercial fuel businesses.

The Trigger:

  • The Company decided to divest of the majority of its convenience store operations, along with its dealer fuel supply contracts and commercial fuel accounts, in order to focus on its grocery store business.

The Project:

  • The Company’s convenience store business originated in Lufkin, Texas, expanding over 36 years to become a leading convenience retailer in the Texas counties of Houston, Polk, Nacogdoches, Cherokee, San Augustine, Jasper, Sabine, and Tyler.
  • The Company engaged Corner Capital Advisors to divest of 26 convenience stores, with the option to purchase two additional leased locations and two in-store Subways. As part of the sale, the Company chose to include 9 dealer fuel supply contracts and commercial accounts of approximately 812,000 gallons.

The Solution:

  • Corner Capital developed a marketing solution that highlighted the advantageous characteristics of the Company’s assets, including diversified product offerings, strong foodservice programs, and branded marketer agreements with leading brands such as ExxonMobil and ChevronTexaco.
  • The Company’s well-managed convenience store locations, strategic geographic placement, and regional brand reputation presented buyers with an attractive acquisition opportunity.

The Result:

  • Corner Capital successfully marketed the Company’s divestiture efforts and was able to find a strategic buyer that satisfied the Company’s terms of sale.

Service Type: Financing

Client: Summit Energy Solutions

Client Description: A commercial fuel and cardlock operator providing fleet fueling options for business and government accounts, fueling equipment and propane distribution through proprietary, regional and national fleet fueling card networks.

The Trigger:

  • The Company’s planned and organic growth required additional cash beyond its initial plan. With a short operating history, the Company would require entrepreneurial capital not served by institutional lenders.

The Project:

  • Upon analyzing the Company’s business model, customer base, financial statements, and working capital needs, Corner Capital and the Company determined that the Company’s volume growth was also creating cash challenges through growing accounts receivables.

The Solution:

  • Corner Capital structured a revolving facility allowing the Company to strategically borrow against certain receivables without the cumbersome and expensive requirements typically associated with working capital facilities.

The Result:

  • Corner Capital successfully marketed the Company’s financing opportunity and leveraged its relationships to place Summit with a flexible lender.
  • The refinancing terms accommodated the Company’s intermittent cash needs at an attractive price, and were acceptable to its senior lender resulting in a successfully negotiated subordination agreement.

Service Type: M&A

Client: Johnson Oil Company (Tiger Tote Food Stores, Inc., Cinco J, Inc., Tres Mas, LLC)

Client Description: Operated 21 “Tote” and “Tiger Tote” c-stores and 8 Subway franchises; comprises approximately 185 branded/unbranded dealer accounts; operates commercial fuels and lubricant businesses.

The Trigger:

  • The founding shareholder passed away at the age of 83, leaving the entire Company to his widow. Prior to passing, numerous assets were conveyed to his children and grandchildren as part of advanced estate planning. The founder also owned, outside of the business, multiple cattle ranches and oil field assets.

The Project:

  • After performing a valuation for Johnson Oil Company, the remaining family shareholders and the Board of Directors decided in the Company’s best interest to divest of the Company’s assets through a structured process with Corner Capital.
  • Corner Capital recommended that the Company be divested by certain asset-classes to optimize the value for the family’s estate and ultimate distribution.
  • This recommendation would produce certain operational challenges for the Company if the assets did not transact along a specific sequence and timeline.

The Solution:

  • All assets of the Company and its business lines were marketed to select target groups along the Company’s three primary business lines - Convenience Retail, Dealer Fuel Supply, and Commercial Fuels & Lubricants, including the sale of “Mama’s Kitchen” foodservice operations.
  • To optimize the value of the transaction, the buyers could purchase single or multiple business lines in the transaction.
  • Corner Capital executed a structured and highly competitive sale process, separating valuable segments from its integrated operations.
  • Certain integrated bulk-plant/retail facilities would require re-platting, various easements, and shared UST agreements between the Company and separate buyers.

The Result:

  • The Company was marketed to key financial and strategic buyers. After numerous competing offers, a single buyer for Convenience Retail and Dealer Fuel Supply businesses was chosen, as well as a single buyer for the Company’s Commercial Fuels & Lubricants business.
  • Alimentation Couche-Tard (Circle K) was selected as the purchaser for the Company’s Convenience Retail and Dealer Fuel Supply business, which will operate c-stores under the Circle K brand, and provided a key foundation for its growing dealer business in the state of Texas.
  • The remaining Commercial Fuels and Lubricants business remained self-contained within the Company, and a separate buyer purchased that segment subsequent to the Circle K transaction.

Service Type: Note Purchase

Client: Harbor Olympic

Client Description: The Company is a real estate holding company with 18 properties in the Seattle/Tacoma metropolitan area: 16 dealer-operated fee sites, 1 real estate development site, and 1 company-operated fee location.

The Trigger:

  • Due to unfortunate circumstances with its fuel supplier, the client became non-compliant with certain loan covenants among its lenders and required assistance to retain its operations and properties.

The Project:

  • The client requested Corner Capital’s assistance with a refinancing and/or restructuring of its senior term debt, to accommodate the re-opening of a number of closed dealer facilities.

