La Lomita Sets Up Financing for Aggressive South Texas Growth
MCALLEN, Texas -- Convenience store retailer and wholesaler La Lomita Inc. has refinanced and expanded its senior credit facilities to provide long-term debt and development funds for its aggressive growth strategy in the south Texas market. Additionally, by taking advantage of the low interest rate environment, La Lomita successfully lowered its debt constant, significantly increasing its operating cash flow, the company stated.
La Lomita partnered with Irvine, Calif.-based Retail Petroleum Finance Group of RBS Citizens Bank to help it reach its growth goals after reviewing proposals from multiple lenders. Corner Capital Advisors LLC provided corporate finance advisory and execution services to La Lomita, including debt structuring, marketing and negotiation.
"We now have a financial structure that provides for our continued growth in the Texas market, with outstanding economics to build the facilities that support our El Tigre brand convenience stores," said Carlos Garza, founder and president of La Lomita, parent company of El Tigre. "We could not have been more satisfied with the process and structuring provided by Corner Capital. They understood our operating needs and designed the capital structure to meet our growth strategy."
"Carlos Garza and his team embraced the structure created by Corner Capital and RBS Citizens, and diligently worked through a tremendous amount of details to design the loan facilities for their growth strategy. We are excited to see La Lomita put their plans to work," added Corner Capital's Carl Ray Polk, Jr.
La Lomita operates 22 high-volume c-stores in south Texas and seven travel centers in the San Antonio, Texas, area. For its fuel branding, La Lomita maintains significant relationships with ExxonMobil and ConocoPhillips for retail and wholesale fuel distribution, according to the company.