PacWest Grows With Sun Pacific Energy Deal
KENNEWICK, Wash. — PacWest Energy LLC has acquired the convenience retail, dealer wholesale and transportation assets of petroleum marketer and convenience retailer Sun Pacific Energy Inc.
The deal includes Pacific's nine large-format convenience stores, more than 130 branded dealer accounts and all transportation rolling stock.
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Headquartered in Kennewick, Sun Pacific is one of the largest distributors of branded and unbranded motor fuels in the Pacific Northwest. Sun Market locations have become a well-known destination for a concentrated, stable demographic with rapid population growth expected to continue throughout the next decade, according to the company.
Sun Pacific's convenience stores currently serve customers throughout the tri-cities market in eastern Washington, while the chain also provides branded fuel distribution throughout the greater Seattle area.
"Today's transaction represents the culmination of a lifetime of industry operations and investment, dating from my father's founding of the business in 1956 by Jerry Eerkes," said Sun Pacific's Craig and Chris Eerkes. "We are pleased that the PacWest team has retained almost all of our field and office staff, where many new opportunities abound with a company of PacWest's size and scope."
Corner Capital provided valuation, strategic advisory, and mergers and acquisitions services to the Eerkes family. The transaction was managed by Carl Ray Polk Jr., Sean Stewart and Ben Achilles.
"Having known Craig, his wife Marilee, his son Chris, and their families for over 25 years, we were truly honored to advise their family through the strategic sale process," said Polk. "Craig has committed his time and talents to this industry on a state, regional and national level, his contributions to our industry have been second to none. We believe his selection of PacWest and the Jackson team provided a fantastic outcome and opportunity for both parties."
The Eerkes' legal counsel was provided by Fred Whitaker of Cummins and White, Newport
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PacWest Energy, Jackson Energy and Jacksons Food Stores Inc. own, operate and supply stores across nine western states. The companies are vertically integrated, supplying fuel to locations through both its Jackson Energy and Jacksons Food brands.