The Solution:

  • Corner Capital and the client negotiated a purchase of the loans from the lender as opposed to a refinancing, and Corner Capital and its partner purchased the loans from the bank.

The Result:

  • The loan purchase accommodated the client’s operating plan, and provided measurable performance metrics to allow the Company to successfully execute on its strategy.

Service Type: Refinancing

ClientMagness Oil Company

Client Description: Branded and unbranded fuel supplier that owns, operates, and leases 40+ c-store locations. Also owns several QSR's operated by tenants and franchisees, and fuel transportation to its own accounts and as a common carrier.

The Trigger:

  • With multiple lending relationships, constrained by “real estate only” collateral values from its lenders, the Company’s rapid growth required a larger, mid-market commercial banking relationship with an institution that could accommodate higher lending advances.

The Project:

  • The Company engaged Corner Capital to meet its financing objectives before a specific deadline. The Company sought the consolidation and expansion of its revolving lines of credit to optimize inventory purchasing patterns in its business model which are susceptible to price volatility. Additional financing requests made by the Company are as follows:
  • Refinance over 90% of existing senior term debt to one consolidated lender, at various amortization schedules
  • Secure five Letters of Credit in support of its wholesale marketer agreements
  • Acquire construction financing
  • Secure forward financing for rolling stock in the Company’s common carrier business
  • Establish a forward facility to finance acquisitive growth opportunities

The Solution:

  • Corner Capital analyzed all collateral and cash flows from all business segments of the Company: dealer rental income, dealer wholesale fuels, a large transportation fleet, retail operations, and QSR/franchise income streams.
  • Corner Capital developed and proposed a refinancing solution consisting of a consolidated term loan primarily secured by dealer-operated facilities and c-store properties, smaller term loan collateralized by equipment and rolling stock, construction financing to support development of property, and larger consolidated working capital revolver.
  • The Company’s existing debt structure consisted of 38 separate loans held by 15 different lending institutions, and the underlying goal of the refinancing was to provide the Company with a lender that believed in their growth strategy.

The Result:

  • Corner Capital successfully marketed and executed the proposed refinancing within the Company’s requested time frame, presenting the Company with multiple proposals, increased financing flexibility, a new banking relationship with a large institutional lender, and higher capacity for organic growth.
  • The Company’s new banking relationship provided it with the ongoing opportunity to pursue acquisitive growth strategies, update its transportation fleet, and a greatly-reduced debt service load.

Service Type: Valuation

Client: Cinco J, Inc. dba Johnson Oil Company

Client Description: A family owned company, Johnson Oil Company is the primary operating entity for Cinco J, Inc.’s multiple business lines, which are managed under its affiliate entities: Tiger Tote Food Stores, Inc.—retail c-store operator; Tres Mas, LLC—fuel supply wholesaler; Cinco J Investments, Inc. and Cinco J—principally real estate holding companies.

The Trigger:

  • The Company’s owner passed away, leaving the Company to his spouse and children. The surviving family were not interested in an active management role and sought to explore options to liquidate their interest in the Company.

The Project:

  • The Company engaged Corner Capital Advisors to determine an estimated Fair Market Value for its enterprise.
  • The Company’s structure presented its owners with a number of ways to value their enterprise, each resulting in differing valuation estimates.

The Solution:

  • Corner Capital Advisors explored all possible options for valuing the Company, and presented the Company with three valuation scenarios:
  • Scenario 1 - This valuation method assumed the Company and its affiliates are sold in a single transaction to one buyer, contributing all assets and business lines in a consolidated sale.
  • Scenario 2 - This valuation method differentiated the Company and its affiliates by individual business segments, valuing them independently of each other. The business segments were categorized into: convenience retail, dealer wholesale, commercial fuels and lubricants, and transportation.
  • Scenario 3 - This valuation method was similar in its approach to independently valuing the Company’s business segments, with the exception that the Company was assumed to retain its real estate holdings through the implementation of long-term leases with a Tenant-Operator.

The Result:

  • The different valuation estimates provided the Company with multiple options depending on their strategic objectives. Scenario 1 provided the lowest valuation, but offered simplicity in return. Scenario 2 provided a significantly higher valuation, but implied a much more complicated sale process. Scenario 3 yielded the highest valuation, but did not meet the owners’ objective of exiting their participation in operating activities.
  • Upon review of Corner Capital Advisor’s valuation scenarios, the Company concluded that its best interests were reflected in Scenario 2, which presented value to the owners in the form of complete liquidation and a higher sale price than Scenario 1.

Service Type: Valuation

Client: Jasper Oil Company

Client Description: A c-store operator and wholesale fuel marketer providing Valero and unbranded fuels to its stores and dealers.

The Project:

  • The Company retained Corner Capital to perform analyses and provide recommendations related to lease structures and economics behind the Company’s owned and operated c-store assets.
  • Specifically, the Company was interested in divesting its retail operations (while retaining all its real estate), potentially to a family member as part of the owner’s retirement strategy.

