Westex & Affiliates Sell Assets to Multiple Buyers
DEL RIO, Texas — Westex Capital Ltd. and Bohica Investment Ltd. have exited the retail and fuel/propane distribution business with the sale of their assets to several buyers.
The assets in the multi-tiered sale consisted of 26 convenience stores — which operate under the Pico Petroleum banner — 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 in Floresville, Smiley, Bandera, Castroville and Pearsall, Texas.
Chicago-based NRC Realty & Capital Advisors LLC acted as exclusive financial advisor to Westex and its affiliates in connection with the sale.
In March, NRC completed the sale of three c-stores with gasoline located in South Central Texas to Farid Meghani. Two of the stores are unbranded and one is branded Valero.
One month later, NRC completed the sale of eight convenience stores with gasoline 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 c-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 in Boerne, Texas, to Charles Reichenau. The store is branded Shamrock, an affiliate of Valero.
The final retail piece fell into place at the end of August when NRC completed the sale of one unbranded convenience store with gasoline 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 c-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.
According to NRC, 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, 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," said Robert Kusenberger Jr., CEO of Westex Capital.
"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," he added. "In addition, NRC provided invaluable assistance on legal and environmental matters, which served to reduce our costs of the transaction and our potential liability."