NRC Realty & Capital Advisors, LLC announced the completion of a multi-tiered sale of substantially all of the assets of Westex Capital, LTD and Bohica Investment, LTD of Del Rio, Texas. The assets consisted of 26 convenience stores in several markets in South Central and West Texas, as well as a fuel and propane distribution business with six bulk fuel plant locations and five propane storage yards. The six bulk plants are located in Del Rio, Uvalde, Carrizo Springs, Boerne, Kenedy and Floresville, Texas. The five propane storage yards are located in Floresville, Smiley, Bandera, Castroville and Pearsall, Texas. NRC acted as exclusive financial advisor to Westex and its affiliates in connection with the sale.
In March, NRC completed the sale of three convenience stores with gasoline located in South Central Texas to Farid Meghani. Two of these stores are unbranded and one is branded Valero. In April, NRC completed the sale of eight convenience stores with gasoline located in and around the San Antonio market to a wholly-owned subsidiary of Sunoco LP. Six of the eight sites are branded Valero. Also in April, NRC finalized the sale of seven convenience stores with gasoline located west of the San Antonio market to Maxey Family Limited Partnership. Six of these stores are unbranded and one store is branded Shell. In June, NRC concluded the sale of one convenience store with gasoline, located in Boerne, to Charles Reichenau. The store is branded Shamrock (an affiliate of Valero).
At the end of August, NRC completed the sale of one unbranded convenience store with gasoline, located in Poteet to Karman Partners, LLC, as well as the sale of six stores to WTG Fuels, Inc., a wholly-owned subsidiary of West Texas Gas. These assets included six convenience stores with gasoline located in and around the Midland and Odessa market. Five of these stores are branded Shell and one store in Alpine is unbranded
The sale of the fuel and propane distribution business was also completed at the end of August. The business, which included six bulk fuel plant locations, five propane storage yards, nine transport/tanker trucks and 19 refined fuel bobtails and 16 propane bobtails, was sold to Pico Propane Operating, LLC.
“We were extremely pleased with the services provided by NRC. The sale of the assets of Westex and its affiliates was very complicated and it quickly became obvious that we would not be able to find a single buyer for all of the retail and fuel/propane distribution assets,” stated Robert Kusenberger Jr., Chief Executive Officer of Westex Capital, LTD. Kusenberger continued, “NRC came up with creative solutions that proved highly efficient and successful, allowing us to “clear the market” on all of the company’s assets within a reasonable period of time. In addition, NRC provided invaluable assistance on legal and environmental matters, which served to reduce our costs of the transaction and our potential liability.”
“We were honored to have been able to represent the Kusenberger family in the sale of its retail and fuel/propane distribution business. The Kusenbergers built an amazing network of retail stores and a fuel and propane operation in Texas, and had loyal customers for many years,” said Dennis Ruben, Executive Managing Director of NRC. “We were pleased that we were able to arrive at strategies that allowed all of the retail and fuel/propane assets to be sold to qualified buyers within the desired timeframe.”
NRC Realty & Capital Advisors, LLC provides a full array of real estate and financial advisory services to the convenience store and petroleum industries. NRC’s breadth of experience in the convenience store arena includes merger and acquisition advisory services; portfolio evaluation and analysis; and refinancing, recapitalization & sale-leaseback financing options. M&A clients have included Nice N Easy, Prima Marketing, City Stop, Publix Supermarkets and Presto. Since its inception in 1989, NRC has sold more than 15,000 properties. Other industry clients include BP, Shell, Sunoco, 7-Eleven, CST Brands and Circle K. For more information, visit www.nrc.com.