The Solution:

  • Corner Capital created and structured two potential sale structure valuations that were presented to the Company:
  • Scenario 1 – Traditional Sale: Under this sale structure, the retail assets of the Company would be divested to a multi-chain operator. The buyer would purchase the Company’s c-store real estate, improvements, and equipment as part of the transaction, retaining minimal personnel above store level operations. Furthermore, this scenario assumes that the buyer is already a branded distributor through its own fuel distribution agreement and would require the Company’s fuel distribution agreements—branded and unbranded—to transfer to the buyer upon a sale.
  • Scenario 2 – Lease Structure: Under this sale structure, single-store operators would enter into a lease agreement with the Company. It assumed the buyer does not have its own branded distributor agreement and would be supplied by the Company under a “rack plus” or “commission/consignment” supply model. The leases would be long term with a Net Lease structure, with the Tenant responsible for all taxes, maintenance, and repairs. Furthermore, the Company would enter into long term fuel supply contracts with each location and Tenant.

The Result:

  • Upon review of the two scenarios presented by Corner Capital, the Company determined that Scenario 2 was the best fit for its strategic objectives and moved forward with the lease structure divestiture of its retail operations.

Service Type: Refinancing

Client: Reed, Inc.

Client Description: An “S” Corporation that operates gas stations and c-stores with QSR’s, operates a cardlock facility and a 24 hour fitness center, and owns real estate investments generating rental income. The Company also supports its c-store operations through an affiliate fuel distribution business with Shell-branded fuels, unbranded fuels, and a transportation fleet for fuel deliveries.

The Trigger:

  • A multi-generational family operated business, the Company developed a need for liquidity when a senior member of the family passed away.
  • In response to the unfortunate circumstances, the Company decided to purchase the spouse’s shares in the S-Corp.
  • In order to finance the purchase of non-managing family members’ shares, the Company approached Corner Capital to explore structures and options for accomplishing this objective.

The Project:

  • The Company’s main objectives in its engagement with Corner Capital Advisors was to develop a new financing plan to trim its financing costs, while providing some liquidity for the acquisition of the founder’s spouse’s stock in the Company.
  • Timing proved to be a crucial element to this transaction, and the Company requested that Corner Capital deliver a closed refinancing on an aggressive timeline.
  • Certain locations were impacted by environmental contamination.
  • A potential impediment was the payment requirement of “yield maintenance” by a single lender.

The Solution:

  • Corner Capital Advisors proposed a package refinancing 94% of its existing loans to a new lender, collateralized by the Company’s portfolio of c-store assets.
  • As part of the transaction, Corner Capital secured a new term loan on a fully amortizing schedule.
  • To address the issue of meeting the Company’s request for financing by deadline, Corner Capital structured the transaction so lending terms were attractive to potential investors and creditors, with a projected Loan to Value well within financeable metrics. Additionally, certain rental properties were excluded from the collateral base with the new lender.

The Result:

  • Corner Capital Advisors successfully executed the refinancing transaction, receiving multiple proposals for the financing, on significantly better terms than the existing debt structure.
  • The Company’s newly financed debt structure reduced the length of its loans. The key advantage to this was that the new amortization schedule effectively reduced the Company’s overall interest expense and rapidly de-levered the Company.
  • The Yield Maintenance requirement was negotiated to an acceptable level to accommodate the refinance.

Service Type: Refinancing

Client: Duran Oil Company

Client Description: An independently owned and operated regional oil company providing fuels and lubricants through its Shell wholesale marketing agreements and retail operations.

The Trigger:

  • Due to the sale of its lender’s loans to a new entity, the new lender desired to exit the entire energy industry and would not amend/extend the loans past an upcoming maturity date.

The Project:

  • The Company engaged Corner Capital to assist in its efforts to refinance all of its existing long term debt, requesting a small portion of excess proceeds be set aside to finance the remodeling and re-imaging of several retail sites.
  • The Company’s existing lender largely terminated any new loan originations, and ceased to be a reliable source of future growth potential.
  • The combination of a stagnant lending partner and viable opportunities to improve store-level performance led the Company to pursue a refinancing effort, providing the necessary funds for remodeling and re-imaging, while developing a reliable banking relationship with a new lender better suited to the Company’s future growth objectives.

The Solution:

  • Corner Capital structured a financing comprised of: utilizing SBA loans to the maximum limit for a 25 year amortization, and sourcing the remaining loan balance to a regional lender interested in certain store collateral.
  • The collateral was split between the two lenders, with additional stores remaining debt-free for future financing at the Company’s discretion.

The Result:

  • Corner Capital Advisors brought the proposed refinancing package to market and executed the transaction with two lending groups simultaneously.
  • The refinancing terms accommodated the Company’s remodeling, re-imaging, and upgrading needs while maintaining a long-term focus for potential growth, and releasing certain stores from any encumbrances

Service Type: Refinancing

Client: Wenatchee Petroleum Company and its affiliates

Client Description: The Company has grown and expanded through three generations with four business channels consisting of: Motor Fuels, Lubricants, Propane and Transportation.

The Trigger:

  • The Company was outside of compliance metrics with its primary lenders due to material margin impact in its markets. Additionally, the partners of the Company disagreed over operating and financing metrics.

