Corsicana, TX: WG Johnson Oil Company Sells to Cole Distributing Company.
W.G. Johnson Oil Company of Corsicana, Texas, has announced the successful sale of its convenience retail (Tiger Totes), Exxon and Shell branded fuel distribution, and commercial business assets to Cole Distributing Company and its affiliates of Palestine, Texas. In 2020, Johnson retained Corner Capital’s valuation and strategic advisory services to identify future company options for its shareholders. After thorough analysis and consideration, the company elected to pursue a structured sale process for its business assets.
Tom Johnson, President of Johnson Oil commented upon the closing of the transaction, “We have had a long, successful run in this business making numerous friends and making a positive contribution to the communities where we operated. We now think it is time to step aside and focus on other interests going forward. We certainly appreciate all the guidance and assistance from Corner Capital over these past many months and thank them for their industry expertise and market knowledge demonstrated throughout the valuation and transaction process.”
WG Johnson was founded in 1985 when Tom’s father, Bill, bought the then existing business from the previous owner who had elected to sell the company and pursue other business interests. At that time, the business consisted mainly of consumer business and a few small service station dealers. Bill and Tom built their first Tiger Tote convenience store in 1986 and continued growing their retail, dealer, transportation, lubricants, and consumer business into one of the largest and most respected enterprises in Corsicana and surrounding areas. “Mr. Bill” retired in 2007 but has continued as a trusted advisor to Tom Johnson over these many years since stepping down.
“Having known the Johnson family for over 35 years,” stated Don Mitchell of Corner Capital, “we were honored to assist them in the planning efforts. We appreciate their trust in managing their valuation and transaction. Both Tom and Bill were a pleasure to work with”.