H&M Wholesale Sells Assets, Exits C-store Industry
COLLEGE STATION, Texas — H&M Wholesale Inc. is exiting the convenience store industry, selling its retail, ChevronTexaco and Shell branded fuel distribution, and commercial business assets to Classic Star Group LP.
H&M was founded in 1960 by Hoover Alford, who began his history with Texaco as a Consignee. In 1980, Texaco was selling its real estate and equipment assets to its agents, so Alford and his wife, Mary Walker, took advantage of the opportunity and incorporated their business as H&M Wholesale Inc.
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.
"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," Walker said. "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."
Based in Fort Worth, Texas, Classic Star Group supplies fuel to more than 600 customers in seven states. The company’s mission is to assist c-store and gas station owners in growing their businesses by supplying branded and unbranded fuel and other services to give them a competitive advantage in the marketplace.