The Project:

  • The Company engaged Corner Capital solve the issues with its primary lenders through either renegotiation or refinancing.
  • The Company was uncertain as to its core competencies and where to focus its efforts during the next 5 years.
  • Corner Capital was asked to assist the Company gain market stability and improve its balance sheet for attractive financing.
  • The Company also had the opportunity to reduce its fuel supply costs through the building of a rail terminal/siding for bulk product purchases.

The Solution:

  • Financial projections assessing pro forma effects of the Company’s business plan were incorporated to a comprehensive financial model.
  • Corner Capital suggested the divestiture of certain non-strategic assets – both retail and bulk plants – as well as to exit certain unprofitable geographies.
  • Corner Capital entered into negotiations with the Company’s lenders to secure extensions/amendments to implement the new business strategy.
  • Corner Capital provided a working capital facility to assist the Company in exiting an unfriendly banking relationship.

The Result:

  • The Company was able to renegotiate its senior term debt on terms acceptable to the Company to implement certain asset divestitures.
  • The Company “rightsized” its assets into core, profitable markets while retaining fuel supply income streams, and performed on its complete business plan
  • The Company was able to pay-off its lenders without entering into any default, and the Company is prepared for future growth with a profitable asset base.

Service Type: Refinancing

Client: Anabi Holdings North Master, LLC

Client Description: An affiliate of a larger convenience retailer and branded fuel wholesaler.

The Trigger:

  • The client’s lender, a private fund, was closing out its fund and returning capital to investors. The lender requested a payoff that was unattainable based upon current market conditions and asset performance.

The Project:

  • Corner Capital was retained to assist the client in estimating the asset value, structure a negotiated payoff and release, and assist in the new financing.

The Solution:

  • Corner Capital provided market valuation estimates for the assets under multiple scenarios, structured and negotiated numerous proposals with the lender, negotiated a staged release and payoff on mutually acceptable terms to the borrower and lender, and assisted in structuring the takeout financing.

The Result:

  • Corner Capital negotiated with the lender on behalf of our client, reaching a successful conclusion while allowing our client to continue its focus on operations.

Service Type: Refinancing

Client: La Lomita, Inc. and Affiliated Companies

Client Description: An ExxonMobil fuels wholesaler and retailer operating 23 c-stores and 5 Travel Centers.

The Trigger:

  • The Company’s existing lender was “out of market” in its loan terms, over-collateralized for its loan size, and unable to accommodate expanded debt facilities for the Company’s organic growth plans already in process.

The Project:

  • Corner Capital found that the Company’s existing long term debt, with several lenders, was over-collateralized due to its lender’s aversion to the retail c-store asset class. Furthermore, the existing debt was originated in the late 2008 lending environment, when the Company was unable to pursue alternative financing due to lack of availability.
  • Corner Capital sought to collateralize the new loan with fewer Stores, freeing up the remaining retail assets to use as “dry powder” in its acquisitive and organic growth efforts.
  • Corner Capital suggested several facilities to take to market - comprised of senior term, store development lines of credit, and accordion-style revolver for future growth.

The Solution:

  • Corner Capital Advisors structured a refinancing and capital-raising transaction on behalf of the Company, refinancing nearly 96% of its existing debt with a more suitable lender, collateralized by a reduced number of c-store assets.
  • Despite the reduction in collateral, the new loan structure still provided a strong coverage ratio of 2.40x FCCR on the refinanced portion of the Company’s debt service, while maintaining a projected LTV of approximately 78% -- attractive lending terms that were both marketable and accretive to the Company and a new strategic lending relationship.
  • Corner Capital’s proposed refinancing package considered the Company’s long term needs for future growth and included a new credit facility, construction financing, and a forward facility, through the same lender providing the term debt financing.

The Result:

  • Corner Capital successfully marketed the proposed refinancing package through its network of lenders familiar with the Downstream Energy industry.
  • The Company was able to consolidate its financing sources into a single lender that understands the Company’s business, has high concentration thresholds, and will grow with the Company.

Service Type: M&A

Client: Golden Gate Petroleum, Inc.

Client Description: Multi-branded and unbranded wholesaler and retailer of petroleum products in the Central and Northern California and Nevada markets. Golden Gate Petroleum operated 21 retail facilities and c-stores, with 4 retail development sites, and 7 plant facilities including: tank farms, office space, warehouses, and a refinery in Reno, Nevada.

The Trigger:

  • After much deliberation and rigorous analysis of its key skill sets, the Company decided to exit its retail business segment to focus its strategy on wholesale distribution to develop its refinery and bio-diesel plant, and redeploy capital to its preferred business lines.

The Project:

  • The Company engaged Corner Capital Advisors to assist in the divestiture of 21 real estate locations, and 4 retail development sites.
  • The foundation of the Company was built around its wholesale distribution business; the retail segment developed in response to a rising need to support its wholesale operations through cardlock facilities and fleet fueling systems.
  • The Company’s operating strategy made its retail business cumbersome, leading the Company to seek a divestiture in pursuit of greater operational focus and a return to its founding business model.

