Crescent Oil Sale Closes

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Crescent Oil Sale Closes

KANSAS CITY -- Florida Sunshine Investments Inc. closed on its purchase of the assets of bankrupt convenience store chain Crescent Oil Sept. 4, following the Aug. 14 approval of its bid for the company, according to NachmanHaysBrownstein Inc. (NHB), which advised Crescent Fuels Inc. and its affiliates during the chapter 11 sales process.

NHB with Crescent’s counsel, Spencer Fane Britt & Browne LLP, held an auction for Crescent’s assets Aug. 13, which was attended by more than 20 independent bidding groups and resulted in multiple rounds of competitive bidding.

"With a desire to support Crescent’s rapid exit from bankruptcy, NHB worked under a challenging timetable to market this opportunity to a wide array of strategic and financial investors," John Tittle Jr., principal with NHB, said in a statement. "Within this group, NHB worked closely with more than 100 potential investors, of which more than 15 percent submitted qualified bids."

He added: "The price was well within the range of value that we had provided a few months ago to Crescent, its secured lender, and Official Committee of Unsecured Creditors."

NHB was hired as the exclusive financial advisor for Crescent, to maximize value derived from the preparation, marketing and auction of substantially all of Crescent’s assets. NHB provided consulting services to Crescent and its constituents on matters relating to the sales process, due diligence, valuation, stalking horse candidates, other potential bidders, contract negotiations, auction process and the selection of the winning bidder, the company stated.

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