The Solution:

  • The Company’s retail assets were located in carefully chosen geographies, targeting under-served coastal markets in California with strong commercial and residential traffic.
  • 18 of the 21 operating retail sites offered diesel and/or biodiesel, comprising 43% of the Company’s network volume—given that the California market was undersupplied with diesel fuels, the Company’s divestiture offered potential buyers high margins that exceeded national averages.

The Result:

  • The Company divested of its retail assets to numerous individual buyers, in addition to leasing (sub-leasing) the remaining facilities to 7-Eleven.

Service Type: Industry & Transactional Advisory

Client: Summit Investment Management, LLC

Client Description: Founded in 2002, Summit Investment Management is a private investment company headquartered in Denver, Colorado. The Company invests in distressed debt acquisitions, balance sheet restructures, special situation capital, bridge loans and joint ventures.

The Trigger:

  • The Company was seeking transactional advisory for the acquisition of the Target, a conventional motor fuels and lubricants jobbership with over 30 years of operating history, yet found itself in Chapter 11 Bankruptcy.

The Project:

  • The Company retained Corner Capital to conduct due diligence, analyze the Company’s operating cash flow, perform a valuation of the Target’s assets, and underwrite a financing proposal in support of a planned strategic acquisition.
  • The Target company’s highly leveraged position and prevailing market conditions prompted the Company to request transactional advisory from Corner Capital.

The Solution:

  • Corner Capital traveled with the Company to evaluate specific areas in support of the Company’s investment, conducting inspections of physical assets, inventory, management team, business operations, supply contracts, industry opportunities, technology, and potential liabilities.
  • After subsequent site visits, management interviews, financial overview and review of the target company’s operational policies and practices, Corner Capital offered a number of suggestions to optimize the strategic return of the Company’s investment in the target.

The Result:

  • Corner Capital provided a much needed cash flow projection to support the Company’s ongoing business operations, and select sales of non-strategic assets.
  • Corner Capital developed a pre-closing and post-closing business strategy for the Company’s future ownership.

Service Type: Industry & Transactional Advisory

Client: Ridgemont Equity Partners

Client Description: A middle market private equity firm that has provided over $3.5 billion of buyout and growth capital.

The Trigger:

  • Ridgemont was contemplating an investment target serving the Downstream Energy business, and was referred to Corner Capital by a prior client.

The Project:

  • The Company engaged Corner Capital to solicit direct responses from industry constituents including select customer targets, major suppliers, and credit card companies about the industry growth and direction.
  • In addition, Corner Capital was tasked with providing market research about product demand, customer service models, ancillary sales, and other metrics related to the potential investment.

The Solution:

  • Corner Capital canvassed the major constituencies in the industry to gather data directly from customers, retailers/distributors, major oil suppliers and credit card companies.
  • The interview questions elicited broader discussions around technology, capex spending, and other important contextual data.

The Result:

  • After review and diligence, Corner Capital provided its client with a report addressing its client’s needs, and assisting the client with its impact to future cash flows and value.
  • Capital expenditures, brand technologies, and environmental regulatory policies, among others, were assessed to generate a fair and strategic opinion for the approach of the Company and respective transaction.

Service Type: Loan Portfolio Divestiture

Client: Fifth Third Bank

Client Description: A large U.S. regional banking corporation that engages in branch banking, commercial banking, consumer lending, payment processing, investment advising, and title insurance business activities.

The Trigger:

  • After years of bank acquisitions, the Client had a large number of performing and non-performing loans outside the Bank’s preferred geography and with little account history or lending relationship.

The Project:

  • The Company retained Corner Capital Advisors and Silverstone Advisors to advise on its exit from a large portfolio of gas station and c-store loans.
  • The sale was to be made via a Loan Purchase Agreement between the Company and the prospective buyer, on an all-cash consideration. Detailed loan and collateral information was provided to prospective buyers through an online data room, with the sale going to the highest bidder (s).

The Solution:

  • Corner Capital Advisors and Silverstone Advisors reviewed and visited each of the gas station and c-store sites secured by the loans, valuing the underlying collateral. This information was then aggregated and modeled to provide expected yields to the Bank on the loan sales.
  • The Company’s portfolio was then partitioned into Loan Blocks, categorized by the geographic region covered by loan collateral.
  • Corner Capital Advisors and Silverstone Advisors leveraged their unique industry knowledge to highlight key value drivers in underlying assets such as:
  • Relatively inelastic consumer demand
  • Higher valuation multiples driven by acquisition activity following Big Oil’s decentralization of retail c-store assets.
  • High cash flow streams attributable to unique operating strategies, and potential interest from strategic buyers in the industry and financial buyers outside the industry.

The Result:

  • Corner Capital Advisors and Silverstone Advisors successfully brought the portfolio to market and delivered on the Company’s requested engagement.
  • The divestiture supported the Company’s operating strategy, aligning its loan portfolio composition with its banking geography and lending relationship strategy.

Service Type: Refinancing

Client: Golden Gate Petroleum, Inc.

Client Description: A Bay Area branded retailer, wholesaler, and transporter of fuels and lubricants, with a 35 year history of operating c-stores in California serving customers in the city, county, and state government, as well as private commercial and industrial entities, and independent retailers.

The Trigger:

  • The Company’s senior and working capital lenders were exiting the asset class, requiring a refinance or paydown through asset sales
  • After facing litigation risks associated with environmental regulations the Company needed liquidity for working capital related to fuel purchases for its commercial and wholesale fuel business.

The Project:

  • Assist the Company in securing a large-scale revolving credit facility for immediate working capital needs.

The Solution:

  • Corner Capital developed and proposed a refinancing solution consisting of a consolidated term loan primarily secured by senior mortgages on all fee real estate, in addition to a high-advance rate working capital facility.

The Result:

  • Corner Capital successfully marketed and executed the proposed refinancing within the Company’s requested time frame, presenting the Company with multiple proposals, increased financing flexibility, a new banking relationship with a large institutional lender, and higher capacity for organic growth.
  • The Company successfully performed on its senior term loans through refinancing and asset sales.

Service Type: Refinancing

Client: Chronister Oil Company

Client Description: Midwestern independent convenience retailer with a dedicated focus to blended fuels retailing

The Trigger:

  • Served by multiple lenders with concentration limits and a lack of understanding of the industry (especially for those blending their own fuel for resale), the client needed a stable lending relationship and working capital assistance.

The Project:

  • Upon underwriting the Company’s strong performing assets, Corner Capital created a financing memorandum outlining the Company’s strengths and financial performance.

The Solution:

  • Corner Capital solicited proposals from multiple lenders, secured agreements from existing lenders to remove prepayment fees, reduced principal amounts from existing lenders, and identified a strong regional lender with direct experience in the industry.

The Result:

  • The Company was able to consolidate its multiple lending relationships into a single term facility with a revolving credit facility for the unique working capital demands associated with fuel blending and retailing.

Service Type: M&A

Client: Lavigne Baker Petroleum, LLC

Client Description: A joint-venture created to acquire a market divestiture by Motiva, LLC

The Trigger:

  • A joint venture created by the principals of Lavigne Oil Company and Slidell Oil Company, this Company acquired the Shell branded retail network in New Orleans, LA, as part of Motiva, LLC’s market divestitures.

The Project:

  • The Client requested assistance valuing the 58-store network, in support of its proposals to Motiva during the bidding process.

The Solution:

  • In addition to developing “store summary sheets” outlining all relevant demographic, real estate, and financial information by location, Corner Capital developed valuation models by location to assist the Company in its proposal process.
  • Corner Capital performed market rides of all locations to assess qualitative details about the assets, including any deferred maintenance, capital requirements, and operating needs for the acquisition.

The Result:

  • Corner Capital provided detailed valuation reports by location, including models analyzing COCO/CODO/DODO economics.
  • The Company was the successful acquirer of the New Orleans market.

Service Type: M&A

Client: Entrée Vous Franchising, LLC

Client Description: Franchisor and operator of a Home Meal Replacement food business

The Trigger:

  • A home-meal replacement (HMR) franchisor looking to exit its investments in HMR franchising and its company-operated HMR franchises.

The Project:

  • Identify value within the Company, value-drivers for interested acquirers, and solicit interest from strategic and franchise-model based suitors.

The Solution:

  • Corner Capital performed a market overview of the HMR industry, identified the Company’s compelling and scalable strengths, identified strategic buyers, franchise buyers, and private equity firms with a niche in the industry

The Result:

  • The shareholders were able to successfully transition their interests and ongoing operations to a strategic operator seeking geographic expansion.

Service Type: Ch. 11 Restructuring

Client: Twin Cities Avanti Stores, LLC

Client Description: A 100-store convenience chain and branded fuel distributor in the Upper Midwest

The Trigger:

  • Following the acquisition of a distressed 100-store chain in 2001, the assets were impacted by a weakened economy, integration execution, and seller misrepresentations.

The Project:

  • The Company desired to restructure its debt facilities and reorganize around a stronger-performing core base of stores.

The Solution:

  • Mr. Weber was appointed President of the Company to manage the Ch. 11 Bankruptcy process, negotiate with lenders and creditors, and determine the value to be retained by the Debtor by analyzing all convenience retail assets for market and retention values.

The Result:

  • Mr. Weber submitted a Plan of Reorganization that was approved by multiple classes of creditors, the senior term debt was restructured to fit a remaining base of core, high-performing stores, and a payoff plan for the Creditors Committee. The Company exited Ch. 11 in a reorganized structure in 2004.

Service Type: Sponsored Advisory

Client: Mid-Atlantic Convenience Stores (MACS)

Client Description: Private Equity firm deeply focused on retail concepts.

The Trigger:

  • A private-equity firm sponsored the buyout of an independent retailer and fuel distributor, who was subsequently successful in winning the right to purchase a market divestiture from a major oil company.

The Project:

  • The PE firm desired regional and national market overviews, in addition to operational expertise, transactional assistance, and valuation verification.

The Solution:

  • Corner Capital provided reports, analysis, and recommendations relating to the Company’s acquisition, operational structure, and guiding market metrics.

The Result:

  • The PE firm was successful in performing the buyout and market acquisition, integrating our recommendations into their acquisition and operating strategy.

Service Type: M&A

Client: Good Time Stores, Inc.

Client Description: Well-known regional convenience retailer and branded fuel distributor

The Trigger:

  • The majority shareholder of the 56-store chain in El Paso, Texas, received unsolicited interest from a strategic refiner-marketer in the Texas market.

The Project:

  • Good Time Stores, Inc., desired to optimize its proceeds in an alternative structure.

The Solution:

  • Mr. Weber negotiated a 3-party transaction, whereby the underlying real estate was sold to a national Real Estate Investment Trust (REIT) at the same time as the remaining business was sold to the refiner-marketer through newly created, long-term bondable leases.

The Result:

  • Good Time Stores, Inc. sold its real estate separately on the same day as the business, resulting in an above-market valuation due to the creation of the long-term lease structu

Service Type: M&A

Client: Polk Oil Company, Inc.

Client Description: A third-generation family-owned regional convenience retailer and distributor of lubricants, branded and unbranded fuels, and transportation services.

The Trigger:

  • After consolidating ownership via a buyout of family members, the remaining shareholder was approached by a large, regional competitor with an opportunity to exit the business.

The Project:

  • The shareholder (current principal of Corner Capital), needed to assess an appropriate value for the sale of stock in the Company.

The Solution:

  • The shareholder canvassed peer groups, market transactions, Corner Capital, and other sources to determine an appropriate value, along with market terms and conditions for a complicated sale.

The Result:

  • The transaction was consummated on terms agreeable to the Company, and the shareholder retained a senior level position with the acquirer, as well as a position on the Board of Directors.

Service Type: Buy-Side Advisory

Client: Slidell Oil Company

Client Description: A convenience retail chain and branded distributor of motor fuels in the SE United States.

The Trigger:

  • Corner Capital was approached by a professional services firm to source a strong, regionally strategic buyer of the firm’s client.

The Project:

  • The Seller was a multi-generational operator of lubricants, convenience retail, commercial fuels, and dealer accounts, owned by inactive shareholders in the process of resolving estate planning issues.

The Solution:

  • Corner Capital canvassed its relationships in the region, qualifying key potential buyers with the operational expertise and financial wherewithal to perform on the transaction.

The Result:

  • Corner Capital selected a regional operator that sought expansion into the Seller’s geography, along with new supplier relationships held by the Seller. Corner Capital assisted its buyer in the underwriting, financing, and negotiation of documents to successfully acquire the Company in less than 3 months.

Service Type: Ch. 11 Restructuring/M&A

Client: Appalachian Oil Company (Appco)/ Greystone Capital

Client Description: Chief Restructuring Officer of regional convenience retailer and fuel distributor

The Trigger:

  • The Company’s revolving credit lender, Greystone Capital, reduced Appco’s credit limits during the rapid rise of crude and refined products in 2008, resulting in a deficiency of working capital to fund the Company’s operations and inventory purchases.

The Project:

  • Mr. Weber and NRC were hired by the Court at the request of both the Debtor and the Secured Lender to re-ignite the 68 store convenience chain and wholesale fuel business after 2 months of operations with no inventory. As an all-leasehold business, the majority of Appco’s real estate was held under a Master Lease with numerous non-strategic properties and burdensome rents. Appco had a limited DIP facility to work with to accomplish the task.
  • The Court authorized Mr. Weber as the Chief Restructuring Officer, and sole Director and Officer of the Debtor, and to conduct a future sale of the assets.

The Solution:

  • Mr. Weber successfully restructured the 50+ property Master Lease by challenging the Master Lease in Federal Court and ultimately re-negotiating all terms and conditions of the Master Lease into individual leases with landlord. Other leases were restructured or rejected to create a profitable entity.
  • Mr. Weber re-engaged fuel and merchandise suppliers through court-approved priority contracts, overhauled the management and operating structure, and managed the Company on behalf of the Court, while developing marketing plans for the upcoming sale process.

The Result:

  • The Court approved the restructuring plan and landlord settlement, paving the way for the sale to take place.
  • NRC successfully marketed the Company to financial and strategic buyers, optimizing the value to the estate through the sale process.
  • A single buyer was selected as the best option for the Company, which also resulted in the retention of the majority of the employees in Appco; a particularly important aspect for the Court in a high-unemployment area of the Tennessee.

Service Type: M&A

Client: LufTex Gears

Situation Overview:

  • The Board of Directors, Shareholders and Executive Team of LFTX,  had been approached by several interested acquiring companies. Ultimately, the Board and LFTX Management decided to engage in negotiations with key regional and international strategic buyer targets to determine the viability of a possible sale.

The Project:

  • Corner Capital was retained by the LFTX Board to review exit options under several scenarios including partnering with like-kind firms and a complete exit of the business. Upon detailed review and analysis, the Board of Directors opted to pursue a complete exit and asset sale.

The Solution:

  • Corner Capital assisted the Board, Shareholders and outside counsel to successfully negotiate the terms of the sale and definitive documentation to complete a transaction with Sumitomo.
  • All diligence material collection and facilitation were managed by Corner Capital from signing of the letter of intent thru execution of the purchase & sale agreement to closing of the transaction.
  • The Board of Directors, Shareholders achieved their value, staff, and` community objectives through Corner Capital’s process, and selected Sumitomo as the best steward of the Company’s assets.

The Result:

  • The Company’s operations were successfully marketed and sold to Sumitomo Machinery. The transaction was successfully closed on December 2019.

Service Type: M&A

Client: Emerson Oil Company

Client Description: Wholesale fuels and commercial business that distributes approximately 21 million gallons annually across 45 dealer and 69 commercial accounts throughout the state of Louisiana

The Trigger:

  • The Client sought retirement from the industry.

The Project:

  • Corner Capital performed a Fair Market Valuation for Emerson Oil and proceeded to a broad structured auction sale process. Corner Capital acted as the exclusive advisor.

The Solution:

  • Corner Capital executed a structured sale process to the most strategically acquisitive target wholesale fuel distributor groups in the Downstream Energy Industry, and facilitated the transaction from initial marketing, diligence, and negotiations of the definitive agreements to closing.
  • All assets, operations, and contracts of the Company were marketed in the sale.

The Result:

  • The Company’s operations were successfully marketed and sold to Crump Oil Company. The transaction was successfully closed on February 2019.
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Service Type: Refinancing

Client: ASAP Energy, Inc. & Fast Lane Stores

Client Description: Operates 18 c-stores/truck stops; distributes branded & unbranded fuels to 180+ accounts; operates a fuel and lubricants transportation business with 34+ transport units.

The Trigger:

  • The Company reached concentration limits with its existing lenders and was unable to pursue further growth opportunities.

The Project:

  • The Company experienced tremendous growth with minimal leverage and was interested in developing an execution strategy to capitalize on multiple growth opportunities presented to the Company.
  • The Company’s existing loan facilities were comprised of various term loans, shareholder loans, bridge financing used for acquisitive growth, and a revolving line of credit.
  • The Company engaged Corner Capital Advisors to refinance existing debt and secure new opportunities for growth capital.

The Solution:

  • Corner Capital developed a refinancing package that satisfied the Company’s requested terms, including:
    • An expanded revolving credit facility collateralized by the Company’s Accounts Receivable and Inventory.
    • Reduced Letters of Credit with Philips 66 and Shell Oil Company.
    • A development line of credit used to finance further development of newly acquired special projects.
    • Consolidated term loans, collateralized by the Company’s real estate assets.
    • A new, long-term relationship with a lender that understands the business, and has the capacity to expand its debt facilities as the Company grows.

The Result:

  • Corner Capital successfully marketed the refinancing opportunity to its network of investors and closed on the new loan facilities in time to meet the Company’s strategic objectives.
  • Despite expanding the Company’s credit facilities and thereby increasing leverage ratios, Corner Capital’s refinancing package effectively increased the Company’s FCCR by incorporating the performance of the Company’s recently acquired assets.
  • The Company’s debt service was significantly reduced, while opening growth capital availability to finance further growth efforts.
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Client Testimonials

“On several occasions, we were approached with different opportunities to exit the industry. Before giving any real consideration to any of those options, my family engaged Corner Capital to provide a Fair Market Valuation for our business. As a result, we furthered our engagement to allow Corner Capital to manage the structured process for our exit strategy. Their knowledge, industry experience, and personal touch provided Lois and me the comfort needed to successfully close our transaction with Sunoco. Without a doubt, a wise decision on our part to bring the Corner Capital team into our process.”
-Jim Kolkhorst, Kolkhorst Petroleum & Rattlers Convenience Stores, Texas

“Corner Capital led us through a strategic analysis of our branded dealer business, interfacing with our Board throughout. When the Board determined to exit that segment, Corner Capital expeditiously executed our structured sale process and outperformed our value expectations.”
-Ken McPherson, The McPherson Companies, Alabama

“Andy Weber and his team at Corner Capital have done exceptional work supporting transactional, valuation, and various proprietary initiatives at our companies. Andy’s extensive industry experience, technical competence, and practical "real world" approach is a valued resource to our organization. The Corner Capital team consistently delivers-----and always in a most timely and impactful manner.”
-M.J. Castelo, Managing Member & President – Andretti Petroleum LLC / Peninsula Petroleum LLC / Humboldt Petroleum Inc.

“Corner Capital successfully negotiated and facilitated my refi project and helped me find additional capital to support my ongoing growth plans. They managed all aspects of the project very well and I would not hesitate to use them again or to recommend them to other marketers.”
-Carlos Garza, La Lomita

“Lard Oil recently engaged Corner Capital Advisors on two projects, first to assist in an acquisition opportunity and the other to manage the process to refinance our Sr. term and revolver facilities. The CCA team brought a wealth of knowledge and expertise and did so under our strict timelines and expectations. I have no reservations about recommending their firm and intend to engage with them as other opportunities present themselves.”
-Johnny Milazzo, President and CEO – Lard Oil Co., Denham Springs, LA

“Corner Capital demonstrated patience and persistence in our negotiations over a year’s time, solving a complex structuring project. The end result was a tremendous amount of value and a great long-term relationship.”
-Rene Anabi, Anabi Holdings North Master, LLC

Thinking about Selling Your Business?

Contact us to discuss the process.
(805) 965-5510